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CHENNAI: TVS Electronics Ltd has declared an annual dividend of 7.5 per cent. It has recorded a 10 per cent jump in net profit to Rs 1.34 crore for the quarter ended March 2004 as compared to Rs 1.22 crore for the same period in the previous year.

Revenues slumped 14 per cent to Rs 58.21 crore (Rs 67.71 crore). The company had recorded a net profit of Rs 60 lakh for the quarter ended December 2003 on revenues of Rs 64.64 crore.

The company has paid off Rs 8 crore of debt. Its current debt stands at about Rs 99 crore. Mr Gopal Srinivasan, director, TVS Electronics told a press gathering, "We want to pay off about Rs 20 crore of debt this year."

Mr Srinivasan said that the company welcomed the Tamil Nadu government's reduction of sales tax to two per cent on computer peripherals.

"We need clarification from the Government as to whether that applies to computer peripherals alone or to computers also. Once that is clear, the company might decide to locate in Chennai its additional two lines of manufacturing that it is planning instead of in Bangalore".

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