NIEL records 35.34 per cent jump in net profit

Mumbai, July 31 (UNI) Nahar Industrial Enterprises Ltd (NIEL), the flagship company of Nahar Group of Ludhiana, has recorded 35.34 per cent jump in its profit from Rs 14.25 crore to Rs 19.29 crore during the first quarter of the current fiscal, said the company release.

The vice chairman and managing director of the company, Kamal Oswal, attributed it to better planning, forward and backward integration of the textile units, better realisation of value addition and working capital management.

The profit before tax was Rs 21.87 crore as against Rs 15.46 crore of the corresponding period of the last year and thus showing an impressive growth of 41.52 per cent. The earning per share for the period has also increased to Rs 5.44 per share as against Rs 4.66 per share showiung a rise of 16.74 per cent.Mr Oswal added taht the company has targeted to achieve a turnover of Rs 1500 crore by the year 2010.

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