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Our Bureau

New Delhi, July 20

The electrical goods manufacturer Havell's India today announced an 81 per cent rise in its net profit at Rs 22.58 crore for the quarter ended June 30, 2006 as compared to Rs 12.48 crore during same period last year.

The turnover increased 72 per cent to Rs 374.98 crore during the first quarter of the current fiscal. "This (growth) represents customers preference for our brand and continued good performance in the core businesses of switchgear," Havell's director Mr Anil Gupta said.

The company also said that it would form a 100 per cent subsidiary in Cyprus to facilitate the acquisition of a Greek company. The board of directors, at its meeting today, decided to form Havell's Cyprus Ltd as its 100 per cent subsidiary company, Havell's informed the BSE.

More Stories on : Electrical Goods | Mergers & Acquisitions | Overseas Investments

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