VST Clocks 34.57% Higher Net Profit

Hyderabad, April 26: | Updated: Apr 27 2002, 05:30am hrs
VST Industries Limited has reported a 34.57 per cent growth in net profit to Rs 36.98 crore for the year ended March 31, 2002 compared to Rs 27.50 crore in the corresponding period of the previous year. The total income in 2001-02 was lower at Rs 679.97 crore (Rs 755.82 crore).

The board, which met here on Thursday, has declared an enhanced dividend of 45 per cent on the share capital of Rs 15.44 crore as against 25 per cent during the previous year. The staff cost for the year declined to Rs 44.67 crore (Rs 66.89 crore). It is inclusive of Rs 8.5 crore towards VRS payments. The company has registered an other income of Rs 4.6 crore. It has made a provision of Rs 2.34 crore for reduction in the value of investments in the unit schemes. While the profit-before-tax was higher at Rs 58.37 crore (Rs 30.04 crore), the net profit declined to Rs 36.98 crore (Rs 17.50 crore) due to higher tax provision of Rs 21.39 crore (Rs 2.54 crore).