PTL nets Rs 70-cr profit

CHANDIGARH, Nov 2: Punjab Tractors Limited has reported a 20 per cent rise in net profit at Rs 70.50 crore for the first six months of the current fiscal year ending September 30, on a 13 per cent increase in sale turnover to Rs 513.30 crore. Yash Mahajan, vice-chairman and managing director of PTL, said the company had declared interim dividend of 65 per cent, taking the total dividend for the first half to 130 per cent. The company had declared a dividend of 250 per cent during 1998-99, the highest ever in Indian corporate history.

Mahajan said the tractors sales rose by 12.6 per cent to reach 25,400 in the first half of the year. The industry growth rate was just 5.6 per cent, he said, adding that this outgrowth helped Swaraj raise its market share for the half year to 19.3 per cent against 18.1 per cent for the corresponding period of last year. The growth is being attributed to continued emphasis on process excellence and maintenance of cost discipline.