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Mumbai Jan 23 Kewal Kiran Clothing Ltd has posted a net profit of Rs 3.62 crore for the quarter ended December 31. Net sales stood at Rs 31.56 crore. Figures for the corresponding quarter of the previous year are not available as the company's shares were listed on BSE in April 2006.

"Profits have dipped from the last quarter because of our advertising costs. However, our yearend profit will not be affected," said Mr Nikesh Jain, Chief Financial Officer of the company.

Total income stands at Rs 34 crore, while earnings per share is Rs 2.94.

During the quarter, the company KKCL opened seven new K-Lounge stores, taking the tally up to 49. An additional 38 stores will be opened during the next financial year.

Shares of the company fell 8.52 per cent to close at Rs 242.15 on BSE.

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