Aarvee post 890% growth

A revived export market as well as increased domestic orders has resulted in Ahmedabad-based

Aarvee Denims and Exports Ltd (ADEL) posting a whopping 890 per cent growth in its net profit for the financial year ended 2009-10. Apart from witnessing a substantial growth in its net profit from Rs 2.32 crores in fiscal 2008-09 to Rs 22.97 crores in 2009-10, sales and operating income for the year stood at Rs 378.51crores, up by 16 per cent from Rs 325.12 crores in 2008-09.

The company has declared final dividend for the year 2009-10 at 5 per cent on paid-up equity shares. The aggregate dividend for the year comes to 10 per cent, including interim dividend of five per cent declared and paid during the year. During the year ADEL brought back zero coupon foreign currency convertible bonds with face value of $7.50 million (approx. Rs 35 crores).

Aarvee Denims and Exports, is the second largest manufacturer of denim fabrics in the country with an installed capacity of around 60 million meters. The company also manufactures and markets garments under the brand De Extase with a network of around 75 exclusive retail outlets throughout the country.