17th June, 2005
Morarjee Textiles Ltd has registered an encouraging performance during the year ended 31.03.2005. Total income for the year was
Rs. 148.77 Crs. against Rs. 109.19 Crs. in the previous year - growth of 36%. EBIDTA margin for the year increased to 13.1% from
10.9% in the previous year. For the year company achieved a profit after tax of Rs. 6.64 Crs. as against a loss of Rs. 2.25 Crs.
in the previous year. In view of the encouraging performance the Board of Directors have recommended a dividend of 15 % (Rs.1.50 per
share).
The equity share of the company were allotted free of cost to the shareholders of Morarjee Realties Limited (MRL) (earlier known as
The Morarjee Goculdas Spg. & Wvg. Co. Ltd) in the ration of 1.03 equity shares for every 2 equity shares held in MRL. In addition the
shareholders of MRL were allotted 12 preference shares of Nicholas Piramal India Limited for every 10 share held in MRL. Thus the
shareholders of MRL have realized a value of Rs. 81 approx. for every one share held in MRL. The equity shares of the company were
listed in Mumbai Stock Exchange as on 24.03.2005 and the company has declared a dividend in the first financial year post listing.
On a consolidated basis total income was Rs. 173.08 Crs. against Rs. 132.34 Crs. in the previous year. The consolidated profit after
tax Rs. 5.83 Crs. against a loss of Rs. 1.98 Crs. in the previous year.
The company's strategy of focusing on niche high value and premium segments have started to yield results and company is taking further
steps to grow these segments. During the year the company has setup a marketing office in Italy through its Wholly Owned Subsidiary,
Morarjee International s.r.l. to access the lucrative European markets. The subsidiary has a state of the art design studio for making
seasonal collections and new designs & new products. Currently the company's customer profile consists of leading brands such as Banana
Republic, Robert Talbott, Ann Taylor, Zodiac, Louis Phillippe, Raymond etc. The company's garment manufacturing subsidiary, Integra
Apparels & Textiles Pvt. Ltd. has commenced operation in the current financial year. Both the above initiatives are expected to
contribute significantly to the company's sales and profits in the coming years.
 |
