The Hindu Business Line : Visaka Ind Q4 net up 81 pc at Rs 4.13 cr

VISAKA Industries Ltd, the city-based building products and textiles company, has registered a turnover of Rs 54.62 crore for the quarter ended March 31, 2005, as against Rs 42.20 crore in the same period last year, recording a growth of 29.41 per cent.

The profit after tax was put at Rs 4.13 crore during the quarter as against Rs 2.28 crore in the corresponding quarter, an increase of 81.32 per cent.

Addressing a press conference here on Wednesday, Dr G. Vivekanand, Managing Director of the company, said the company recorded a turnover of Rs 208.59 crore for the whole year (2004-05) as against Rs 155.12 crore in the previous year. This showed a growth of 34.47 per cent.

The PAT stood at Rs 13.73 crore (Rs 10.14 crore), an increase of 35.53 per cent.

The company hoped to net Rs 270 crore next year, with a PAT of Rs 20-22 crore.

The total income of the fibre cement sheets division for the year was Rs 138.96 crore (Rs 97.52 crore), a growth of 42.48 per cent.

The textile division registered an income of Rs 69.63 crore (Rs 57.59 crore), showing a growth of 20.9 per cent.

Of this, garments contributed Rs 35 crore. By 2007, the company expected garments division to generate Rs 120 crore.

He said the Rs 55-crore garments manufacturing unit at the Mahindra SEZ in Chennai would be ready by the year-end. About 3,000 people, mostly women, would work there. The unit would have the capacity of producing four million pieces a year.

The garments division would focus on exports in the first few years. "We are in talks with some international brands. We may come out with our own brand at a later stage," he said.

Dr Vivekanand foresaw textiles division contributing 60 per cent of its turnover in three years. He, however, said that the company wanted to be strong in both divisions.

The company would go for private placements to part fund the Rs 200-crore capital requirements. Financial institutions and funding from promoters would also contribute.

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