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Our Bureau

Kolkata , May 13

TEXMACO, a K.K. Birla Group outfit, has increased its dividend proposal to 15 per cent for 2003-04 from 10 per cent in 2002-03. The company board, which took on record the results, transferred biggest chunk of profits to general reserves.

The company recorded PAT of Rs 19.11 crore (Rs 1.26 crore) and shifted Rs 15 crore to general reserves against Rs 30 lakh last fiscal. It also increased spend on VRS in its engineering division to Rs 31.62 lakh against Rs 12.66 lakh.

The operating profit went up to Rs 16.33 crore from Rs 11.89 crore and profit from sale of fixed assets contributed Rs 13.93 crore against Rs 1.48 crore last year.

Its foundry unit is undertaking an expansion-cum-modernisation programme by doubling capacity to 18,000 tonne per annum.

The company's export order book showed a healthy figure of Rs 120 crore as of now. During 2003-04, the exports, including deemed export, of the company stood at Rs 22 crore.

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