Shri Lakshmi FY08 net profit up 66.18% to Rs 67.42cr

Shri Lakshmi Cotsyn Limited (SLCL), a technology driven, end to end multi product textile company reported a net profit of Rs 67.42 crore for the year ended June 30, 2008 a jump of 66.18% as compared to a net profit of Rs 40.57 crore posted in the same period of last year.

Total revenue for the year end stood at Rs 938.60 crore a rise of 44.58% as against Rs.649.19 crore in the year-ago period.The earnings per share (Basic/Diluted) stood at Rs 45.55 as against Rs 28.17 in the July-June period of the last year.
Q4-FY08 Performance
The company reported a net profit of Rs 19.26 crore for the Q4FY08 ended June 30, 2008 a jump of 36.21 % as compared to a net profit of Rs 14.14 crore posted in the same period of last year.

Revenue for the Q4FY08 stood at Rs 229.89 crore a rise of 2.24% as against Rs 224.85 crore in the year-ago period.

Commenting on the financial performance of the company, Dr M P Agarwal, Chairman and Managing Director, Shri Lakshmi Cotsyn Limited said, ¡°We are adding new capacities and diversifying our product portfolio. We are now increasing our focus on technical-textile segment which is expected to provide better revenue - mix to the company and reduce risk in the company¡¯s business model. Technical textile segment is profitable and the margins are quite high with big volumes of order for our investment¡±

Other Key Developments

The Company is increasing its focus on technical textile, including manufacturing of 360 degree armour vehicles, to fetch higher realisations through a joint venture with UK-based Armet Armoured Vehicles (AAV) for manufacturing and assembling of 360¢ª armored vehicles and other equipments.

SLCL has increased its on-going expansions plans by Rs 350 crore aggregating to Rs 809 crore. Company plans to add 12,000 MT capacities in Terry Towel and 12 MW co- generation agri-based power plant for 100 percent captive consumption.

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