Suryalakshmi Cotton Mills Net jumps 163.08%, revenue up 48.67%

Hyderabad, January 28, 2011: Suryalakshmi Cotton Mills Limited a major player in Denim & Yarn Industry today announced its Q3 results for the period ended 31st, December 2010 with an increase in Total income by 48.67 % to Rs. 16026.80 Lacs as compared to corresponding quarter of the previous year.

Net Profit has increased by 163.08% when compared with the corresponding quarter of the previous year, from Rs.426.73 Lacs for the quarter ended on December, 2009 to Rs.1122.62 Lacs for the quarter ended on December, 2010.

Commenting on the results, Paritosh Agarwal, Managing Director said, “Given the strong revival in the textile space we are confident of performing very well post our expansion and modernization of our units. We are aiming to give greater satisfaction to our all stake holders”

To take further advantage of the buoyant conditions in the Textile Industry the Company is expanding its Spinning capacity by setting up a new Ultra Modem Spinning Unit of 50,000 spindles in A.P. at a cost of Rs. 165 Crores. The land has been identified and orders have already been placed for machinery for 1st Phase of the expansion, i.e., of 25,000 spindles. The plant is expected to be commissioned by March, 2012.

About Suryalakshmi Cotton Mills Ltd
Suryalakshmi, one of the major players in the textile industry in South has modern spinning units at Amanagallu in Mahboobnagar District in Andhra Pradesh and a 40 million meter denim plant at Ramtek near Nagpur, Maharashtra. The company’s subsidiary Suryakiran International Ltd, located in the outskirts of Hyderabad, is into the manufacture and export of denim garments. Suryalakshmi’s large transnational network backed by a strong marketing presence ensures quality products to its domestic and international clients.

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This release was published on openPR.