Fulford (India) has posted net profit growth of 53.6 per cent during the second quarter ended September 2014 to Rs. 6.71 crore from Rs. 4.37 crore in the similar period of last year. Its net sales improved by 7.9 per cent to Rs. 64.39 crore from Rs. 59.69 crore. EPS worked out to Rs. 17.21 as against Rs. 11.21 in the last period.
Fulford India had raised Rs. 40.25 crore by issuing 7 lakh equity shares of Rs. 10/- each at a premium of Rs. 565/- per share, to its promoters Dashtag. The funds were raised to provide capital in order to permit the company to strengthen its position in the market and act on strategic business growth opportunities.
Its promoter Dashtag notified its intention to make a voluntary delisting offer to the public shareholders of the company. Fulford scrip touched to its yearly high level at Rs. 1,930 on BSE on November 3, 2014 and close at Rs. 1857.55 and it moved up by Rs. 36.75.
Out of the aforesaid amount, the company has utilised Rs. 1.66 crore towards business expansion during the quarter ended September 30, 2014. Total amount utilized by the company towards business expansion till September 30, 2014 is Rs. 7.46 crore. The remaining balance amount of Rs. 32.79 crore continue to be invested in fixed deposits with banks pending utilisation of the same.
For the first half ended September 2014, Fulford's net sales remained stagnant at Rs. 121.46 crore and its net profit improved by 44.4 per cent to Rs. 8.97 crore from Rs. 6.21 crore.