The Hindu Business Line : Maharashtra Scooters Q1 sales at Rs 490 lakh

Pune, July 11 With the cessation of the production of geared scooters, the manufacturing activity of Maharashtra Scooters Ltd has been limited to the manufacturing of pressure die casting dyes primarily for the two and three-wheeler industry.

At the annual general meeting held here on Wednesday, it was stated that during the first quarter of the current fiscal, the company has made a total income of Rs 63 lakh in the tool room as against Rs 96 lakh for the corresponding period last year.

Net sales have touched Rs 490 lakh (Rs 688 lakh). It was also stated that the company sold 2,042 finished units of scooters which were in stock as on April 1, 2006.

During 2006-07, the income from treasury operations was Rs 23.1 crore (Rs 22.1 crore). Overall turnover stood at Rs 30.57 crore (Rs. 42.28 crore).

Dividend

The board of directors has recommended a dividend of Rs 3 per equity share (30 per cent) on the equity shares of Rs 10 each. Dividend paid for the year ended March 2006 was Rs 4.50 per share (45 per cent).

Mr Madhur Bajaj, who has taken over as the Chairman of Maharashtra Scooters Ltd, said a settlement for a productivity-linked wage settlement valid from April 1, 2007 to September 30, 2010 has been reached with the workmen Union and a memorandum of understanding signed.

As of June 30, 2007, there are a total of 634 employees of which about 483 are workmen and 151, staff.

Shareholders’ points

Some of the points raised at the annual general meeting by shareholders was that the manufacturing activity of the corporation has been progressively reduced and if not for the income generated from investments, the former has been a loss-making activity.

Another was that the company should be taken up for liquidation. Mr Rahul Bajaj, answering the question, pointed out that it disagrees with the motion of going into liquidation and stressed that “we do not stand for liquidating the company”.

A protest was also recorded at the meeting to reduce the dividend from 30 per cent to 29 per cent, which was rejected due to minority acceptance.

More Stories on : Two/Three Wheelers | Dividend Announcement

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