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Our Bureau

Mumbai May 2 Nitco Tiles has posted 71.49 per cent increase in net profit to Rs 12.93 crore (Rs 7.54 crore) for the fourth quarter ended March 31, 2007. Sales were up 52.34 per cent at Rs 125.13 crore (Rs 82.14 crore).

Net sales rose 50 per cent to Rs 413.11 crore (Rs 275.26 crore).

"We have also launched our first exclusive showroom and plan to increase the number of showrooms to 15-18," said Mr Vivek Talwar, Managing Director.

"The stores will be launched in tier I and tier II cities as this will provide more visibility to our products and a wider choice to our customers," he added.

During the year, the company entered into a joint venture with Chinese company, Fushan Lungo, for purchase of three million sq m of vitrified tiles in the first 12 months and an additional 1.5 million sq m a year in the next two years.

The Nitco scrip fell 0.33 per cent to close at Rs 199 on the BSE on Monday.

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