MUMBAI, May 2: Indian Rayon and Industries Ltd, an Aditya Birla Group company, has reported impressive results for the year ended March 1997. The board has recommended a higher dividend of 67.5 % (62.5 % last year).

The directors of the company will meet again on May 6, to consider a bonus issue.

The company's turnover at Rs 1641 crore is up 17 % over the previous year of Rs 1402 crore. The gross profit amounted to Rs 319 crore (Rs 275 crore), an increase of 16 %. After depreciation of Rs 70 crore (Rs 57 crore) and taxation of Rs 34 crore (Rs 33 crore), the net profit at Rs 215 crore registered a 16 % increase (Rs 185 crore). Earnings per share (EPS) work out to Rs 47.74 (Rs 41.10). Exports at Rs 213 crore grew by 25 % (Rs 170 crore). The dividend will absorb Rs 30.4 crore (Rs 28 crore). Besides the direct outgo of dividend, the company will bear corporate tax on dividend amounting to Rs 3 crore, raising the total outgo to Rs 33.4 crore.

The company's consistent financial performance is exhibited in its strong net worth of Rs 1402 crore and book value per share of Rs 312 as the end of the year.

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