By IANS
Kolkata : Balmer Lawrie and Company Ltd, the largest manufacturer of mild steel barrels and drums in India, Friday announced results for the financial year 2006-07, saying it registered an increase of 50 percent in net profit.
The turnover of the company increased to Rs.13 billion from Rs.12.52 billion, reflecting a rise of 3.8 percent in turnover, a company release said.
The profit before tax is Rs.1.06 billion as compared to about Rs.800 million last year, an increase of 31.3 percent. Similarly, the net profit stood at Rs.700.22 million showing an improvement of 50 percent over Rs.460.8 million last year.
In recognition of the excellent performance, the company, with a market share of around 60 percent, has declared a record dividend of 135 percent.
While the service businesses of the company continued to perform outstandingly, the manufacturing businesses also showed a marked improvement in their performance, resulting in the highest-ever profit earned by the company in its entire 140 years of existence.
The company has drawn up well structured growth plans for each of its businesses and is confident of achieving its mission of clocking Rs.20 billion turnover and profit before tax of Rs.2 billion by 2010.
Globally, the company is also among the top 10 grease manufacturers and exports significant quantities to other countries.