BUSINESS

Divi Lab to pay 60 p.c.

Divi's Laboratories has reported a 19 per cent growth in turnover at Rs.259.72 crores and a 50 per cent growth in net profit at Rs. 54.90 crores for the year ended March 2003. The board of directors has recommended a dividend of 60 per cent on equity shares of Rs.10.

For the year ended March 2002, the turnover was Rs.220 crores and the profit after tax Rs.36.57 crores. The earnings per share for the year was Rs. 42.82 in absolute terms against Rs. 31.67 in the previous year. Exports constituted 91 per cent of the turnover, which has been the trend over the years.

The company had come out with its maiden public issue in February 2003 for setting up a second manufacturing facility at Vizag at a cost of Rs. 40 crores.

According to a company press release issued here on Thursday, the facility has commenced commercial operations from March 1.

Rane Brake Linings

Rane Brake Linings has reported a turnover of Rs. 123.45 crores against Rs. 107.88 crores while the gross profit before depreciation and interest charges was lower at Rs. 29.69 crores against Rs. 35.92 crores.The net profit stood at Rs. 14.61 crores against Rs. 20.69 crores in the previous year.

The equity dividend has been reduced to 80 per cent against 100 per cent paid in the previous year.

Rane Engine Valves

Rane Engine Valves increased its sales and other revenue to Rs. 119.78 crores in the year ended March 31, 2003 against Rs. 100.69 crores while the gross profit before depreciation and interest charges has risen sharply to Rs. 18.53 crores from Rs. 12.71 crores.

Interest charges were lower at Rs. 2.45 crores (Rs. 3.33 crores) while depreciation claimed Rs. 4.94 crores (Rs. 4.55 crores). After providing Rs. 3.60 crores (Rs. 1.39 crores) towards taxation the net profit was higher at Rs. 7.54 crores against Rs. 3.44 crores.

A dividend of 45 per cent has been announced against 35 per cent in the previous year.

Rane (Madras)

Net sales and operating revenue of Rane (Madras) were up at Rs. 126.10 crores in the year ended Mach 31, 2003 against Rs. 118.70 crores and the gross profit before depreciation and interest charges has risen to Rs. 13.40 crores from Rs. 12.52 crores. Interest charges claimed Rs. 10.87 crores (Rs. 11.51 crores), depreciation Rs. 6.38 crores (Rs. 6.47 crores) and taxation Rs. 1.35 crores. The net profit stood at Rs. 10 lakhs against a loss of Rs. 2.80 crores. There is again no dividend.

Under the consolidated statement which included the results of Rane (Madras) and its subsidiary Rane Investments (which became a subsidiary in March 2002), net sales and income from operations were Rs. 126.10 crores while the net profit was Rs. 2.40 crores in the year ended March 31, 2003.

FAL Industries

FAL Industries, an office equipment and consumer products manufacturing company, achieved a turnover and other income of Rs. 74.57 crores for the year ended March 31, 2003 against Rs. 71.29 crores. The company has recorded a net profit of Rs. 76.22 lakhs against Rs. 43.58 lakhs in the corresponding period.

Recommended for you