MUMBAI, June 27: Punjab Tractors Ltd (PTL) has reported an impressive growth in revenues, earnings and unit volumes during the year ended March 1997. The directors have recommended a dividend of 80 per cent which works out to 160 per cent on the pre-bonus equity of Rs 10.12 crore against 125 per cent declared and paid for 1996. The company outflow, however, stands increased by Rs 1.62 crore on account of the 10 per cent tax on dividend.

The total revenue during the year amounted to Rs 615.33 crore against Rs 465 crore last year, an increase of 32 per cent. Gross profit before interest has grown much higher rate at 38 per cent to Rs 93.03 crore from Rs 67.41 crore. After making provision for interest at Rs 1.30 crore (Rs 0.52 crore), depreciation at Rs 7.82 crore (Rs 6.67 crore) and taxation at Rs 30.20 crore (Rs 22 crore), the net profit is up by 47 per cent to Rs 56.31 crore from Rs 38.22 crore last year.

The earning per share amounted to Rs 27.80 (on expanded capital) agaisnt Rs 37.70 last year. Reserves (excluding revaluation reserves) stood at Rs 139.98 crore (Rs 111.62 crore).

The company witnessing brisk demand, tractor volume sailed past the 33,000 mark against 26000 sold last year. This 26 per cent growth out perfomred industry's 16 per cent rate and helped riase Swaraj market share to 15 per cent (13.8 per cent). At the foundry division, outturn of casting was 6103 tonnes, an increase of 11 per cent.

Capex outflows during the 1996-97 totalled Rs 48 crore (including WIP and advances of Rs 16 crore). Factory construction work on capacity expansion to 60,000 tractors was completed. Several machines shop equipment were received in line with even advance original frames.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.