TVS-E posts net profit for FY06 slips by 20%

New Delhi, June 30 (UNI) TVS Electronics, a part of the TVS Group and manufacturer of computer peripherals, today posted a 20 per cent drop in its net profit at Rs 3.17 crore for the year ended March 31, 2006 as against Rs 4.01 crore previous year.

However, TVS-E reported a 76 per cent increase in its net profit for the quarter ended March 31, 2006, at Rs 3.04 crore as against Rs 0.72 crore during the corresponding period last year.

The company's board recommended a dividend of 7.5 per cent this year.

''With growth focused on DMP and Contract Customer Support Business the organisation is poised for leveraging the opportunities in the ICT space during the current year,'' TVS Electronics Ltd Director Gopal Srinivasan said.

The firm's total income for FY06 was Rs 265.73 crore as compared to Rs 317.40 crore for the 15 month period with respect to previous year FY05.

The company generated net cash from operations of Rs 13.67 crore during the year and utilised cash for further capital expenditure programme of over Rs 5 crore and reduced its borrowings by Rs 6.7 crore during the year.

The company commenced operations in Himachal Pradesh this year, and also transferred one of its properties in Chennai to its wholly-owned subsidiary at market rates as part of its proposal to leverage on the emerging market opportunities in real estate.

The company enjoys a market share of 55 per cent in mechanical key board business, an official statement said here.

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