Punjab Tractors pays 250 pc dividend

May 12: The board of directors of Punjab Tractors Limited today recommended a whopping 250 per cent dividend for 1998-99 following a 30.4...

May 12: The board of directors of Punjab Tractors Limited today recommended a whopping 250 per cent dividend for 1998-99 following a 30.4 per cent surge in net profit during the year. It paid a dividend of 125 per cent last year.

The net profit during 1998-99 was Rs 125.83 crore as against Rs 96.63 crore in the previous year. Driven by a 22 per cent growth, the company’s total revenue moved up to Rs 963.17 crore from Rs 789.50 crore. The company recorded a 33 per cent surge in pre-tax profit at Rs 176.8 crore as against Rs 132.63 crore a year earlier. While cash profit at Rs 190.5 crore has jumped 33 per cent over the previous year, the earnings per share has also moved up to Rs 62.13 as against Rs 47.71.

According to Yash Mahajan, vice-chairman and managing director, the much-above-market growth in Swaraj tractor volumes has raised its market share to 18.4 per cent from 15.9 per cent in 1997-98. “In many ways, 1999 fiscal was a defining year for the company. Firstly, by cruising at 19.6 per cent in amarket that grew three per cent, the company has demonstrated the strength of its customer focus built through years of efforts. It is this competitive edge that has poised the company to the number two slot in the industry.”

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The company’s expansion programme to 60,000 tractors is in its last phase. On the current reckoning, spending on this account would be complete by September 1999 well within the project estimates.

The company has commenced 1999-2000 operations on a healthy note. In reaching its highest ever monthly sale of 5,068 tractors (36 per cent growth over April 1998), it has raised its market share to 25 per cent on an industry sale of 20,174 which dropped 2.5 per cent from April 1998.

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