The Hindu Business Line : Finolex Ind turnover up 16 pc; to pay 20 pc final

Talking to presspersons, Mr Prakash Chhabria, Deputy Managing Director, Finolex Industries, said the company has registered about 16 per cent increase in turnover as against last year's Rs 871 crore.

The net profit stood at Rs 90.16 crore, up by 12.16 per cent over the previous year. Earnings per share (EPS) stood at Rs. 7.25 (Rs 6.25) and cash earnings per share (CEPS) was Rs 10.71 crore (Rs 9.52 crore)

The board of directors has recommended a final dividend of 20 per cent in addition to the interim dividend of 10 per cent, taking the total to 30 per cent as against the total 20 per cent doled out last year.

Commenting on the fourth quarter (January - March 2004), he said the net profit increased by 267 per cent to touch Rs. 35.78 crore from Rs 9.74 crore during the corresponding quarter of the previous year.

Total sales stood at Rs 258.94 crore (Rs 222.24 crore). The profit before tax was Rs 57.8 crore .

Mr Prakash said this had come about due to the improved margins in resin business as also the demand for pipes from the agricultural sector. The PVC resins business had grown by 4.5 per cent in volume, reflecting the buoyancy in demand.

The PVC resin plant had operated at 110 per cent capacity utilisation, up from 105 per cent the previous year and had contributed 72 per cent to the total turnover.

The contribution from the PVC pipes business stood at 28 per cent to the turnover for the fiscal 2003-04.

He said during the year, the company had increased its PVC pipes manufacturing capacity from 49,000 mts per annum to 62,500 mts and noted that with this expansion, it would be able to cater to the pent up demand in the rural markets.