Backed by better export orders for its home linen, Pradip Overseas Limited has registered an increase of 37.9 per cent in its revenue for the financial year 2009-10. The company posted a full year revenue of Rs 1,605.88 crore in 2009-10 as against Rs 1,170.58 crore in 2008-09.
The company, which completed its initial public offering (IPO) in March 2010, posted a 55.49 per cent growth in net profit to Rs 68.99 crores in 2009-10 up from Rs 44.37 crores in 2008-09. The rise in net profit has resulted in an earnings per share (EPS) of Rs 17.09 per share on its fully diluted post IPO paid up capital of equity of Rs 40.37 crore.
Pradip Overseas raised around Rs 116.60 crore through the IPO to set up a new manufacturing facility in textile special economic zone (SEZ). The company currently has an installed production capacity of 136.52 million metres.
"More than 50 per cent of our products are meant for overseas consumption. Though majority of export is currently in rupee denomination, the company aims at moving to direct export model of business. We expect to receive SEZ notification and all necessary clearances for the new unit being set up in a self sponsored textile SEZ near Ahmedabad by end of June 2010," said Pradip Karia, chairman of Pradip Overseas Ltd.
Karia further added that the company has appointed M/s Technopak Advisors Pvt. Ltd. for assisting Pradip Overseas in developing the SEZ and bringing the prospective participants to establish their unit in the SEZ.
In domestic market, the company intends to grow its branded products market in bed linen segment.
Apart from 'Lucy-B-Linen', a maiden brand of its bed linen products, Pradip Overseas is working on introduction of branded products in premium segment for urban and semi urban Indian consumers.