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MUMBAI: Lakshmi Overseas Industries Ltd (LOIL), an integrated processor of non-basmati rice, has announced an 83 per cent rise in sales at Rs 134.9 crore during the fourth quarter of 2004-05, driven by an increased processing of rice.

Higher production and economies of scale led to a significant jump in net profit to Rs 7.40 crore, up by 281 per cent over the previous corresponding period.

Explaining the growth strategy, Mr Balbir Singh Uppal, Chairman and Managing Director, LOIL said, "Our strong growth is a result of vertical integration right from paddy processing to by-products. We have been able to achieve highest sales at Rs 407 crore for FY05 while economies of scale has seen our net profit rise to Rs 21.8 crore, a growth of more than 100 per cent.

"Further our expansion of Rs 150 crore in the pipeline for rice and by-products and setting up of the 24 MW power plant will augment our future growth prospects," he said.

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