Balmer Lawrie shareholders approve dividend of 170%

Kolkata, Sep 26 (UNI) The shareholders of Balmer Lawrie&Co Ltd okayed the firm's highest-ever 170 per cent dividend for the previous fiscal in its AGM today.

The firm also notched up 15 per cent growth in its net income crossing Rs 1,490 crore in 2007-08 as compared to Rs 1,300 crore in 2006-07, along with posting its highest ever turnover.

The profit before taxation has increased from Rs. 106 crore to Rs.130 crore, reflecting an increase of 23% over the previous year.

Following this rising trend the net profit which increased from Rs 70.22 crore in the previous year to Rs 86.93 crore in 2007-08, a growth of 24%.

In terms of growth, four businesses, Travel&Tours, Industrial Packaging, Greases&Lubricants and Logistics Infrastructure&Services have been the main revenue drivers.

The Industrial Packaging Division which is the largest manufacturer of steel drums / barrels continued to hold its lead position in market share. Further rationalization and consolidation of manufacturing facilities have been planned during the current year to improve operational efficiencies and achieve reduction in costs as well as achieve higher volume of value added products with improved quality.

Whereas a second production facility was operationalised at Chennai during last year to augment production capacity to meet requirement of the peak season, during the current year a new unit at Asaoti has been commissioned to cater to the North India requirements.

During 2007-08, the Indian economy reflected a general upswing in the export-import trade and all indicators point to its accentuation in the next few years. To capitalize on this opportunity a concerted effort is being made to widen the client base by penetration into the Private Sector besides consolidating the public sector&government business.

Foreign trade has shown around 20% increase in the last seven years and in turn has created a pressure on the existing port capacities. In this light the Logistics Infrastructure SBU has decided on exploring possibilities for expanding capacities of its Container Freight Stations (CFS) at Chennai and Kolkata and opening new CFSs&ICDs in upcoming ports and upcountry locations.

Warehousing activities are also being pursued aggressively towards moving up the value chain in the logistics space.

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