The sales and other income grew by 11.8 per cent from Rs 832.50 crore to Rs 927.31 crore. The provision for depreciation was higher at Rs 50.24 crore (Rs 44.07 crore). Though there is no taxable income, a provision of Rs 4.50 crore had been made towards MAT in accordance with the guidelines issued by the Institute Of Chartered Accountants of India. There was no provision for tax in the previous year.

While the paid-up equity share capital remained at Rs 64.34 crore, the total reserves excluding the revaluation reserves increased by Rs 422.91 crore (Rs 402.25 crore).

The board of directors has recommended a 30 per cent dividend on equity shares for 1997-98.

The cement production for 1997-98 increased from 25.50 lakh tonnes to 30.42 lakh tonnes in the previous year. The cement salesincreased by 18.8 per cent from 25.31 lakh tonnes to 30.06 lakh tonnes.

The earnings of the shipping division were lower at Rs 57.49 crore.

N Srinivasan, vice-chairman and managing director of the company, said the shipping division had made an operating loss during the year under review, leaving a mark on the bottomline of the company. He said the freight earnings had dropped drastically during the year to Rs 57 crore.