Financial Daily from THE HINDU group of publications
Thursday, May 27, 2004
Financial Daily from THE HINDU group of publications Thursday, May 27, 2004 |
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Corporate
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Performance Suryalakshmi Cotton plans expansion Our Bureau
Hyderabad , May 26 SURYALAKSHMI Cotton Mills Ltd (SCML) proposes to make a further investment of Rs 50 crore in its spinning and denim divisions for expanding capacities. In a press release here, the company has said the expansion project would enable the company increase the spindlage by 29,000 spindles and denim fabric capacity by further five million metres. Of the proposed expanded capacity, the company has decided to earmark 7,000 spindles for producing high value-added compact yarn. The company said it also plans to avail the benefits of the technology upgradation fund scheme. After completion of the expansion and coupled with the expected continuance of the upswing in the textile market, the company expects its turnover to cross Rs 500-crore mark during the next fiscal from the existing Rs 305 crore, the release said. On a gross turnover of Rs 305 crore for the fiscal ended March 31, 2004, the company posted a profit before tax of Rs 21.48 crore. The company attributed the growth of 66 per cent in profit before tax to its performance on the export front.
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