Container glass and sanitaryware maker HSIL Limited recorded a 67.08 per cent increase in net profit to Rs 26.75 crore for the quarter ended September 30, 2009, as compared with Rs 16.01 crore during the corresponding period last year. Revenues during the quarter increased 11.46 per cent to Rs 169.70 crore as compared with Rs 152.25 crore.
HSIL joint managing director Sandip Somany attributed the increase in profit to lower input costs particularly fuel and chemicals.
The company's proposed brass faucet plant at Rajasthan would be operational by early 2011. Construction work on the Rs 80-crore project would start shortly, he said. HSIL recently invested about Rs 300 crore in its ceramic plant at Bhongir in Andhra Pradesh.
Somany said they would close an acquisition deal either in India, Italy or Germany before March next year. It was prepared to invest Rs 140-280 crore for the acquisition. The company has reserves of Rs 239 crore.
Besides, it would open nine Evok stores, its retail outlet, by March 2011 with an investment of about Rs 45 crore.