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Our Bureau

Hyderabad , June 21

SURYALAKSHMI Cotton Mills has announced that the company plans to enter garment manufacture with an investment of Rs 20 crore. Announcing the company results on Tuesday, the company management has declared 1:1 bonus shares for its shareholders.

The company has recorded net sales of Rs 57.62 crore and net profit of Rs 6.93 crore for the quarter ended March 31, 2005.

For the year ended March 31, its net sales rose to Rs 245.95 crore, with a net profit of Rs 18.28 crore. The growth in profit was largely driven by higher realisation in denim prices and operational efficiencies.

During 2004-05 the company divested its yarn business into a separate company by way of a de-merger (w.e.f Sept 1, 2004). Hence the figures of March 2005 are not comparable to March 2004 results.

Following acquisition by Suryakiran International Ltd, the subsidiary of SCM, the consolidated exports have grown by 102 per cent to Rs 155.9 crore.

The company has recommended bonus shares in the ratio of 1:1 and a dividend of 30 per cent on the equity capital of 59,66,995 equity shares post-demerger.

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