Gandhimathi Appliances Ltd Q1 net profit zooms to Rs.1.4 Crores

Gandhimathi Appliances Ltd has announced the UnAudited Financial Results for the quarter ended June 30, 2007.

The Company has posted a profit after taxes of Rs.14 million for the quarter ended June 30, 2007 where as the company reported a loss of Rs.4.77 million for the quarter ended June 30, 2006. Total Income is Rs.125.88 million for the quarter ended June 30, 2007 where as the same was at Rs.81.74 million for the quarter ended June 30, 2006.

The company reported an Earnings Per Share (EPS) of Rs.2.46 for Quarter ended June 30, 2007 compared to Rs.-0.83 reported during Quarter ended June 30, 2006.

The Company has effected one time settlement of its dues to Industrial Investment Bank of India during the current quarter. The waiver of interest amounting to Rs 11.113 million on account of the above settlement is accounted in the books of the Company.

The stock was trading at Rs.20.80, up by Rs.1.85 or 9.76%. The stock hit an intraday high of Rs.20.80 and low of Rs.17.30. The total traded quantity was 20402 compared to 2 week average of 12476.

There are rumours in the market that the company has tied up with a reputed Mumbai based builder for developing the company's property in Chennai. The stock has been on the rise for the past few weeks.

The stock is up Rs.10.10 or 94.39% in the last one month from a level of Rs.10.70 on 6-July-2007. The stock is up Rs.3.25 or 18.52% in the last one week from a level of Rs.17.55 on 1-August-2007.

Source : Equity Bulls

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