MUMBAI, APR 12: Aditya Birla Group company, IndoGulf Corporation Ltd today declared a dividend of Rs 2.20 (22 per cent) per equity share and a 10.75 per cent dividend on preference shares on the back of a 29 per cent increase in net profit at Rs 212.21 crore for the year ending March 31, 2000 over the same period last year. The company informed the Kanpur Stock Exchange (KSE) that dividend on 1,90,90,907 new equity shares allotted on February 3, 2000 would be payable on a pro-rata basis, as per the financial results released here today. Net sales of Indo Gulf for the year ended March 31, 2000 increased by 42.56 per cent to Rs 2071.36 crore and the other income rose by 31 per cent to Rs 48.55 crore over the previous year. Gross profit saw a 38.63 per cent rise to Rs 351.25 crore and profit before tax was up by 30.68 per cent to Rs 239.81 crore. Outgo as a result of dividend, which includes corporate tax, is Rs 51.06 crore (Rs 50.33 crore last year) on equity shares and Rs 11.93 crore (Rs 9.65 crore) on preference shares. Earnings per share of the company as on March 31, 2000 stood at Rs 9.58 as against Rs 7.49 as on March 31, 1999. Birla Global MUMBAI: Birla Global Finance Ltd (BGFL), the financial services flagship of the Aditya Birla group, will take a decision on spinning off its retail finance business into a 100 per cent subsidiary in about three months time.``The accounting firm appointed by us for valuing ourretail finance activity has submitted a preliminary report and our board will take a decision on setting up the subsidiary,'' S K Mitra, managing director of BGFL told reporters here today. BGFL was currently in talks with two foreign companies having financial and techincal muscle for eventually roping in one of them as a strategic partner in the subsidiary, he explained at the launch of BGFL's B2B and B2C financial services site +ebizbirlaglobal.com+.
