TPL turnover and profit up

Tamilnadu Petroproducts (TPL) has posted a net profit of Rs. 50.98 crores for the year ended March 2000, up from Rs. 45.84 crores in the previous year.

Net sales (excluding excise duty) went up to Rs. 496.27 crores from Rs. 385.32 crores in the preceding year. Other income has risen to Rs. 4.02 crores from Rs. 1.48 crores.

Interest costs have come down to Rs. 23.05 crores from Rs.28.62 crores. Depreciation claimed Rs. 35.49 crores (Rs. 25.81 crores).

A provision of Rs. 32.50 crores has been made for taxation, up from Rs. 14.30 crores.

During the year, the share capital of the company has gone up to Rs. 89.97 crores from Rs. 86.67 crores, following conversion of 52 floating rate convertible notes into shares.

The Managing Director of the company, Mr. D. Arunachalam, attributed the higher income to stepped-up production and sales. The 45-day shut down last year constrained the company from producing more, he said.

The problem was gotten over this year and hence ``we were able to service all markets,'' he explained.

Mr. Arunachalam said the company had to shell out more towards taxation as it had run out of tax shields.

In this context, he said that the expected take over of the caustic soda division of SPIC was taking much longer than was envisioned.

The board of directors has decided that the interim dividend of 25 per cent paid will be the dividend for 1999-2000. The Managing Director said since TPL needed money for its expansion, it had chosen not to recommend any more dividend other than the interim that had already been paid.

TPL, he said, would expand the normal paraffin capacity from 62,000 tonnes to 94,000 by July next. Similarly, it was also proposing to expand its LAB capacity to 1.25 lakh tonnes from 85,000 tonnes by 2001 in two stages.

Shasun Chemicals

Shasun Chemicals and Drugs has reported a higher net profit of Rs. 20.46 crores in the 12 months ended March 31, 2000 against Rs. 7.49 crores in the previous year. The gross margin has improved to 22 per cent from 13.9 per cent. Total turnover has risen to Rs. 185.98 crores from Rs. 172.30 crores with export incentives and other income accounting for Rs. 10.23 crores (Rs. 6.58 crores).

Higher export income was due to increased sales of ranitidine and nizatidine-antiulcerative drugs.

The gross profit, before depreciation and interest charges, was higher by 67 per cent at Rs. 38.67 crores against Rs. 23.15 crores. Interest charges were lower at Rs. 6.83 crores (Rs. 10.44 crores). Depreciation claimed Rs. 9.88 crores (Rs. 4.50 crores) and taxation Rs. 1.50 crores (Rs. 72 lakhs). Earnings per share were Rs. 23.92 against Rs. 8.24 in 1998-99.

The company has already declared two interim dividends totalling 55 per cent and has not recommended any final dividend. The payment in 1998-99 was 30 per cent.

The company has recently opened a branch office in U. K to cater to the European market. With the comfortable performance of the U. S subsidiary, exports to regulated markets and developed countries have increased considerably. The company is also planning to enter into full time equivalent arrangement with research companies worldwide.

Parry Agro

Parry Agro Industries has reported a turnover of Rs. 89.97 crores in the twelve months ended March 31, 2000 against Rs. 82.25 crores in the corresponding period in 1998-99. Other income accounted for Rs. 8.16 crores (Rs. 1.49 crores).

With realisation of unremunerative prices for tea, the gross profit, before depreciation and interest charges, has declined to Rs. 19.24 crores from Rs. 21.41 crores. Interest charges were higher at Rs. 7.05 crores (Rs. 2.25 crores). The provision for depreciation is Rs. 1.81 crores (Rs. 1.80 crores) and taxation Rs. 5.20 crores (Rs. 8.45 crores). The net profit has dropped to Rs. 5.18 crores from Rs. 8.91 crores.

The directors have reduced the equity dividend to 30 per cent from 50 per cent. The transfer to general reserve is Rs. 3.80 crores (Rs. 6.50 crores). Net earnings work out to Rs. 13.78 per share against Rs. 23.71 in the previous year.

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