Shri Lakshmi Cotsyn declares 30% dividend on equity

FY11 (June ending) Performance:

• Net Profit at Rs. 104.11 crore, up 13.60%
• Net Sales at Rs 1798.38 crore vs. Rs 1535.48 crore; up 17.12%
• EPS at Rs. 49.35 vs. Rs. 45.90 in FY10

Shri Lakshmi Cotsyn Limited (SLCL), announced a dividend of 30% i.e., Rs. 3 per share, at the Annual General Meeting held today at its registered office at Kanpur. SLCL is an integrated textile player engaged in manufacturing and processing wide range of textile products and technical textiles for the defence sector.

At the AGM, Dr. M P Agarwal, Chairman cum Managing Director updated shareholders on performance of the Company viz., increase in Net Sales by 17.12% at Rs. 1798.38 crore as compared to Rs. 1535.48 crore in 2009-2010. The Net Profit rose 13.60 % to Rs. 104.11 crore in 2010-11 as compared to Rs. 91.64 crore in the previous year. Earning per share increased to Rs. 49.35 from Rs. 45.90.

Dollar appreciation benefitted the Company during the period, resulting in 137.08% jump in its export turnover, from Rs. 95.63 crore in 2009-10 to Rs. 226.72 crore.

“The Rs 992 crore expansion plan of the Company, which includes expansion in technical textile, Denim & sheeting project, is scheduled to complete in the month of March 2012,” said Dr Agarwal.