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Our Bureau

Kolkata, May 4 B.K. Birla group’s Kesoram Industries has recommended a lower dividend of Rs 3.25 a share of Rs 10 each for 2008-09 against Rs 5.50 in 2007-08.

Despite production suspension at its OEM tyre unit at Balasore for 41 days, owing to lack of demand and inventory pile up and continuing suspension of work at the company’s spun pipes and foundries unit from May 2, 2008, the company reported higher net sales at Rs 4,292.07 crore (Rs 3,440.32 crore) and Rs 1,175.78 crore (Rs 999.39 crore) in Q4 to March 31, 2009.

Sequentially, the quarter’s sales number was better than the Q3 number of Rs 1,044.63 crore. The yearly net profit, however, declined to Rs 378.74 crore (Rs 383.35 crore). The quarterly net profit grew to Rs 159.23 crore (Rs 105.79 crore).

The company adjusted foreign exchange loss of Rs 26.92 crore to the cost of depreciable capital assets acquired out of the related foreign currency loans. Its mark-to-market/actual loss in respect of certain derivative contracts remaining outstanding at the end of the financial year was Rs 18.54 crore.

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