Business   

Indian Rayon pays 37.5 p.c.

By Our Staff Correspondent

MUMBAI APRIL 28. The net profit of Indian Rayon and Industries (IRL) has spurted to Rs. 105.33 crores for the year ended March 31, 2003 against Rs. 43.46 crores. The board has recommended a dividend of 37.5 per cent against 33 per cent. Net sales were higher at Rs. 1,443.82 crores against Rs. 1,410.63 crores. The company has provided Rs. 71.74 crores (Rs. 73.54 crores) for depreciation and Rs. 34.22 crores (Rs. 30.61 crores) for taxation. Exports have declined to Rs. 272.99 crores from Rs. 388.32 crores as the insulator business was transferred.

The company's insulator business was demerged from August 2002 on a going concern basis. The scheme was made effective on January 10, 2003. The gain of Rs. 38.42 crores on the demerger has been shown as an exceptional item.

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