India: Rajapalayam Mills posts Rs 70.1 mln net profit in Q1

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Tamil Nadu based Rajapalayam Mills, among the leading cotton spinning mills in the country, has posted a net profit of Rs 70.1 million in the first quarter of the current financial year. This is 11.38% lower than in the preceding three months. But 367% higher than in the corresponding three months.

Net sales during April-June stood at Rs 994.3 million, compared to Rs 866.4 million in the preceding three months, and Rs 769.4 million in the corresponding three months.

According to the company’s statement, the results for this quarter and the previous quarters are not strictly comparable, as the results for the quarter ended June 2013, include the results of Rajapalayam Spinners Ltd. This follows the amalgamation of Rajapalayam Spinners Ltd with Rajapalayam Mills, approved by the board of directors, in May 2012, and approved by the Madras High Court on June 13, 2013.

During the financial year 2012-13, the company reported net profit of Rs 237.7 million.

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