NSIC PAT rises to Rs 29.78 cr in 2010-11

NEW DELHI: Net profit of National Small Industries Corporation (NSIC) rose to Rs 29.78 crore during 2010-11 as against Rs 24.27 crore in the previous fiscal.

NSIC, a mini-ratna company under the Ministry of Micro, Small and Medium (MSME) Enterprises, provides raw material, technology and marketing assistance to small-scale firms in the country.

"Increase in raw material and financial assistance has helped the corporation to increase its profit after tax...we have also increased number of our branches," NSIC CMD H P Kumar told PTI.

The corporation's total turnover also jumped to Rs 7,979 crore in the previous fiscal against Rs 4,488 crore in 2009-10. Gross income rose to Rs 166.02 crore from Rs 124 crore during the period under review.

NSIC's provides raw materials like zinc, steel, aluminum and copper to MSMEs.

There are 26 million MSME enterprises in the country, which provide employment to 60 million people.