LML announces 15% dividend as net shoots up

NEW DELHI, Dec 29: LML Ltd has declared a maiden dividend of 15 per cent for the financial year 1996-97 following a significant 17.2 per cent improvement in its net profit to Rs 20.29 crore against Rs 17.31 crore last year. The turnover jumped 21 per cent to Rs 748.72 crore on a sale of 2,94,648 units of scooters. In 1995-96 LML had recorded a turnover of Rs 618.91 crore on a sale of 2,57,037 units of scooters.

LML’s other income for 1996-97 has shown a 67 per cent decline from Rs 13.15 crore in 1995-96 to Rs 4.28 crore.

The company’s cash profit for last fiscal has grown by over 64 per cent to Rs 64.88 crore in the last fiscal as against Rs 39.46 crore during 1995-96. The company has earmarked Rs 6.84 crore for dividends for the last fiscal. LML has also earmarked Rs 21.94 crore to write off prior period amounts recoverable from Esslon Synthetics Ltd. In 1995-96 the company had earmarked Rs 9.58 crore for expenditure on exceptional items.