• PAGE ONE
• INDEX
• HOME

MRO-Tek income up at Rs 124.86 crore

Our Bureau

BANGALORE, April 30

MRO-TEK, the Bangalore-based networking and access solution provider, has recommended a dividend of 15 per cent (75 paise) on each share with a face value of Rs 5 for the year 2000-01. This dividend is in addition to the interim dividend of 5 per cent (2 5 paise). The company has recorded an increase of 18 per cent in its total income at Rs 124.86 crore.

The company's turnover, however, is short of the Rs 200-crore projected by it in September last when it went for its initial public offering. The net profit for the year rose by 14 per cent at Rs 18.24 crore over the previous year's Rs 15.98 crore.

Higher incidence of taxation at Rs 10.56 crore during the year (Rs 6.10 crore) has been attributed to the modest gain in net profit. The earnings per share stood at Rs 8.94.

According to Mr S. Narayanan, Chairman and Managing Director, ``unforeseen delay in customers' project and delays in issuance of policy guidelines by the Government have resulted in customers' delaying their orders, which in turn resulted in top line gro wth being lower than expected. However, we have achieved a net profit of 15 per cent as projected.''

With the challenging economic growth prevailing across the world, the company hopes to achieve 30 per cent in top line growth as well as in the bottomline for the year 2001-02.

MRO-Tek, through it multiple strategic alliances, has the marketing rights of several networking products. Currently, trading accounts for 60 per cent of its revenue, with manufacturing making up the rest.