Titan pays 33% dividend

BANGALORE, June 23: Provision for minimum alternate tax (MAT) has brought down Titan Industries’ profit after tax (PAT) from Rs 27.57 crore last year to Rs 24.22 crore this fiscal. The company has made full provision for MAT amounting to Rs 3.58 crore. The company has decided to maintain the dividend at 33 per cent. The higher outgo of interest at Rs 56.40 crore this year compared to last year’s Rs 34.22 crore has allowed profit before tax to record only a marginal rise from Rs 27.57 crore in 1996 to Rs 27.80 crore this year. Sales income has risen from Rs 350.72 crore to Rs 408.52 crore this year. While the other income has recorded a significant rise from Rs 2.95 crore to Rs 12.93 crore, it includes a surplus of Rs 10.13 crore.