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Our Bureau

Mumbai, July 28

Nitco Tiles has announced a 115 per cent increase in net profit for the first quarter ended June 30, 2006. The company's net profit rose from Rs 3.22 crore in the year-ago quarter to Rs 6.90 crore in the first quarter of this fiscal.

During the period under consideration, the sales turnover was higher at Rs 88.37 crore, up from Rs 61.82 crore. Earnings per share rose from Rs 2.62 to Rs 3.10.

A company release, quoting Mr Vivek Talwar, Managing Director, Nitco Tiles, said, "the company has been more than successful, especially with its strong brand equity. The ongoing boom in infrastructure in general, and retail industry in particular, has helped us to put up a good show."

Nitco Tiles has also set up six windmills in Dhule district of Maharashtra at Rs 38 crore. The company's shares traded low at Rs 140.65, down by 2.60 per cent or Rs 3.75, on the BSE.

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