Rane group's encouraging performance

Rane (Madras) has achieved a net profit of Rs. 1.44 crores in the 12 months ended March 31, 2000 against a loss of Rs. 1.23 crores. Net sales were higher at Rs. 128.41 crores against Rs. 113.50 crores. Other income amounted to Rs. 2.37 crores (Rs. 71.20 lakhs) including a dividend of Rs. 1.65 crores (Rs. 83 lakhs) from the joint venture company, Rane TRW Steering Systems, and profit of Rs. 68 lakhs from the sale of fixed assets. The company has recommended a dividend of 10 per cent for 1999-2000.

The gross profit, before depreciation and interest charges, was higher at Rs. 19.75 crores against a loss of Rs. 15.87 crores. Interest charges were Rs. 12.20 crores (Rs. 11.24 crores). The provision for depreciation is Rs. 6.11 crores (Rs. 5.86 crores).

The appropriations have been completed after taking credit for Rs. 65 lakhs being income-tax provision written back in 1999- 2000. The company had transferred Rs. 3.82 crores from general reserve in 1998-99. The transfer to general reserve is Rs. 2.50 crores. In 1998-99, the company transferred Rs. 14.79 crores to debenture redemption reserve.

Rane Brake Linings

Rane Brake Linings has achieved a higher net profit of Rs. 7.99 crores on a turnover of Rs. 87.10 crores against Rs. 4.86 crores and Rs. 72.86 crores respectively in 1998-99. The gross profit, before depreciation and interest charges has increased to Rs. 20.43 crores from Rs. 15.28 crores.

Interest charges claimed Rs. 5.77 crores (Rs. 4.50 crores). The provision for depreciation is Rs. 4.83 crores (Rs. 3.97 crores) and taxation Rs. 1.85 crores (Rs. 1.95 crores). The equity dividend has been raised to 40 per cent from 28 per cent.

Rane Engine Valves

Rane Engine Valves has raised the equity dividend to 30 per cent for 1999-2000 from 25 per cent in 1998-99. The company has achieved a higher net profit of Rs. 3.76 crores against Rs. 2.67 crores. Net sales were higher at Rs. 94.12 crores against Rs. 81.43 crores. Other income amounted to Rs. 1.07 crores (Rs. 74 lakhs).

The gross profit, before depreciation and interest charges, was Rs. 12.79 crores against Rs. 11.68 crores. Interest charges claimed Rs. 4.50 crores (Rs. 4.77 crores). The provision for depreciation is Rs. 4.13 crores (Rs. 3.93 crores) and taxation Rs. 40.10 lakhs (Rs. 31.20 lakhs).

Ramco Industries

Ramco Industries has reported a lower turnover of Rs. 141.12 crores for the 12 months ended March 31, 2000 against Rs. 195.86 crores in 1998-99. Other income amounted to Rs. 1.78 crores (Rs. 5.84 crores).

The gross profit, before depreciation and interest charges, has declined to Rs. 31.81 crores from Rs. 46.74 crores. Interest charges were lower at Rs. 9.86 crores (Rs. 14.35 crores). The provision for depreciation and amortisation was Rs. 4.74 crores (Rs. 14.31 crores) and taxation Rs. 1.20 crores (Rs. 2.20 crores). The profit after tax was marginally higher at Rs. 16.01 crores against Rs. 15.86 crores. The company recommended that the interim dividend of 50 per cent already declared be treated as final dividend for the year ended March 31, 2000. Reserves stood at Rs. 101.46 crores on March 31, 2000 against the paid up capital of Rs. 4.33 crores.

The High Court of Madras by its order dated December 24, 1999 has approved the scheme of arrangement for the demerger of the company's software business undertaking to Ramco Systems effective April 1, 1999. Hence, the software business undertaking of the company has been transferred and vested in Ramco Systems with effect from that date. Accordingly, the results for the last quarter and the year ended March 31, 2000 reflect the performance of the fibre cement and textile divisions only.

Rajapalayam Mills

Rajapalayam Mills increased its sales turnover marginally to Rs. 112.01 crores in the year ended March 31, 2000 from Rs. 110.22 crores but the operating profit has risen by 17.3 per cent to Rs. 25.44 crores from Rs. 21.68 crores in the previous year. Interest charges claimed Rs. 6.19 crores (Rs. 6.22 crores) and depreciation Rs. 9.03 crores (Rs. 8.77 crores).

The net profit has increased by 15 per cent to Rs. 10.22 crores from Rs. 6.70 crores. There is a provision of Rs. 20 lakhs (same) towards taxation.

The interim dividend of 30 per cent paid already has been treated as final dividend and the amount required is Rs. 90.38 lakhs excluding dividend tax. The transfer to general reserve is sizable at Rs. 9 crores (Rs. 5 crores) with total reserves at Rs. 52.02 crores as on March 31, 2000.

