Pune, Sept 21: The newly-appointed chairman of Kirloskar Brothers Ltd Sanjay C Kirloskar has warned shareholders that inspite of a 15 per cent increase in turnover and a 50 per cent rise in exports during the first five months of the current year the company may not be able to sustain this performance owing to the continuing recessionary trend.Kirloskar was however hopeful of an improved performance in 1998-99.
Kirloskar, who chaired the annual general meeting (AGM), assumed the post of chairman from July 23 after group chairman Vijay Kirloskar stepped down as chairman of the Rs 342-crore diversified pump manufacturer. This was owing to Vijay Kirloskar being elevated as the Confederation of Indian Industry (CII) vice-chairman.
Kirloskar Brothers had registered a sales income of Rs 337.53 crore in 1997-98 (Rs 319.24 crore). Net profit stood at Rs 10.74 crore (Rs 10.85 crore). The company declared a dividend of 40 per cent.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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