Total income for the year rose by 7.6 per cent to Rs 292 crore from Rs 271 crore in the previous year, while exports jumped 20 per cent to touch Rs 146 crore compared with Rs 122 crore.

Total expenditure was higher at Rs 254.27 crore as against Rs 236 crore in the previous yea, while financial costs stood at Rs 12.14 crore. Gross profit rose to Rs 25.50 crore as against Rs 23.43 crore. Net profit margins were marginally higher at 6.66 per cent as against 6.29 per cent. EPS rose to Rs 15.56 as compared with Rs 13.65 in the previous year.

Insight-- higher export income helps

Although Ipca's turnover and bottomline have increased by 8 percentand 14 percent, drop in realisations in the second half hit the annualised performance. Sales turnover was more or less the same but the operating margins in the second half was only 12 per cent compared to 15 per cent in the first half.

Export sales as a percentage have risen from 45 per cent in 1996-97 to 50 per cent in 1997-98. This has partly been aided by the rupee depreciation. The higher export income has reduced the tax rate for the company, which has added to the increase in bottomline.