Financial Daily from THE HINDU group of publications
Tuesday, Oct 25, 2005
Financial Daily from THE HINDU group of publications Tuesday, Oct 25, 2005 |
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Corporate Results
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Automobile Components Elgi net dips due to VRS provisioning Our Bureau
Coimbatore , Oct. 24 THE softening of metal prices and upward price revision of some of the products have helped Elgi Equipments Ltd (EEL) to post higher net sales and profit before tax in the second quarter of the current fiscal compared with the corresponding period of the previous year. According to the audited financial results for Q2 of 2005-06, the net sales were higher at Rs 74.1 crore (Rs 71.43 crore); profit before tax (PBT) Rs 9.7 crore (Rs 8.3 crore); and the net profit before extraordinary item was Rs 7.6 crore (Rs 6.2 crore) and after providing Rs 3.3 crore for VRS compensation, the profit slipped to Rs 4.24 crore (Rs 6.1 crore). The board has recommended an interim dividend of 40 per cent (FV of share Re 1). metal prices are expected to rule soft during the remainder of the year enabling the company to record a higher top-line growth during the full year this year.
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