Priyadarshini Mills comes out of red; ventures into energy sector

• PAT stands at Rs  251 Lacs against loss of (295) lacs of same quarter last year
• Income from Operations up by 42% to Rs 5,314 Lacs from 3745 Lacs of same quarter of last year
• EPS up at Rs. 0.54 from (2.66) from same quarter of last year.

Priyadarshini Spinning Mills Ltd, one of India’s leading producers of spun yarns, registers an increase of 42 % in its Income of Operations, which stands at Rs 5,314 lacs in the quarter ending June 30, 2010.

Speaking on the performance, Mr. Harish Cherukuri, Managing Director of Priyadarshini Spinning Mills Ltd. said, “The turn around in our operations in on track. The first quarter of the current financial year has fared as per our expectations. We have identified areas of improvement which shall be our focus in the next few quarters. These improvements should help us improve both our top line as well as bottom line.”

About Priyadarshini Spinning Mills Pvt Ltd
Incorporated in 1981, with the capital investment of Rs 800 lakhs, today Priyadarshini Spinning Mills is a listed company and has a turnover of nearly Rs 200 crores.  The company’s primary manufacturing activity consists of yarn manufacturing and yarn dyeing. The company has a capacity of 82,000 spindles and manufactures 35 tons of yarn every day. This capacity is spread over two yarn manufacturing facilities. Priyadarshini manufactures 100% cotton and synthetic blends in various qualities. With a capacity of 10 tons/day cotton yarn dyeing, it produces 100% cotton, 100% cotton mercerized, 100% Polyester and 100% Viscose in batch sizes ranging from 20kgs to 1 ton. It also exports to countries in Europe, Middle East, Turkey and Russia amongst others.

The company is an ISO 9001 certified company and their cotton yarns have OEKO Tex 100 certification.

The company has finalized its plans to execute the 12 MW hydro power project at Dummugudem on river Godavari. The company is also working on acquiring more licenses for executing power projects based on hydro and natural gas.