Ramaraju Surgical Cotton

Ramaraju Surgical Cotton Mills could increase its sales and other income to Rs.53.89 crores in the year ended March h31,2000 from Rs. 48.37 crores. After providing Rs. 2.27 crores (Rs. 1.57 crores) towards interest and finance charges and Rs. 1.62 crores (Rs. 1.49 crores) for depreciation, the net profit has risen to Rs. 1.73 crores (Rs. 78.82 lakhs).

The interim dividend of 25 per cent already declared by the company has been treated as final dividend. The transfer to general reserve is Rs. 1.20 crores (Rs. 24 lakhs) and the balance carried forward is Rs. 17.39 lakhs against Rs. 20.48 lakhs brought in. The paid-up capital is Rs. 98.66 lakhs and total reserves are sizable at Rs. 12.62 crores.

Kinetic Motor Company

Kinetic Motor Company's net profit has spurted to Rs. 14.08 crores in 1999-2000 from Rs. 3.69 crores on a turnover of Rs. 385.91 crores. The company has announced a dividend of 25 per cent against 15 per cent.

``We have delivered better results when the total scooter market had actually declined by 7.4 per cent. This is indicative of an increasing consumer preference for modern scooters,'' the company's chairman Mr. Arun Firodia said.

Kotak Mahindra

Kotak Mahindra Finance has achieved a higher profit before tax of Rs. 90.60 crores for 1999-2000 against Rs. 34.58 crores and a profit after tax of Rs. 61.10 crores against Rs. 12.18 crores.

The commercial vehicle division witnessed a growth in disbursements to Rs. 200 crores from Rs. 83 crores.

The company has set up an asset reconstruction division to offer recovery management services to other players in the financial services sector.

It has been able to reduce its net non performing assets to Rs. 19.10 crores from Rs. 32.48 crores.

Titan Industries

Titan Industries has achieved a profit after tax of Rs. 19.28 crores for the year ended March 31, 2000, showing a 13 per cent growth over the previous year.

The Board of Directors earlier declared an interim dividend of 26 per cent. No final dividend has been proposed.

Corporate Income went up by 33 per cent to Rs. 643.24 crores from Rs. 484.45 crores Sales of watches were higher at Rs. 484.45 crores. The company doubled the turnover in the jewellery business to Rs. 154.07 crores from Rs. 76.11 crores.

Exports were up by 35 per cent to Rs. 42.70 crores from Rs. 31.56 crores.

Greaves Morganite

Greaves Morganite Crucibles (GMCL) a joint venture between Greaves and Morganite Thermal Ceramics of the U.K., has announced a significant improvement in its performance in 1999-2000 with a quantum 28 per cent increase in profit after tax at Rs. 123 lakhs against Rs. 96 lakhs in the previous year.

A revival in the automobile industry and foundry operations has enabled the company to record a healthy 13 per cent increase in turnover at Rs. 9.67 crores as against Rs. 8.55 crores.

The directors of the company have declared an interim dividend of 25 per cent and have announced that this will be treated as final dividend for the year ended March 31, 2000 against 16 per cent paid in the previous year.

During the year under report, GMCL made a preferential allotment of 14 lakh equity shares at a price of Rs. 35 per share.

With this, the equity holding of the Morgan Group represented by Morganite Crucible of the U.K. and Morgan Terrassen BV of the Netherlands, has risen to 50.5 per cent while that of Greaves (the Indian promoter) to 25.5 per cent of the expanded paid-up equity capital which now stands doubled at Rs. 2.80 crores.

The funds raised from the allotment are being utilised by GMCL for expansion of the company's plant at Aurangabad. GMCL expects to commence commercial production of clay graphire crucibles in the current financial year of which 50 per cent will be exported. Plans are also under way for manufacture of large size silicon carbide crucibles.

Wendt (India)

Wendt (India), a joint venture between Wendt GmbH of Germany and the Murugappa group has recommended a final dividend of 15 per cent for the year ended March 31, 2000. The total dividend for the year works out to 90 per cent against 75 per cent previously.

The company achieved 22 per cent growth in total income to Rs. 18.40 crores from Rs. 15.12 crores. Exports grew by 7 per cent to Rs. 2.61 crores from Rs. 2.44 crores. The profit, before tax, has improved up by 10 per cent to Rs. 4.23 crores from Rs. 3.83 crores.

AV Thomas group

A.V. Thomas International, formerly A.V. Thomas & Company (India) has maintained the equity dividend at 100 per cent for the year ended March 31, 2000. Sheveroy Estates, another group company has raised the dividend to 25 per cent from 20 per cent.

A.V Thomas & Company has maintained the dividend at 50 per cent for the same accounting period. In the previous year, this company had declared 4:1 bonus issue and paid a dividend of 50 per cent on the enlarged capital.

A. V. Thomas & Company has reported a net profit of Rs. 2.77 crores on a turnover of Rs. 180.45 crores against Rs. 4.41 crores and Rs. 168.48 crores respectively in the corresponding period. The net profit before depreciation and taxation was Rs. 5.24 crores against Rs. 8 crores.

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