MUMBAI, JUNE 21: The directors of Punjab Tractors Ltd (PTL) have recommended a dividend of 125 per cent for the year ended March 1998 compared to 80 per cent paid last year. The company has earned 72 per cent higher net profit of Rs 96.63 crore during the year against Rs 56.31 crore last year.The total revenue during the year amounted to Rs 789.50 crore (Rs 615.33 crore) an increase of 28 per cent. The gross profit for the year jumped to Rs 140.13 crore from Rs 92.99 crore. About 97 per cent of this profit improvement related to main-line manufacturing operators. A sum of Rs 10.82 crore (Rs 7.82 crore) has been provided for depreciation and Rs 36 crore (Rs 30.20 crore) for taxation.
Referring to company results, Yash Mahajan, company's vice chairman and managing director said "higher profit is a result of another solid sales performance from Swaraj Tractors. The principal product line which grew 22.4 per cent over last year to reach 40,425 tractors. In comparison, the industry grew 13.3 per cent for anaggregate volume of 2,50,400."
The company's expansion programme picked up further pace during 1997-98. Cumulative spending over last two years had reached Rs 85 crore.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
