Rei Agro net profit rises by 157%

Rei Agro net profit rises by 157%Basmati rice processor Rei Agro has declared its annual financial results for the fiscal year 2009-10. The company has posted a consolidated net profit of Rs 157.16 crore for the year that ended in 31st March, 2010. The net profit was reported to be Rs 60.92 crore for financial year 2008-09.

The net profit figure has grown up by mammoth 157% in this year as compared to last fiscal. So far as the net sales of the firm are concerned, it has gone up to Rs 1,214.29 crore during the January-March period of fiscal year 2009-10. It was Rs 853.69 crore for the same quarter last year.

There has been an impressive hike in the net sales of the firm this year against last year. The annual net sales of the company was reported to be enhanced to Rs. 3693.23 crore for the year under review from Rs
448.22 crore last year. The company has announced that it is going to raise Rs 1,245 crore through a rights issue. It will be done to retire costly debt. The company Board has also approved the rights issue.