According to a company press release, the sluggishness in the market during the first half of the year was reversed in the second half. As against a growth of 9.1 per cent in the first half, revenue in the second half recorded a 15.5 per cent growth over the corresponding period last year. The company posted a PBT of Rs 44 crore, which marks an increase of 20.7 per cent over the previous year. Net profit was 6.8 per cent of the revenue, up from 6.1 per cent, the company said.

Earnings per share during the year were Rs 25.9 as compared to Rs 20.7 in the previous fiscal. The company continued to maintain its focus on productivity of capital, with the return on average capital employed higher at 41.5 per cent as against 41.3 per cent last year.The return on average net worth improved to 34.3 per cent from 33.8 per cent.

The board of directors, at a meeting held on Monday to adopt the audited financial results for the year 1998-99, has recommended distribution of a final dividend of Rs 5.5 per share.

Together with the interim dividend of Rs 3.5 per share declared in October 1998, the total distribution recommended is Rs 9 per share. This implies an increase in the dividend rate by 20 per cent over the previous fiscal, analysts said.

The company said that all the brands, excluding Saffola, registered volumes growth during the year. Sales of Saffola refined sunflower oil were constrained due to raw material shortages during the year.