Priyadarshini’s Profit for Q3FY11 up by 6%

Feb. 11, 2011 - PRLog -- Hyderabad, February 11, 2011:
Hyderabad based and listed on the BSE ,Priyadarshini Spinning Mills Ltd. (BSE Code: 503873; NSE Symbol: PRIYADSP), one of India’s leading producers of Polyester/viscose blended yarn manufacturing from counts of 20s to 76.
Priyadarshini’s Net Revenue has increased by 6 % when compared with the last quarter of current financial year, from Rs 65.17 Crores for the quarter ended September 30, 2010 to Rs 68.87 Crores for the quarter ended December 31, 2010.

The Company has reported a PAT for Nine months ended 31st December, 2010 of Rs 7.86 Cores on a turnover of Rs 187.18 Crores showing an EPS of Rs.7.10.

The turnover has gone up by 30% whereas the EBIDTA has gone up by 47% over the corresponding quarter in the previous year. The EPS at Rs.2.04 for the quarter is up from Rs. (1.08) from the same quarter in the last year. The results from both the segments viz., Spinning & Yarn Dyeing have shown significant rise and the Company expects to do better in the future.

Commenting on the results, Mr. Harish Cherukuri, Managing Director of Priyadarshini Spinning Mills Ltd. said, “The company has achieved satisfactory results in the current quarter and looking to improve its quality, productivity and profitability. Further The Textile industry is doing well. We hope to satisfy our stakeholders with our consistent performance next quarter.”

About Priyadarshini Spinning Mills Limited
Incorporated in 1981, with the capital investment of Rs 800 lakhs, today Priyadarshini Spinning Mills is a listed company and has a turnover of nearly Rs 240 Crores.  The company’s primary manufacturing activity consists of yarn manufacturing and yarn dyeing. The company has a capacity of 82,000 spindles and manufactures 35 tons of yarn every day. This capacity is spread over two yarn manufacturing facilities. Priyadarshini manufactures 100% cotton and synthetic blends in various qualities. With a capacity of 10 tons/day cotton yarn dyeing, it produces 100% cotton, 100% cotton mercerized, 100% Polyester and 100% Viscose in batch sizes ranging from 20kgs to 1 ton. It also exports to countries in Europe, Middle East, Turkey and Russia amongst others.
The company is an ISO 9001 certified company and their cotton yarns have OEKO Tex 100 certification.

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