Sales were up 64 per cent from Rs 37.03 crore to Rs 60.87 crore. EPS (earnings per share) for the quarter stood at Rs 42.98 as against Rs 21.94 in the corresponding period. The board of directors has recommended a final dividend of Rs 1.50 per equity share. The total dividend including an interim dividend of Rs 2 per share, would be at Rs 3.50 per share.

The 1999 audited figures are not strictly comparable with the 1998 figures, since 1998 figures are excluding pipe division, which has now been acquired with effect from July 1,1998. RIL's acquisition of the asbestos cement products division at Aurangabad, from Sun Earth Ceramics has been approved by the Bombay high court.

The financial results for the whole year ended June 30, 1999 revealed a growth in turnover of 70 per cent, from Rs 108 crore to Rs 183 crore. The gross profit is up from Rs 15.04 crore to Rs 26.88 crore, a growth of 79 per cent net profit grew by 78 per cent from Rs 11.15 crore in the last year to Rs 19.89 crore. EPS (earnings per share) was at Rs 28.32, as against Rs 15.86 in the corresponding period, a growth of 79 per cent.

The company has introduced a range of new products like designer sheet, AC pressure pipes and products made from composites. These products have received encouraging response from consumers. RIL, earlier known as ratnagiri building products, manufactures asbestos cement sheets under the brand name `Roofit' and asbestos cement pressure pipes. The company has installed capacities of 70,000 tpa (tonnes per annum) each at Ratnagiri, Chennai and Wada, and 30,000 tpa at Aurangabad.