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Saturday, Oct 30, 2004

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Hind Sanitaryware to issue 2:3 bonus

Our Bureau

Hyderabad , Oct. 29

REWARDING the shareholders for the fifth time since its inception, Hindustan Sanitaryware & Industries Ltd has decided to issue bonus shares in the ratio of two shares for every three existing shares.

Talking to newspersons here on Thursday immediately after the board meeting, the Joint Managing Director, Mr Sandip Somany, said the board's recommendation would be placed before the shareholders at the extraordinary general meeting scheduled for December 6. If approved, the company's paid-up equity would go up to Rs 9.31 crore from the existing Rs 5.61 crore.

For the second quarter of the current fiscal ended September 30, the company posted a growth of 25.47 per cent in net profit from operations at Rs 5.32 crore (Rs 4.24 crore) and 46.97 per cent growth in profit after current year tax at Rs 2.91 crore (Rs 1.98 crore) on a turnover of Rs 67.02 crore (Rs 64.39 crore).

With the company going in for prepayment of high cost loans to the tune of Rs 20 crore in the last 18 months, the interest burden has come down substantially. While the interest expenses in the second quarter have come down by 14.14 per cent to Rs 2.61 crore (Rs 3.04 crore), the burden for the first six months of the current fiscal got reduced by 24.28 per cent to Rs 4.99 crore (Rs 6.59 crore). Further, the company plans to prepay the existing Rs 29 crore of debt, carrying an average interest rate of 13 per cent, in the next 18 months, Mr Somany said.

Aimed at further strengthening its market leader position in sanitaryware and also to emerge as a leading player in glass products, Hindustan Sanitaryware is currently firming up both organic and inorganic growth plans.

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Hind Sanitaryware to issue 2:3 bonus

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