Escorts sales stood at Rs 1102.35 crore for the corresponding period the previous year.

The board has recommended a dividend of 45 per cent. This is payable on an enhanced capital of Rs 68.07 crore (Rs 65.16 crore in 1996-97).

The EPS is Rs 19.07 on the increased equity. The company had posted a net profit of Rs 127.22 crore in 1996-97. The total income for the year is Rs 1,412.26 crore, higher by 12 per cent over Rs 1,259.64 crore during 1996-97. The previous year's total income included sales of Rs 397.85 crore for business divested. Total shareholder funds have gone up to Rs 879 crore which translates to an equity reserve ratio of almost 12 times. Chairman Rajan Nanda said: "During the year, the company sold 48,330 tractors as compared to 43,438 sold in 1996-97, attaining a market share of 19.3 per cent. Wehave launched an upgraded tractor model 22-40 HP segment and have plans to enter 60-80 HP segment.

The entry into this segment is projected to increase our market share to 24 per cent by the year 2002." At the proposed shareholders' meeting on August 14, the company expects to table a capital restructuring proposal to provide investors greater returns. The company would be completing this year a total investment of Rs 240 crore for the modernisation and expansion of the agri-business.