Financial Daily from THE HINDU group of publications
Thursday, May 05, 2005
Financial Daily from THE HINDU group of publications Thursday, May 05, 2005 |
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Corporate Results
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Engineering Triveni Engg Q4 net at Rs 30.67 cr Our Bureau
New Delhi , May 4 TRIVENI Engineering and Industries Ltd (TEIL) posted a 460 per cent jump in net profit to Rs 99.52 crore for the year ended March 31, 2005 as against Rs 17.76 crore last year. For the quarter ended March 31, 2005, the company posted a net profit of Rs 30.67 crore as compared to Rs 7.83 crore in the fourth quarter of 2003-04. The company's turnover was up by 60.05 per cent to Rs 1,021.02 crore in 2004-05 as against Rs 637.92 crore in 2003-04. "The impressive result was mainly due to the contribution of sugar operations where operating profit increased 194 per cent," said Mr Dhruv Sawhney, Chairman and Managing Director, TEIL. "During last fiscal, sugar sales rose 69 per cent, turbine sales 33 per cent and gear sales 27 per cent," he said. The company also raised the dividend paid to shareholders to 100 per cent in 2004-05 from 30 per cent in previous year. The company's co-generation plant at Deoband commenced its operations in December 2004 and contributed a turnover of Rs 18.3 crore. Segment-wise, sugar sales rose to Rs 767.61 crore in 2004-05 from Rs 447.02 crore in previous fiscal. Steam turbines sales increased to Rs 162.37 crore from Rs 124.18 crore during the same period. Profit before tax and interest for sugar business jumped to Rs 1,399.82 crore from Rs 43.66 crore while in steam turbine segment it declined to Rs 15.32 crore from Rs 16.28 crore. The company also provided entire differential cane price for sugar seasons 1996-1997, 2002-03 and 2003-04 aggregating Rs 60.46 crore. An amount of Rs 36.86 crore pertaining to sugar sold in the earlier years was considered an extraordinary charge and an equivalent amount was withdrawn from the company's reserve to meet it. The Board has decided to issue bonus shares in 3:2 ratio subject to approval of shareholders by capitalising security share premium account.
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