The Hindu Business Line : TVS-E net surges on sale of unit

Aided by an extraordinary income of Rs 5.73 crore, TVS Electronics’ net profit has increased seven fold to Rs 13.06 crore for the year ended March 2008 against the previous year. Sale of the company’s contract manufacturing business resulted in the extraordinary income. Revenues from operations, however, have dipped by 22.28 per cent over that of the previous year to Rs 207.64 crore. A TVS Electronics press release said revenues for fiscal 2008 and fiscal 2007 could not be compared as the company had hived off its contract manufacturing business at Tumkur and spun off the contract customer support business into a separate company. The board of directors has reviewed the proposal for issue of employee stock options and employee stock purchase plan and has also empowered the compensation committee of the board to discuss and decide the terms and conditions of issue including price. –

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