The board has recommended a dividend of Rs 3.50 per equity share, on the enhanced capital consequent upon the allotment of bonus shares on November 16, 1998. The bonus shares are entitled to pro-rata dividend from the allotment date.

According to the company, the crop-protection chemicals and leather-chemicals businesses recorded higher sales and profits.

The textile-chemicals business recorded growth in sales despite a fall in export of dyes due to recessionary conditions in importing countries. The profits of this business were lower due to the product mix, the statement said.

The dispersions and specialty chemicals business recorded a significant increase in turnover with thecommencement of the sale of styrene butadiene latex (styronal) dispersions during the year. However, the profitability of this business was adversely affected on account of the poor off-take by the paper industry during the first half of the year coupled with additional interest and depreciation charges associated with the commissioning of the Styronal plant.

The chemicals business registered an increase in the technical advisory service fee and profits compared with the previous year. Export sales, however, fell to Rs 28.8 crore compared with Rs 37 crore in the previous year.