A coherent radiation-exciton interaction model is employed to study analytically the phenomenon of nonlinear absorption in important 111-V semiconductors (viz., GaAs, GaSb, InSb, InAs), the crystals being irradiated by suitable lasers with energies (ho) nearly equal t o the band gap energies ( h o g ) . The nonoptical processes are accounted for phenomenologically by introducing a damping parameter into the equation of motion of the probability amplitude of the excited electron-hole pair state. The Wannier-Mott type of exciton wave function is found to be responsible for the giant nonlinearity of the crystal absorption coefficient in the near resonant optical interband transition regime with h l o -cog\ of the order of the crystal exciton binding energy. The effect of renormalization of the crystal band gap in the presence of Coulomb interaction and Stark broadening is also discussed.