Bajaj Auto profits up, dividend cut

Gross profit before interest and depreciation was Rs 841.14 crore, up from Rs 802.25 crore last year. Depreciation for the year was Rs 143.62 crore, higher than Rs 117.87 crore while interest rose marginally to Rs 8.37 crore from Rs 7.31 crore. Provision for taxation was Rs 225 crore, lower than Rs 236.50 crore whileearnings per share was 38.75, slightly higher than Rs 36.85 in the previous year.

The earnings per share has, however, increased by 5.2 per cent to Rs 38.75 as against Rs 36.85. The full dividend would be payable on the 39,796,938 bonus shares issued and allotted in October, 1997 and the total outgo on this basis would amount to Rs 95.15 crore, the company said in a statement after its board meeting on Wednesday. According to a press release, production for the year was Rs 13,54,482 two and three-wheelers including CKD packs as against Rs 14,39,174 units in the previous year. Sales totalled 13,33,798 vehicles, down by 6.3 per cent from 14,22,849 units. Exports also decreased marginally to Rs 140.77 crore from 158.20 crore.