| Luggage manufacturer VIP Industries reported a profit of Rs 10.77 crore for the April-June quarter compared with Rs 4.17 crore for the corresponding quarter of the previous year, up 158 per cent. Net sales for the first quarter were up 48.74 per cent to Rs 154.53 crore (Rs 103.89 crore). |
| Dilip Piramal, chairman, VIP Industries, said, "We will continue to expand our existing line of products with a change in product mix to include high value-added products and to tap the growing market. This bears testimony to the strategic initiatives that we have taken in the past." |
| The company's focus towards the organised retail market has been successful and is contributing to the sales growth and adding new customers. During the quarter under review, the company added 15 retail outlets (including VIP Lounges), thus taking the total number of outlets to 130 as on June 30. |
| Vakrangee Soft net zooms 128% |
| Riding on the growth from e-governance implementations, Mumbai-based Vakrangee Softwares (VSL) registered a net profit of Rs 5.56 crore for the first quarter ended June 30, up 128 per cent, compared with Rs 2.43 crore for the same period in the last financial year. |
| Revenues were Rs 32.78 crore, up 94 per cent, compared with Rs 32.78 crore in the previous corresponding quarter. Dinesh Nandwana, chairman and managing director, attributed the growth to realisations from several big ticket e-governance and document management projects. |
| West Coast Paper net jumps 30% |
| West Coast Paper Mills has reported a 30 per cent rise in profit after tax (PAT) at Rs 19.5 crore in the first quarter of the current financial year ending June 30 on the back of a 7 per cent rise in net sales at Rs 137 crore compared with a PAT of Rs 14.9 crore and net sales of Rs 128 crore in the previous comparable period. |
| It reported a 107 per cent rise in profit after tax at Rs 66 crore on the back of a mere 5 per cent rise net sales at Rs 554 crore for the full financial year ending March 31, 2007, compared with a PAT of Rs 32 crore and sales of Rs 527 crore in the preceding financial year ending March 31, 2006. |
| Company officials said the commissioning of in-house energy and power facilities such as turbines and boilers helped bring down costs and raise production, while a buoyant market condition meant buyers were willing to pay more for quality paper. |
| Welspun net rises 22% |
| Mumbai: Home textiles firm Welspun India's net profit rose 22 per cent in the June quarter, helped by increased sales of bed linen, but said on Thursday a rising rupee ate into core profit margins. The company, which makes terry towels and textile fabrics, posted a net profit of Rs 9.23 crore on a 33 per cent rise in net sales to Rs 265 crore. |
| However, core profit margins slipped to 18.5 per cent (18.7 per cent), hit by a stronger rupee. The rupee has risen 9.7 per cent against the dollar in 2007. Welspun gets almost all its revenues from exports, President Akhil Jindal said. |
| "We were adequately hedged and are now renegotiating prices with our customers. Tax breaks from the government will also help," he added. The central government earlier this month announced a $320 million relief package for exporters. |
| The package included a cut in bank lending rates and increased tax breaks. Welspun, which started bed-linen production late last year, sold Rs 67 crore worth of bedsheets, compared with Rs 45 crore a year ago. |
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