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NEW DELHI: GRAPHITE Electrode manufacturer HEG Ltd, a LNJ Bhilwara Group company, has reported a net profit of Rs 51.02 crore on a gross income of Rs 480.60 crore for the year ended March 31, 2004.

The board of directors of the company has recommended a dividend of 30 per cent for the financial year 2003-04.

``FY 2004 has been a good year for the company and the outlook for FY 2005 is even better. In order to sustain growth over the longer term, we have already initiated plans to double our capacities, increasing it from 30,000 mtpa to 52,000 mtpa in the first phase of our capacity enhancement programme,'' Mr Ravi Jhunjhunwala, Chairman and Managing Director, HEG Ltd, said in a statement here.

The financial performance of HEG for fiscal 2003-04 excludes the performance of the Rishabdev Textile unit, which had been hived off with effect from April 1, 2003, to Rajasthan Spinning & Weaving Mills Ltd.

The financial results of HEG for the year ended March 31, 2004, are therefore, not comparable with the previous year.

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