Banswara Syntex net up 61% in FY07

New Delhi, May 24 (UNI) Rajasthan-based textile company Banswara Syntex Ltd (BSL) today posted a 61.08 per cent increase in its net profit at Rs 14.94 crore for the year ended March 2007, against Rs 9.26 crore in the corresponding period last year.

The company's net sales rose 20.33 per cent to Rs 381 crore compared to Rs 316.63 crore during the previous year.

''Our profitability continues to be moderate on account of higher power cost. We expect a huge jump in our operating margins due to lower cost of power and higher contribution from garmenting business,'' BSL Joint Managing Director Ravi Toshniwal said.

Mr Toshniwal added the company is in the advanced stage of setting up an 18 MW thermal power plant, which is scheduled to become operational by June this year.

The company posted 31.02 per cent rise in EBIDTA to Rs 56.85 crore for the year ended March 2007 as compared to Rs 43.39 crore in the corresponding previous year.

Exports sales during the year jumped by 20.46 per cent to Rs 224.42 crore from Rs 186.30 crore last fiscal.

UNI