Sutlej Textiles Q3 net zooms 17-fold to Rs 23 cr

Sutlej Textiles and Industries today said its net profit surged nearly 17-fold to Rs 23.53 crore for the third quarter ended December 31, 2010, over the same period previous fiscal.

The company had a net profit of Rs 1.39 crore in the same period last fiscal, Sutlej Textiles and Industries said in a statement.

The company's net sales rose to Rs 408.49 crore for the third quarter ended December 31, compared to Rs 295.50 crore in the same period last fiscal.

"Strong GDP growth has provided an impressive boost to the rural economy and consumption and it is expected that the trend may continue. It is hoped that a strong domestic economy will continue to drive the Indian Textile Industry forward," Sutlej Textiles and Industries Chairman C S Nopany said.

 

Shares of Sutlej Textiles and Industries today closed at Rs 292.35 on the Bombay Stock Exchange, up 3.41 per cent from its previous close.