Kinetic Motor net up 12.5 per cent

New Delhi, May 22: THE Pune-based Kinetic Group on Tuesday reported growth in income and net profits from both its two-wheeler companies, Kinetic Motor Company Ltd (KMCL) and Kinetic Engineering Ltd (KEL).

KMCL, maker of ungeared scooters, posted a 12.5 per cent rise in net profit at Rs 15.91 crore during 2000-01 against Rs 14.13 crore in the previous fiscal.

Sales increased by 9.6 per cent at Rs 423 crore during 2000-01 over Rs 385.9 crore in the previous fiscal.

The company said the interim dividend of 25 per cent at Rs 2.5 per share amounting to Rs 37.61 crore, which was paid on January 17, 2001, would be treated as the final dividend for the financial year 2000-01.

KEL, the group’s moped arm which has recently made a foray into the motorcycle market, has recorded a 10.2 per cent increase in net profit year-on-year at Rs 16.58 crore over Rs 15.04 crore.

Sales also rose by 20 per cent at Rs 357.5 crore during the fiscal ended March 31, 2001 over Rs 297.8 crore in the previous year.

The KEL board announced a 50 per cent dividend at Rs 5 per share for the year 2000-01 amounting to Rs 20.15 crore, the Kinetic Group said in a statement here.

While KMCL had allotted 39,100 equity shares at Rs 30 per share (including a premium of Rs 20) under the Employee Stock Option (ESOP) scheme, KEL allotted 18,300 shares at Rs 60 per share (including a premium of Rs 50) under the ESOP
scheme.

Commenting on the results, Kinetic Group chairman Arun Firodia said the company expects its recently launched 100 cc motorcycle ‘Challenger’ to contribute an additional Rs 300-400 crore to its revenues in the current fiscal. (PTI)