Profit before tax increased from Rs 82 crore to Rs 97.7 crore, while the cash profit rose from Rs 88.8 crore to Rs 104.7 crore during the period. The company's earnings per share (annualised) shot up to Rs 69.62 from Rs 57.97last year.

Continuing with its high dividend policy, the company's board of directors have recommended an interim dividend of 130 per cent (Rs 13 per share) for the first six months. Punjab Tractors was among the highest dividend payers last fiscal with a final dividend of 250 per cent (Rs 25 per share).

Net sales during the first six months increased to Rs 505.98 crore, up from Rs 447.58 crore, while other income was higher at Rs 7.32 crore as compared to Rs 6.92 crore last year.

Punjab Tractors vice-chairman and managing director Yash Mahajan said: "The continuing emphasis on process excellence and maintenance of cost discipline has kept the company on a rising, profitable course.

"By vigorously pursuing the company's customer strategy of offering quality products through a versatile well-spread portfolio plus superior service and leveraging the Swaraj brand equity, we have further sharpened our edges and market momentum under a highly competitive environment," Mahajan saidDuring the second quarter ended September 30, 1999, net profit increased to Rs 35.5 crore from Rs 30.8 crore in the same period last year, while pre-tax profit was higher at Rs 49.2 crore (Rs 42.8 crore). Net sales increased from Rs 210.38 crore to Rs 230.38 crore during the period.

During April-September, Punjab Tractors reported a 12.6 per cent rise in volumes with tractor sales of 25,400 units as compared to 22,500 units in the corresponding period last year. During the year the tractor segment grew only by 5.6 per cent and the company increased its market share from 18.1 per cent to 19.3 per cent, Punjab Tractors said.

Swaraj Engines net rises 28% to Rs 8.65 cr
Swaraj Engines has recorded a 28 per cent rise in net profit to Rs 8.65 crore during the first half of the current fiscal. Pre-tax profit rose from Rs 9.15 crore to Rs 12.45 crore during the period, while the cash profit rose from Rs 10.4 crore to Rs 13.85 crore.

The company has announced an interim dividend of 110 per cent (Rs 11 per share) for the first six months. Net sales increased to Rs 66.71 crore, up from Rs 55.25 crore, while total revenue was higher at Rs 67.5 crore.

During the second quarter, net profit rose from Rs 3.9 crore to Rs 5.05 crore, while pre-tax profit increased to Rs 7.25 crore from Rs 5.3 crore last year. Net operating income increased from Rs 27.87 crore to Rs 33.56 crore during the period.