Sutlej Textiles Q4 net surges three-fold to Rs 52.6 cr

NEW DELHI: Sutlej Textiles and Industries today said its net profit surged over three-fold to Rs 52.6 crore for the fourth quarter ended March 31, 2011, over the same period previous fiscal.

The company had reported a net profit of Rs 14.5 crore in the same period last fiscal, Sutlej Textiles and Industries said in a statement.

The company's net sales for the fourth quarter ended March 31, 2011 rose to Rs 443.6 crore, as against Rs 318.6 crore in the same period last fiscal.

"This performance could be achieved due to several initiatives taken by us over the last few years in technology upgradation, capacity expansion, and product mix rationalization," Sutlej Textiles and Industries Chairman C S Nopany said.

The company's board, which met today, also recommended a dividend of Rs 5 per equity share and a one time special dividend of Rs 2.50 per equity share.

For the year ended March 31, 2011, the company posted a net profit of Rs 114.3 crore, compared to Rs 26.3 crore in the previous fiscal.

The company's net sales increased to Rs 1,581.7 crore for the year ended March 31, 2011, compared to Rs 1,146.9 in the previous fiscal.

Shares of Sutlej Textiles today closed at Rs 263.40 on the Bombay Stock Exchange, up 1.76 per cent from its previous close.