Net sales and income from operations increased marginally to Rs 1,049.65 crore in the year to March 2000, from Rs 1,021.64 crore in the previous year. Exports went up by 32 per cent in 1999-2000. Earning per share went up to Rs 11.80 from Rs 10.74 in the last year.

The board, which approved the audited results at a meeting on Wednesday, recommended a final dividend of 25 per cent (Rs 2.50 for every Rs 10 equity share), over and above the 25 per cent interim declared earlier.

The Indal scrip opened on the Calcutta Stock Exchange at Rs 165 and touched a high of Rs 167 before closing at Rs 166.50.

Chairman and chief executive officer Chris Bark Jones noted that the results were achieved despite reversals like an outbreak of fire in one of the mills at Taloja in the third quarter.

Among other factors which slowed down profitability were the Rs 89 crore spent on upgrading the two plants at Taloja and Belur, and the cost of buying power at Rs 4 per unit during the shutdown of its power plant for upgradation. Compensation of Rs 7.21 crore paid by the company under voluntary retirement scheme and writing off Rs 4.09 crore investments in Orissa Extrusions Ltd also lowered the net profit figure.

Indal sold its entire 49.5 stake in Indal Hydro Extrusions Ltd, a joint venture with Hydro Aluminium, for Rs 50 crore at a book profit of Rs 1.3 crore, which is not reflected in the accounts, said a company statement.The company has saved Rs 3.03 crore interest cost by reducing it to Rs 36.65 crore during 1999-2000.

Detailing other cost saving measures, Jones said that Rs 32 crore has been saved by sourcing cheaper power and raw materials, apart from cutting administrative costs.

Debt equity ratio has improved, to 35:65 in the last fiscal from 36:64 in 1998-99. Return on average equity is up at 11.4 per cent in 1999-2000 from 11 per cent in the previous year.

Jones also pointed out that profit before tax in each quarter has been better in fiscal 1999-2000 as compared to the previous year, with a sudden spurt in the second half.

Share transfer by May 30, board recast likely in June
Hindalco Industries Ltd is scheduled to pay for the 54.6 per cent stake it agreed to buy out in Indian Aluminium Company Ltd by May 30, said Chris Bark Jones, in probably his last press conference as Indal's chairman and chief executive officer.

In an agreement signed between Alcan Aluminium Ltd of Canada and Hindalco, Alcan had agreed to sell its entire stake in Indal comprising of 38,844,324 equity shares at Rs 190 per share for a total consideration of Rs 738 crore.

In line with the Takeover Code norms of the Securities & Exchange Board of India, Hindalco has made an open offer to buy another 20 per cent from the public. This offer opens on May 26 and is slated to close on June 24, after which the board is to be recast. Jones noted that after the open offer closes in June, "Hindalco will have effective management control of the company."