COATS VIYELLA INDIA - THE OLD RELIABLE
Article Abstract:
The 120-year-old garments and fabric major, Coats Viyella India Ltd (CVIL), made a turnaround in 1997 by posting 122 percent jump in net profit to Rs20.36 crore, after recording poor results in 1995 and 1996. The Rs970 crore company is now being renamed as Madura Coats Ltd following the demerger of the parent Coats Viyella plc of the UK. The parent will be split into Coats Plc and Viyella Plc with Coats taking care of threads and precision engineering business and Viyella with fashion retail, clothing and home furnishings. After the demerger, CVIL will remain with Coats Plc. The company was able to reduce its interest burden in 1997 from Rs47.68 crore to Rs24.72 crore following its 1:2, Rs156 crore rights issue in July 1997. The ratio between long term loans to equity has declined from 0.18 in 1996 to 0.14 in 1997 and ratio between total borrowings to equity ratio has declined to 0.23 to 1.04 in the same period. The networking capital to sales ratio has also declined to 20 percent from 30 percent. CVIL's garments division, Madura Garments, has a 40 percent stake in the premium shirt segment with brands - Louis Philippe, Van Heusen, Allen Solly, Peter England and Byford's. In the lower end of the segment it has the Elysee brand. (gsh)
Comment:
Makes turnaround in 1997 by posting 122% jump in net profit to Rs20.36 crore, after recording poor results in 1995 and 1996
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RELIANCE SUFFERS 7.6% DROP IN Q3 NET
Article Abstract:
The net profit of Reliance Industries Limited (RIL) has declined by 7.6 percent to Rs402 crore for the third quarter of 1998-99. The decline in profitability is attributed to the additional operating costs of Rs105 crore incurred by the company due to an accident to its single buoy mooring system at Hazira petrochemical complex. RIL has targeted production of seven million tonnes by 1998-99. In the first nine months of 1998-99, its production increased by 33 percent to 5.27 million tonnes (3.95 million tonnes in the first nine months of 1997-98). (gs)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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