Profit before tax increased from Rs 82 crore to Rs 97.7 crore, while the cash profit rose from Rs 88.8 crore to Rs 104.7 crore during the period. The company's earnings per share (annualised) shot up to Rs 69.62 from Rs 57.97 last year.

Continuing with its high dividend policy, the company's board of directors have recommended an interim dividend of 130 per cent (Rs 13 per share) for the first six months. Punjab Tractors was among the highest dividend payers last fiscal with a final dividend of 250 per cent (Rs 25 per share).

Net sales during the first six months increased to Rs 505.98 crore, up from Rs 447.58 crore, while other income was higher at Rs 7.32 crore from Rs 6.92 crore last year. Punjab Tractors vice-chairman and managing director Yash Mahajan said: "The continuing emphasis on processexcellence and maintenance of cost discipline has kept the company on a rising, profitable course.

Meanwhile, Swaraj Engines has recorded a 28 per cent rise in net profit to Rs 8.65 crore during the first half of the current fiscal. Pre-tax profit rose from Rs 9.15 crore to Rs 12.45 crore during the period, while the cash profit rose from Rs 10.4 crore to Rs 13.85 crore. The company has announced an interim dividend of 110 per cent (Rs 11 per share) for the first six months. Net sales increased to Rs 66.71 crore, up from Rs 55.25 crore, while total revenue was higher at Rs 67.5 crore.

During the second quarter, net profit rose from Rs 3.9 crore to Rs 5.05 crore, while pre-tax profit increased to Rs 7.25 crore from Rs 5.3 crore last year.