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NRB Bearings net up

MUMBAI: NRB Bearings Ltd has registered a 58 per cent increase in net profit at Rs. 12.17 crores for the year ended March 31, 2000 as against Rs. 7.67 crores in the previous year.

The net sales rose by 22 per cent to Rs. 139.55 crores from Rs. 113.99 crores in the previous year. Other income rose to Rs. 3.50 crores (Rs. 2.93 crores).

Total expenditure increased to Rs. 114.95 crores (Rs. 95.86 crores). Interest dropped to Rs. 3.77 crores (Rs. 4.22 crores) while depreciation increased to Rs. 8.09 crores (Rs. 7.17 crores). Provision for taxation was at Rs. 4.80 crores (Rs. 2.00 crores).

Ms. H. S. Zaveri, Director, said the management of NRB Bearings was confident of turning around the newly acquired company, Shriram Needle Bearing Industries Ltd (SNBL) with effective financial management and appropriate marketing thrust.

According to Mr. T. S. Sahney, Chairman, NRB Bearings, the board of directors was set to maintain the same level of growth in net sales in the coming year with sharper focus on the exports front. -- Our Bureau