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Mumbai Jan. 25 Morarjee Textiles Ltd has posted a 10.96 per cent drop in net profit at Rs 2.03 crore (Rs 2.28 crore) for the quarter ended December 31. Net sales rose 29.88 per cent to Rs 54.67 crore (Rs 42.09 crore).

"Our profit has dipped mainly due to increased raw material and power costs. Faced with rising costs of production we are taking measures to improve price realisations and operational efficiencies. Going forward, we will be expanding our spinning capacity," said Mr Harsh Piramal, Executive Vice-Chairman, Morarjee Textiles Ltd.

The company also announced the acquisition of a 67 per cent stake in Men's Club S.P.A. of Italy by acquiring all the assets and brands owned by them.

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EID Parry Q3 net at Rs 3.53 cr

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