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Tips net slips to Rs 7.19 cr

NEW DELHI: Tips Industries Ltd has registered a net profit of Rs 7.19 crore for the financial year ended March 31, 2001 as against Rs 23 crore recorded in the previous year.

Net sales were lower at Rs 104.12 crore against Rs 115.82 crore in the previous year.

The company has declared a 10 per cent dividend for the financial year ended March 31, 2001.

The company adopts a 100 per cent write-off for all its film-based release and the total write-off for this year is Rs 23 crore. With respect to non-film music, the company has written-off an expenditure of Rs 3.57 crore.

The Gujarat earthquake has hit the company's business, as nearly 15 per cent of the company's sales comes from that region. Also, the company suffered losses on account of poor sales from the music of films such as Ashique, Tera Jadoo Chal Gaya and Rahul .

The diluted EPS stood at Rs 5.98. However, if taken on a pro-rata basis, based on the timing of the fund infusion, the adjusted EPS would be Rs 7.04.

The company is bullish about the future. Besides acquiring the music rights to Subhash Ghai's forthcoming Yaadien, its overseas subsidiary Dashmesh International Ltd has acquired the overseas rights for the film. Tips has also signed a three-year exclusi ve deal with Warner Electra Atlantic International Inc, US, for manufacturing and marketing Warner titles in India.