Corporate Update

T T records substantial jump in net profit

T T Limited announced its June 2005 quarter results and recorded substantial jump in both turnover and profits. Net profit went up by 66.08 per cent to Rs 1.01 crore and turnover by 46.04 to Rs 52.02 crore. EPS on an annualised basis works out to Rs 3.76 per share.

The company also informed the board that 17 acres land for its proposed spinning mill at Rajkot, Gujarat has been acquired and Bhoomi Puja was done on July 16, 2005. The company's expansion project of 120 crore is under appraisal and sanctions of Rs 90 crore debt is expected by August, 2005. The company would fund the balance by internal accruals and fresh issue of equity shares. The company is also planning to consolidate its marketing and distribution in the domestic market of its garments range under the brand "T.T". It plans to tie-up with major retail chains and departmental stores to push sales through the growing new retail formats.