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This is an archive article published on May 7, 1998

Indian Rayon net down marginally

Mumbai, May 6: The net profit of Indian Rayon and Industries Ltd, an Aditya Birla group company, has declined marginally to Rs 213 crore dur...

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Mumbai, May 6: The net profit of Indian Rayon and Industries Ltd, an Aditya Birla group company, has declined marginally to Rs 213 crore during the year ended March 1998 from Rs 215 crore last year despite an 11 per cent increase in turnover to Rs 1817 crore from Rs 1641 crore.

Exports at Rs 297 crore grew by 40 per cent Rs 213 crore. The directors have recommended a dividend of 50 per cent on enlarged share capital resulting from the issue of bonus shares in October 1997 75 per cent when adjusted for bonus issue against 67.5 per cent in the previous year. The dividend will absorb Rs 33.74 crore Rs 30.36 crore previous year. The corporate tax on dividend amounts to Rs 3.37 crore Rs 3.04 crore previous year.

The gross profit of the company during the year remained unchanged at Rs 319 crore. The provision for depreciation is at Rs 87 crore Rs 70 crore and for taxation at Rs 19 crore Rs 34 crore. The earnings per share EPS works out to Rs 31.49 on the expanded equity capital of Rs 67.48crore.

The company completed various projects involving an aggregate capital outlay of Rs 460 crore. The expenditure on these projects during the financial year was Rs 111 crore. The company plans to spend about Rs 443 crore in the next two years towards installation of rayon continuous spinning machines, expansion of rayon power plant, cement bulk terminal plant and ready mix concreate plant, and a new gross root carbon black plant.

 

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