REI Agro Ltd net up 8.38 per cent

New Delhi, May 30 : REI Agro Ltd, basmati rice processing and marketing company, today announced an 8.38 per cent increase in its net profit at Rs 14.23 crore in the Q4FY06 as against Rs 13.13 crore in Q4FY05, besides recommending two interim dividends of 10 per cent each.

''Going forward, we expect to see continued improvement in our margins and revenue growth,'' REI Agro Ltd Vice Chairman and Managing Director Sundip Jhunjhunwaala said in an official statement released here.

REI Agro Ltd posted a net profit of Rs 66 crore in FY06, up by 74.45 per cent, from Rs 37.85 crore in FY05.

Its income from operations stood at Rs 959 crore for FY06 as against Rs 845 crore in FY05, higher by 13.46 per cent.

''Significant milestones were achieved in wind turbine generation and the leadership position strengthened in the market, by enhancing capacity of basmati rice from 42 TPH to 49 TPH during this quarter,'' the statement said.

REI Agro holds nearly 20 per cent of the basmati rice segment worldwide.

It sells its basmati in bulk in the domestic market and also has brands like Mr Miller, Kasauti, Real Magic, Hungama, Hansraj and Al-Tahaan under its fold.

UNI