Nahar Ind Q3FY07 net pofit grows 30.53%

New Delhi, Feb 1 (UNI) Textile company Nahar Industrial Enterprises NIEL) today posted a 30.53 per cent growth in its net profit at Rs 23.83 crore for the third quarter ended December 31, 2006, as compared to Rs 18.26 crore in the corresponding period last year.

The company's revenue from operations stood at Rs 243.95 crore for the quarter showing a growth of 45.14 per cent over Rs 168.08 crore in the third quarter of previous fiscal.

''Besides our expansion plans in our existing manufacturing facilities, NIEL's focus would be on retail, which would ensure tremendous growth. We will have 250 Cotton County exclusive outlets by the end of this financial year and 1000 exclusive outlets all over India, with estimated revenue of over Rs 700 crore by March, 2010,'' Nahar Industrial Enterprises Vice Chairman and Managing Director Kamal Oswal said.

The retailing and garmenting business is being carried out through the company's wholly-owned subsidiary Nahar Retail Ltd from December 1, 2006.

The disclosed financial results are hence inclusive of financials of the wholly-owned subsidiary, Mr Oswal said.

Nahar is exploring various options to utilise its surplus land in Ludhiana.

It has appointed Trammel Crow Meghraj Property Consultants Private Ltd to prepare the feasibility report for the land located on Ludhiana Chandigarh Road.

''The company has surplus land in and around Ludhiana and is exploring various options to unlock its value,'' NIEL said in a statement.

UNI