Bajaj Tempo declares 70 per cent dividend, profit Up 100 per cent
01 June 2004
Mumbai: Bajaj Tempo Ltd. (BTL), a Firodia Enterprise, registered a record growth of 34 per cent in sales for the year ended March 2004. The total revenue for the twelve- month period (April ''03 to March ''04) rose to Rs1,146.26 crore from Rs854.35 crore in previous financial year.
The company registered a profit of Rs102 crore after interest, but before depreciation and tax. profit after depreciation doubled to Rs70.42 crores from Rs35.16 crores last year. A tax provision of Rs26.2 crores has been made for the current year. Net retained profit is Rs44.21 crores a growth of 37.4 per cent over the previous year.
The company has registered excellent growth for the third year in a row at over 30 per cent. Various product lines comprising three-wheelers, multi-utility vehicles, light commercial vehicles and tractors all registered excellent growth with the MUV line registering 100 per cent growth.
The Board of Directors has recommended a dividend at 70 per cent.
The company is poised to add an important Fifth Product Line to its business portfolio. As a result of the wide ranging collaboration agreements entered into with the world famous MAN Group of Germany, the The company has plans to introduce hi-tech medium and heavy commercial vehicles. with path breaking new technology.