Priyadarshini Spinning Mills Ltd’s turnover up by 23%, net profit by Rs.3.09 Cr for Q2

Hyderabad, November 10, 2010: Hyderabad based and listed on the BSE, Priyadarshini Spinning Mills Ltd. (BSE Code: 503873; one of India’s leading producers of Polyester/Viscose blended yarn manufacturing from counts of 20s to 76s.
Priyadarshini’s Net Revenue has increased by 23% compared with the last quarter of current financial year, from Rs 53.14 Crores for the quarter ended June 30, 2010 to Rs 65.17 Crores for the quarter ended September 30, 2010

Turning out an impressive show for the quarter ended 30th September, 2010 the Company has reported a PAT of Rs. 5.60 Cores on a turnover of Rs 118.31 Crores showing an EPS of Rs.5.06 for the 1st half.

The turnover has gone up by 38% whereas the EBIDTA has gone up by 46% from Rs.3.98 Crores to 5.80 Crores compared to corresponding quarter in the previous year. The EPS at Rs.2.79 for the quarter is up from Rs. (1.21) from the same quarter in the last year. The results from the segments viz., Spinning & yarn dying have shown significant rise and the Company expects to do better in the future.

Commenting on the results, Mr. Harish Cherukuri, Managing Director of Priyadarshini Spinning Mills Ltd. said, “The company has achieved satisfactory results in the current quarter and is looking to modernize its manufacturing units to improve its quality, productivity and profitability further”.

About Priyadarshini Spinning Mills Ltd
Incorporated in 1981, with the capital investment of Rs 800 lakhs, today Priyadarshini Spinning Mills is a listed company and has a turnover of nearly Rs 200 crores. The company’s primary manufacturing activity consists of yarn manufacturing and yarn dyeing. The company has a capacity of 82,000 spindles and manufactures 35 tons of yarn every day. This capacity is spread over two yarn manufacturing facilities. Priyadarshini manufactures 100% cotton and synthetic blends in various qualities. With a capacity of 10 tons/day cotton yarn dyeing, it produces 100% cotton, 100% cotton mercerized, 100% Polyester and 100% Viscose in batch sizes ranging from 20kgs to 1 ton. It also exports to countries in Europe, Middle East, Turkey and Russia amongst others.The company is an ISO 9001 certified company and their cotton yarns have OEKO Tex 100 certification.

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This release was published on openPR.