Mr. A invest Rs. 10,00,000 to start a cloth business on 1st April, 2011. During the year he purchases goods of Rs. 7,10,000 and his sales for the year was Rs. 8,42,000. He pays shop rent for the financial year 2011-12 Rs. 20,000 and other expenses Rs. 75,000 and finds that he has goods worth Rs. 45,000 in hand. What would be the gross profit for the year ended 31st March, 2012?