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Eastern Silk Industries Ltd (ESIL), a leading exporter of silk fabrics, has reported 41 per cent jump in its net profit for the third quarter (Q3) ended December 31, 2005, to Rs 10.92 crore compared to Rs 7.72 crore in the corresponding quarter last year.

Net sales during the period under review increased by 30 per cent to Rs 118.87 crore from Rs 91.20 crore in the corresponding quarter last year.

The results of the third quarter and that of nine months to December 31, 2005, and the previous year ended March 31, 2005, have been consolidated to reflect the amalgamation of Sstella Silks and Eastern Jingying with ESIL.

The cumulative net profit for the nine months to December 31, 2005, rose 60 per cent at Rs 32.68 crore while sales rose by 24 per cent during the same period to Rs 307.54 crore.

Sales and net profit for the full year ended March 31, 2005, were Rs 337.92 crore and Rs 25.52 crore respectively.

The basic and diluted earning per share (EPS) as on December 31, 2005, was Rs 24.22.

The EPS has been arrived at on the enhanced capital pending allotment of new shares consequent upon amalgamation.

The paid-up equity capital of the company after merger will be Rs 13.49 crore divided into 1,34,90,524 shares of Rs 10 each.

The machine-made fabric capacity of the company after amalgamation will be about 14 lakh metres per annum.

Yarn capacity will be 600 tonnes per annum. ESI at present was importing nearly 70 per cent of its annual yarn requirement of 800 tonnes per annum from China while the balance came from its own spinning mill.

Part of its fabric requirement was met by Sstella Silk while Eastern Jingying supplied silk yarn. S S Shah, chairman of ESI, said, "We are gradually shifting from handloom fabrics to machine-made fabrics. For further value addition, we are setting up state-of-the-art facilities at Bommasundra for manufacture of made-ups and fashion fabrics for the highly discerning buyers in the USA and Europe. Full benefits of our expansion plans will start accruing from 2006-07. Our target is to achieve Rs 500 crore turnover by March 2007."

Eastern Silk, established in 1946, exported textiles, silk fabrics and furnishings, fashion fabrics and made-ups.

ESI manufactured a wide range of textile products which included silk garments, made-ups, scarves, ties, stoles and belts.

Buyers were located in USA, Canada, EEC, UK, France, Scandinavian, Middle East and EFFTA countries, Japan, Australia and New Zealand.

The company has successfully moved up the value chain from handloom to high-end products in the shortest possible time.