State Bank of Travancore's record profit

State Bank of Travancore has posted an all-time high net profit of Rs. 66.44 crores after making the required provisions, registering an increase of 53.6 per cent from the previous year. Total income has risen to Rs. 1,354.18 crores from Rs. 1,172.01 crores with other income accounting for Rs. 194.66 crores (Rs. 152.65 crores).

Deposits of the bank registered a growth of 17.6 per cent to Rs. 10,182.60 crores with NRI deposits accounting for Rs. 4,422.31 crores.Total advances grew by 20.7 per cent to Rs. 5,131.21 crores. Gross investments increased by 11 per cent to reach the level of Rs. 4,874.66 crores. Priority sector advances recorded a growth of Rs. 296.71 crores (21.06 per cent) to touch the level of Rs. 1,705.26 crores.

A dividend of 25 per cent has been announced. Net earnings per share work out to Rs. 132.90 (face value of Rs. 100) against Rs. 86.90 in the previous year.The capital adequacy ratio is comfortable at 11.09 per cent against the RBI stipulation of 9 per cent.

Total network of branches of the bank increased to 667 of which 120 branches were fully computerised.

The bank envisages a deposit growth of 1,700 crores and credit deployment of Rs. 850 crores.

Colour-Chem

Colour-Chem has reported a turnover of Rs. 295.05 crores in the accounting period ended March 31, 2000 against Rs. 296.32 crores. Other income amounted to Rs. 18.88 crores against Rs. 14.83 crores. The net profit, before depreciation and taxation, was Rs. 40.17 crores against Rs. 40.98 crores.

The provision for depreciation is Rs. 12.02 crores (Rs. 11.31 crores). Voluntary retirement scheme and exceptional items accounted for Rs. 27.07 crores in 1998-99. The provision for taxation is higher at Rs. 7 crores (Rs. 30 lakhs). The net profit was Rs. 21.15 crores against Rs. 2.30 crores.

An interim dividend of 65 per cent (Rs. 65 per equity share of Rs. 100 equity share) was already declared. The board has not recommended any final dividend for the year. The directors have approved the sub-division of the face value of equity shares of Rs. 100 per share into Rs. 10 per share and the necessary resolutions for this purpose will be placed before the members at the forthcoming annual general meeting for their approval.

ITW Signode

ITW Signode has achieved a turnover of Rs. 183.80 crores in 1999- 2000 against Rs. 170.55 crores. The operating profit, before depreciation and interest charges, was Rs. 23.63 crores against a gross loss of Rs. 14.51 crores. After providing Rs. 2.66 crores (Rs. 4.78 crores) towards interest charges and Rs. 6.42 crores (Rs. 7.15 crores) for depreciation, the profit before tax ws Rs. 14.55 crores against a loss of Rs. 26.44 crores. No provision has been made in respect of taxation.

Singer India

Singer India has recorded a profit after tax of Rs. 51 lakhs in the year ended March 31, 2000 against a loss of Rs. 8.22 crores. The turnover has risen by 31 per cent to Rs. 133.28 crores from Rs. 101.89 crores. To conserve available resources, the directors have not recommended any dividend for 1999-2000. The increase in turnover was primarily due to the resurgence in hire purchase business which grew by 106 per cent.

Blue Star

Blue Star India a leading Central airconditioning company has reported a net profit of Rs. 23.24 crores for the year ended March 31, 2000 against Rs. 16.27 crores in the previous year. Consequent to the planned phasing out of the unrelated Industrial projects business, net sales and income from operations grew marginally to Rs. 479.30 crores from Rs. 474.82 crores in 1998- 99.

The impressive growth in net profit has been achieved through a multi-pronged strategy focussing on material cost reduction through R & D, value engineering and efficient procurement; addition of high value activities to the business mix and minimisation of low margin businesses. The directors have declared a final dividend of Rs. 0.50 per equity share which together with the interim dividend of Rs. 4.50 per share paid on May 15 makes a total dividend of Rs. 5 per share. The dividend is payable on the reduced share capital pursuant to the spinoff of the International Software Division to Blue Star Infotech Limited.

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