TEC net profit falls sharply

MUMBAI, June 26: Tata Electric Companies (TEC) have registered a decline of 48 per cent in net profit at Rs 229.77 crore during the year en...

MUMBAI, June 26: Tata Electric Companies (TEC) have registered a decline of 48 per cent in net profit at Rs 229.77 crore during the year ended March 31, 1997 as compared to Rs 443.55 crore last year.

Sales of the company have, however, shown a marginal increase of 2.6 per cent to Rs 2,344.72 crore from Rs 2,284.50 crore last year. The company has, however, maintained dividend at Rs 3.50 per share.

The gross profit has also fallen by 26 per cent to Rs 558.92 crore during the year against Rs 756.39 crore in the previous year. The distributable profit has increased by 29 per cent to Rs 216 crore from Rs 167 crore mainly due to lower statutory and special appropriations.

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There has been a significant decline in the provision for statutory and special appropriations from Rs 276.44 crore last year to Rs 13.67 crore this year.

Expenses increased by 16 per cent from Rs 1,556 crore to Rs 1,816 crore this year. The outgo on account of interest has gone down by 4.1 per cent to Rs 147 crore as against Rs 153 crore earlier.