Sumeet Industries Ltd’s profits can go up to Rs. 100 cr in 2 years

sumeet_industries_commissions_tpa_carpet_yarn_plantAfter posting good 2Q profits, the stock price of Sumeet Industries Ltd was up 4% and was faring at Rs. 37.15 per share on intraday on Tuesday. The company’s revenue rose 20.4% to Rs. 347.17 crore year on year and profit was up 228% to Rs. 15.62 crore.

Speaking in an interview with CNBC-TV18, Shankar Lal Somani, Chairman, Sumeet Industries Ltd, said that the company’s profits can go up to Rs. 100 crore over the next 2 years. He also said that promoters who had sold around 5% stake earlier this year are expected to buy that back before December.