Financial Daily from THE HINDU group of publications
Friday, Oct 29, 2004
Financial Daily from THE HINDU group of publications Friday, Oct 29, 2004 |
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Corporate Results
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Engineering Elgi Equipments posts lower sales Our Bureau
Coimbatore , Oct. 28 THE good monsoon has hit air compressor major Elgi Equipments Ltd (EEL) in the second quarter of the current fiscal. The copious rainfall during the South West monsoon season in most parts of the country had resulted in a decline in demand for the water drilling equipments, which makes a near 40-50 per cent contribution to the turnover of EEL. This has led to a near 12 per cent drop in gross sales to Rs 77.4 crore in the Q2 of current fiscal, compared to Rs 87.09 crore during the same period last year. After providing for excise duty, the net sales dropped to Rs 71.4 crore (Rs 77.3 crore). While the net profit before extraordinary items fell to Rs 6.25 crore (Rs 11.01 crore), net profit after providing for extraordinary items like VRS compensation, actionable claim written off dropped to Rs 6.18 crore (Rs 7.68 crore). The company's board has recommended an interim dividend of 40 per cent (40 paise per share of Re 1 face value)and fixed November 17 as the record date for this purpose.
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