Suryalakshmi Cotton Mills Limited, a Hyderabad-based denim manufacturer, reported a net profit of Rs 8.69 crore for the second quarter ended September 2012, as compared with Rs 6.7 crore in the correspondent quarter last year, reflecting a growth of 29.7 per cent. Revenues grew 13.41 per cent to Rs 192.77 crore as against Rs 169.97 crore during the same period a year ago.
The company recently commenced operations of its 25-Mw captive power plant at its denim division near Ramtek, 57 km from Nagpur in Maharashtra. It is now in the process of raising Rs 100 crore under the Centre’s Technology Upgradation Fund Scheme (TUFS) this year to set up a 50,000-spindle spinning unit at Nagpur that is expected to be commissioned in two phases by 2014.
“With few expansions in queue and the festive season in progress, we expect a fresh demand from both the domestic and international markets, which will help us boost our performance in the coming quarters,” Paritosh Agarwal, managing director of Suryalakshmi Cotton, said in a release.
