May 2: Hotel Leelaventure Ltd has posted a net profit of Rs 100.81 crore for the year ended March 31, 2006, thus growing at close to 119 per cent.

The company is also planning to invest close to Rs 1,200 crore in expansion and to spread its footprint across the country.

It plans to raise close to Rs 220 crore out of this through private equity, about Rs 320 crore through foreign currency convertible bonds and the rest through long-term loans. “We plan to spread our wings across the country. Our Chennai, Hyderabad, Pune and Delhi projects will ensure the same,” said chairman C.P. Krishnan Nair.

Total revenue stood at Rs 343.69 crore, a growth of 27 per cent compared with Rs 271.33 crore in fiscal 2005. The company expects its profit to touch Rs 200 crore next year.

“The industry has grown at 20-25 per cent this year. We expect to double that growth,” said Vivek Nair, vice-chairman and MD, Leela Group.

Leela is also looking at ventures in Jaipur and Calcutta, Nair added.

Universal Cables

MP Birla group firm Universal Cables Ltd has posted a 383 per cent jump in net profit at Rs 19 crore in 2005-06 against Rs 3.9 crore in the previous year. Total income rose 50 per cent to Rs 338.87 crore .

The directors have announced an interim dividend of Rs 2 per share for 2005-06.