Swasti Vinayaka Synthetic Ltd net profit up by 26 pc in Q3

Mumbai, Nov 3 (UNI) Swasti Vinayaka Synthetics Ltd (SVSL) has posted 26 per cent increase in net profit to Rs 32.41 lakh for the third quarter ended September 30, 2006, from Rs 25.75 lakh in the same period last year.

The company's net sales went up to Rs 4.74 crore which were 4.69 lakh in the corresponding period of the previous year.

According to Managing Director of SVSL Rajesh Kumar Poddar the company is setting upstate-of-art high value cotton shirting project at Tarapur, which has started trial production and commercial production will commence shortly. For this project, the company has already imported and installed 18 Sommet Super XL weaving machines, which will produce fabrics of 58 inches width.

Further 10 weaving machines will be added by March 2007. This high value cotton shirting project will have monthly production capacity of 1.25 lakh meters.

''The total project cost is estimated around Rs six crore for which Rs five crore loan has been already sanctioned under Technology Up gradation Fund (TUF) and Re one crore has been generated from internal accrual,'' Mr Poddar added.

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