The Hindu Business Line : Riddhi Siddhi Q3 net up

RIDDHI Siddhi Gluco Biols Ltd, a producer of starch and derivatives, has posted a net profit of Rs 3.1 crore during the third quarter, up by over 200 per cent from Rs 0.97 crore in the year-ago quarter.Sales for the quarter stood at Rs 62.98 crore (up 21 per cent from Rs 51.85 crore.) Exports for the period stood at Rs 4.5 crore. The earnings per share for the quarter was Rs 4.81 as against Rs 1.42 during the year-ago period.For the first nine months, Riddhi Siddhi earned a net profit of Rs 7.3 crore against Rs 2.7 crore in 2004-05. Sales for the first nine months were Rs 179.6 crore, up 30 per cent from Rs 137.6 crore in the previous year. Exports during the period stood at Rs 11.5 crore.

Commenting on the results, Mr Ganpatraj Chowdhary, Managing Director, said, "Having consolidated our presence by going in for strategic takeovers, we now plan to focus on the paper and textile industries to drive growth and further reinforce our leadership in the food and pharma industries. We are looking at more acquisitions in the future and also exploring the possibilities for technological tie-ups for next generation products."

The Ahmedabad-based Riddhi Siddhi has plants located in Ahmedabad, Gokak (Karnataka) and Pondicherry. The company had earlier acquired KG Gluco Biols from Glaxo and subsequently enhanced its capacity from 150 tonnes to 400 tonnes a day at an investment of over Rs 100 crore.

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Riddhi Siddhi Q3 net up