Nahar registers 34.38% growth to Rs 103cr

New Delhi, June 20 (UNI) Textiles company Nahar Industrial Enterprises Ltd (NIEL) today said it has recorded a growth of 34.38 per cent in its Profit Before Tax (PBT) to Rs 103.10 crore in this fiscal compared to Rs 76.72 crore in FY05-06.

The Board of Directors of the company also recommended a 10 per cent dividend for the year 2006-2007.

''The disclosed figures are reflective of the figures of the wholly owned subsidiary that is Nahar Retail Ltd,'' Vice Chairman Managing Director Kamal Oswal said in a statement here.

The Net sales during the fiscal 2006-2007 jumped to Rs 920.27 crore from Rs 694.14 crore during the previous year, hence showing an increase of 32.58 per cent.

Outlining the details of its phased expansion programmes undertaken last financial year, Mr Oswal said, ''Nahar Industrial Enterprises Ltd has successfully completed part of its strategic expansion plans with the commencement of the commercial production of the process unit II with a capacity of 50,000 metres per day and yarn dying plant with a capacity of five tonnes per day at Lalru, Punjab.'' Following the commissioning of this phase, the total process facilities of fabrics has increased to 1,65,000 metres per day with the yarn dying capacities leaping to a capacity of 11 tonnes per day, he added.

With a view to achieve self sufficiency on the power generation front, NIEL has also commissioned a massive eight MW power plant at Amloh, Punjab and a sprawling 12 MW power plant at Lalru, Punjab which spikes up the total co-generation power plant capacity to an impressive aggregate of 33MW.

UNI