The board of directors, which met here on Friday, has recommended a dividend of Rs 5 per share. The company had a turnover of Rs 669 crore with a net profit of Rs 42.06 crore in 1996-97.

Profit before tax and exceptional items rose 22 per cent to Rs 69.94 crore against Rs 57.45 crore. A company press release stated that paints volumes grew 19 per cent, which was higher than the market growth rate. Sales of surfactants rose 18 per cent. As many as 45 new products were launched in partnership with customers in industries ranging from personal care to textiles.

The company recorded a whopping growth of 80 per cent in the polyurethanes. A new innovation centre and blending plant was also commissioned. Catalysts volumes also grew by more than 80 per cent, the press release stated. ICI made fresh capital investments of Rs 100 croreduring 1997-98 to boost capacities in plant manufacturing paints, speciality products and performance materials, which are its thrust areas for growth in the Indian market. It has stopped manufacture and sale of nitro glycerine explosives.

Meanwhile, ICI's joint venture with Ensign Bickford has established leadership in environment-friendly non-electric detonators. In its first year of operation, the IES board has recommended a 22.5 per cent dividend which will amount to Rs 1.9 crore income for ICI India.