Arvind director and CFO Jayesh Shah said: “We have not only achieved robust revenue growth but we also improved the operating profit margins”
Apparel and textile firm Arvind Ltd said its consolidated net profit surged over three-fold to Rs63.07 crore for the fourth quarter ended 31 March 2011 over the same period previous fiscal.
The company had reported a consolidated net profit of Rs19.81 crore in the same period last fiscal, Arvind said in a filing to the Bombay Stock Exchange (BSE).
For the year ended 31 March 2011, the company posted a net profit of Rs164.87 crore, compared to Rs49.96 crore in the previous fiscal.
Arvind director and CFO Jayesh Shah said: "We have not only achieved robust revenue growth but we also improved the operating profit margins despite sharp increase in input costs."
"We are also on track as far as our plans for unlocking the value of our land bank which will lead to significant improvement in shareholders' value," the filing added.
The company's board, which met today, has recommended fund raising up to Rs300 crore through issue of securities, it said.
The company's net sales for the year ended 31 March 2011 rose to Rs1,190.73 crore, compared to Rs739.83 crore in the previous fiscal.
The company's board has also approved the merger of Arvind Products Ltd (APL) with itself. Arvind Ltd has 54% stake in APL.
"...the proposed merger will bring significant operational synergies leading to savings in costs for the combined entity," the company said.
Consequent to the merger, share capital of Arvind Ltd will increase by Rs3.41 crore, it added. "The share exchange ratio as approved by the board is 1 share of Arvind Ltd for 11 shares of APL," it said.
On a standalone basis the company posted a net profit of Rs56.07 crore for the fourth quarter, compared to Rs15.39 crore in the same period previous fiscal.
On Monday, Arvind ended 3.15% up at Rs75.40 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.82% to 17,993.33.
Dish TV posted a lower net loss of Rs37.05 crore for the quarter ended 31 March 2011 compared to a net loss of Rs60.58 crore in the same period last year
DTH major Dish TV posted a lower net loss of Rs37.05 crore for the quarter ended 31 March 2011 compared to a net loss of Rs60.58 crore in the same period last year.
Total income increased 42.81% to Rs432.95 crore in the reported quarter against Rs303.15 crore in Q4 FY 2009-10, Dish TV said in a statement.
For FY11, the company's net loss stood at Rs189.70 crore compared to Rs262.12 crore in the previous fiscal. Total income grew 32.42% to Rs1,436.55 crore for FY'11 against Rs1,084.79 crore in the previous fiscal.
"Dish TV remains on track to emerge as the largest and most profitable digital platform in the country. The fourth quarter was witness to Dish TV achieving a 10 million strong subscriber base positioning it as the largest DTH Company in the whole of Asia Pacific," Dish TV managing director Jawahar Goel said.
Dish TV added one million new subscribers in the fourth quarter achieving a total of 10.4 million (gross) and 8.5 million (net) subscribers at the end of the quarter.
The company said its blended Average Revenue per User (ARPU) stood at Rs150 in the reported quarter as compared to Rs142 in the immediately preceding quarter.
On Monday, Dish TV ended 1.97% up at Rs70.05 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.82% to 17,993.33.
“We are continuously upgrading our capacity and the new Tiruchi plant will begin operation very soon,” MRF DGM Rajat N Nangia said
India's largest tyre maker MRF said its new Rs900-crore Tiruchi plant would begin commercial production soon despite the threat of lower growth being faced by the industry.
"We are continuously upgrading our capacity and the new Tiruchi plant will begin operation very soon," MRF DGM Rajat N Nangia said on the sidelines of inauguration of Sunderlal Tyres, the company's first branded sales and service franchisee in city.
The Tiruchi plant, which is the seventh plant of the company, can produce truck tyres and car radials.
Nangia said there has been some signs of slowdown in the industry and even carmakers are also apprehending lower growth in car sales.
"Though it cannot be predicted right now but I think there growth could ease by 5% from over 20% growth last fiscal," Nangia said.
Nangia said the company would have to take a call on the hike of prices of tyres between 5%-10% depending on the category of tyres owing to pressure on input costs.
Asked about the proposed bond issue by the company, Nangia said the process to raise money through bond worth $110 million was underway.
Right now the company is in the process of raising $110 million (Rs500 crore) via bonds.
On Monday, MRF ended 1.47% down at Rs6,839.30 on the Bombay Stock Exchange, while the benchmark Sensex declined 1.82% to 17,993.33.