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Voltas PAT up by 40 per cent in FY 06 at Rs 70 cr

Written by: Staff
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Mumbai, May 11 (UNI) Voltas Limited has registered a spurt of 40 per cent in its PAT for FY 06 at Rs 70.49 crore as against Rs 50.41 crore in FY 05 on net sales of Rs 1,904.18 crore, up by 32 per cent compared to FY 05 at Rs 1,441.43 crore.

Addressing reporters here today, the company's Executive Vice-President (Finance) and CFO M M Miyajiwala said, ''The earnings per share of the company worked out to Rs 21.30, an increase of 40 per cent as compared to FY 05.

''This is noteworthy as the company took a substantial charge for Voluntary Retirement Scheme of Rs 65 crore at the Hyderabad plant,'' he said, adding that ''this exceptional expenditure itself works out to nearly Rs 20 crore per share.'' The directors of the company have also recommended a dividend of 60 per cent for FY 06 as against 35 per cent in FY 05. Besides, the company has also recommended a special golden jubilee dividend of 15 per cent on equity shares of Rs 10 each of the company.

The directors have also recommended split shares of face value of Rs 10 each into ten shares of face value of Re one each, subject to requisite approvals in respect thereof.

''The present economic uptrend and the company's agility in responding to its challenges and opportunities are driving growth in most of our businesses,'' Mr Miyajiwala said.

Highlighting the fact that the company's restructuring was ''well in place and a robust order book position,'' Mr Miyajiwala expressed confidence that the company's strong growth trajectory will be maintained.

He also said that apart from the growth, the biggest achievement of the year was the settlement with the union at its Hyderabad plant for closure, adding that ''this will substantially help the company's growth in the future.'' For Q4 FY 06, the company's net sales from operations rose by 6.15 per cent to Rs 530.45 crore as against Rs 499.70 crore in Q4 FY 05 while net profit increased by four per cent at Rs 23.73 crore as against Rs 22.83 crore in the same period last fiscal.

UNI JJ MJ SKB1913

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