INDIA: Nakoda Textiles yearly net profit zooms 63 per cent

Nakoda Textile Industries, one of India’s largest players in the fully drawn yarn segment, announced their quarterly and annual results today. 

For the quarter ended December 2007, the company posted a top line of Rs 160.57 crores as against Rs. 90.94 crores last year, a growth of 77 per cent, year on year.

Profit after tax for the quarter grew 63 per cent year on year to touch Rs 2.86 crores.

For the year ended December 2007, sales grew 63 per cent to touch Rs. 580 crores. Net profit stood at Rs.9.77 crores, an increase of 59 per cent over the previous year. Nakoda announced an interim dividend of 5 per cent.

The company’s fully drawn yarn (FDY) plant with capacity of 19500 MTPA was commissioned in November is fully operational. The company spent Rs 27 crores for the capex. Out of this, Rs 9 crores came from internal accruals and Rs 18 crores through debt, raised from a consortium of bankers.

Commenting on the performance, Mr. B.G.Jain, CMD, Nakoda Textile Industries said “This has been our best performance till date. We are happy to announce that our new plant has been commissioned fully and is clocking a capacity utilisation of 98 per cent. Such exemplary performance would not have been possible without the untiring efforts of our people.”

During the last year, Nakoda picked up an 18.5 per cent stake in the textile park near Surat. The GOI has sanctioned 30 such parks. The Surat Textile Park has been sanctioned a grant of Rs. 40 crore out of which Rs 12 crore has already been received..The entrepreneurs at the park have signed a contract with Nakoda and will consume yarn supplied by the company.

About Nakoda Textiles

Nakoda Textile Industries Limited was incorporated in 1984 by Mr. Babulal Jain. The company is in the business of manufacturing partially oriented yarn (POY) and fully drawn yarn. They recently commissioned a fully drawn yarn plant of capacity 19500 MTPA.

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Added: February 9, 2008 Source: Press Release
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