The Hindu Business Line : Sutlej Industries annual profit up 37 pc

TEXTILE player Sutlej Industries Ltd today reported a 37 per cent rise in net profit to Rs 16 crore for 2004-05, as against Rs 11.60 crore in the previous fiscal.

The company board, which met today to approve the audited financial results, also approved capital expenditure of Rs 53 crore during 2005-06 for the modernisation of its mills.

The company achieved a turnover of Rs 546 crore during the accounting year under review, showing a rise of 13 per cent over previous year. The cash profit stood at Rs 49.3 crore during the last fiscal, as compared to Rs 39.50 crore in 2003-04.

The Earnings Per Share rose to Rs 15.10 from Rs 10.99 in 2003-04.

The company plans to invest Rs 62 crore to diversify into garment and home textiles product segments. "We will invest Rs 62 crore in the current fiscal to diversify into value added products by setting up facilities to manufacture garment and home textiles at our Gujarat fabric plant. The diversification will help us expand our presence in the textile chain," Vice-Chairman, Sutlej Industries, Mr C.S. Nopany said here while announcing company's audited financial results for fiscal 2004-05. He said part of the investment would also be used for expanding its weaving and processing capacities that currently stand at 1.56 lakh spindles.

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