SSML recommends a dividend of 30 pc for FY 06

Mumbai, June 1 (UNI) The board of the Simbhaoli Sugar Mills Limited (SSML) has recommended a dividend of 30 per cent for financial year ended march 31, 2006.

The company has reported a 10.94 per cent growth in net revenue of Rs 438.59 crore in the financial year ended March 31, 2006, as against Rs 395.33 crore in the previous financial year. Simbhaoli Sugar's net profit during the year increased by 149.69 per cent to Rs 29.60 crore as compared to Rs 11.85 crore in the previous financial year. During fourth quarter of the fiscal, Simbhaoli Sugars recorded revenue of Rs 114.60 crore while net profit after was at Rs 6.02 crore.

The consolidated EPS having grew by 109.5 per cent to Rs 18.19 per share.

Explaining the improvement in operational performance, SSML's Executive Director GSC Rao said to reporters here today, ''We have achieved desired growth in turn over, while net profit has shown a significant growth in the financial year 2005-06. This is mainly due to improvement of Rs 120 per quintal of sugar in realisations and concentration on production of value-added products in sugar and alcohol segments. We have made a beginning of selling surplus co-generation power which will increase significantly in the future.

He further said that '' We have been able to implement all the projects we have planned for the year including expansion of crushing capacity of Simbhaoli Sugar unit to 9,500 TCD and Ethanol Distillation Capacity to 60,000 Litres a day.'' UNI AR MJ AG1640