CHENNAI, June 21: Madras Refineries Ltd (MRL) has maintained a dividend of 25 per cent for 1996-97 too, said sources in the company after the board meeting on Saturday. This will result in an outgo of Rs 35.90 crore. During the year ended March 1997, MRL's sales grew to Rs 2495.11 crore from Rs 2199.70 crore. Growth in other income was negligible.

The public sector undertaking's operating profit margin has gone up to over 13 per cent during 1996-97, from about 12 per cent in the previous fiscal.

Elaborating on this increase in margins, company sources said during the three-year pricing period ended March 31, 1996, the Oil Cordination Committee had announced only 70 per cent of margins due, under the administered pricing mechanism. The balance 30 per cent margin amount pending for this period was announced only last year. The consequent rise in margins restricted the impact of minimum alternate Tax (MAT). MRL's net profit rose to Rs 102.18 crore from Rs 94.11 crore, despite a provision of Rs 15.17 crore for tax. Interest charges increased to Rs 131.7 crore from Rs 100.79 crore and depreciation to Rs 78.50 crore from Rs 69.13 crore.

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