The Hindu Business Line : Morarjee Textiles to pay 25 pc

Morarjee Textiles Ltd has recorded a 129 per cent increase in its profit after tax at Rs 10.45 crore, in the quarter ended March 2006. The company, involved in the business of fabrics, prints and viols, has also recorded a 57 per cent increase in PAT during financial year ended march 2006. It has announced a dividend of 25 per cent (Rs 2.50) per equity share, owing to its performance in the financial year ended March 2006, an official statement said.

Total revenue for the quarter was Rs 49.97 crore with an increase of 32.4 per cent over the same quarter last year. This growth in revenue was due to additional growth in business from international operations, product mix rationalisation and better realisations, a press release by the company said.

Profit before tax increased by 103.2 per cent, for the quarter and stood at Rs 3.82 crore. "Textiles is one of the focus areas for the Group, MTL is looking to expand and grow both through the organic and inorganic means; in the textiles and the garments businesses," a news release said quoting Ms Urvi Piramal, Chairperson, Morarjee Textiles Ltd. On Thursday, the company's share price stood at Rs. 70.05, ending 4.09 per cent higher than the previous close.