Financial Daily from THE HINDU group of publications
Saturday, May 01, 2004
Financial Daily from THE HINDU group of publications Saturday, May 01, 2004 |
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Corporate Results
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Paints Goodlass Nerolac proposes 2:3 bonus Our Bureau
Mumbai , April 30 GOODLASS Nerolac Paints Ltd has offered a bonus issue in the ratio of 2:3. The company ended the 2003/2004 fiscal with a record turnover of Rs 925 crore, higher by 17 per cent over the earlier year's Rs 790.71 crore. The company's top line jump was driven by growth in the automotive sector and architectural segment. "Our focus this year has been more on the profit mix and we have been able to absorb inflation in raw material prices through reduction in overheads and operating efficiencies," the company said in a press release quoting Mr H.M. Bharuka, Managing Director. The net profit rose by 45 per cent to Rs 58 crore. The board also recommended a dividend of 125 per cent. "Fuelled by focused branding and distribution strategy and increasing investments in R&D, there has been consistent upward movement in market capitalisation of the Company. This, along with the consistent increase in the stock valuations is indicative of the growth path that Goodlass Nerolac has charted out for enhanced presence in the Decorative business," the release said. The outlook for the industry is expected to remain positive with a nine per cent growth projected for the next five years.
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