Suryavanshi Spinning Mills Q3 net up by 113% Y-O-Y

Hyderabad, January 28, 2011:

Suryavanshi Spinning Mills Ltd. (BSE Code: 514140) established textile player with a spindle capacity of over 1,00,000 tons has posted Net Profit of 3.57 cr for the Quarter ended on 31st December 2010, as compared to 1.68 cr. in the corresponding quarter of the previous year.

The company’s revenues soared to 81.25 cr for the reporting quarter by a whopping 57% as compared to 51.68 cr in Q3 Dec, 2009

The company saw its EPS touching 2.69 as compared to 1.27 in the corresponding period of the previous year.

SSML is one of the integrated group Units in the country with backward integration into cotton ginning with a production capacity of 1000 Bales per day of raw cotton (each bale of 170 kg) and also integrated forward with daily knitted garments production of 10,000 pieces capacity. Also, they have planned a capex of around Rs 130-crore, which will be used for the overall expansion plans in the spinning and garment business over the next 18 months.

The company also plans a substantial investment in near future to expand its production capacities. Post expansion Suryavanshi Spinning Mills Ltd. is expects to increase its ginning capacity from 1000 Bales per day to 2000 bales, whereas the spindle capacity is expected to rise to 2,00,000 spindles in the next three years. The daily garment production capacity is also expected to go up to 25000 pieces in the next three years.

Commenting on the results, Mr. J.K.Agarwal, Executive Director, Suryavanshi Spinning Mills Ltd said, “We are extremely happy with the results. The company is in an expansion mode and is looking forward to increase the production capacity by upgrading the existing technology. With the 130 crore capex plan, we aim to continue doing well and keep up with the expectations of our stakeholders.”

About Suryavanshi Spinning Mills Ltd
Suryavanshi (SVSM) Group started its operations with spinning activity in 1978 with a spindle capacity of 1728 and steadily grown to a capacity of 1, 00,000 by 2002. Over the years the management has acquired an in-depth knowledge on raw-material.
The company has also diversified into textile related activities and has set up a Knitting and Processing Plant under the same management. SSML has entered into manufacturing of fashionable garments in the year 1997. All the mills are equipped with state-of-the-art machinery. The products of the Company have greatly been accepted in the overseas markets and exported to the countries like United States , Europe , Japan , China , Korea , Vietnam , Hong Kong , Bangladesh , Italy , Egypt etc.

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This release was published on openPR.