TVS Autolec posts profit

Chennai: TVS Autolec has reported a turnover of Rs 107.52 crore for the year ended 31 March 2003, which is higher than the previous year''s figure of Rs 86.58 crore.

For the period under review exports stood at Rs 27.93 crore as against Rs 13.79 crore made during fiscal 2001-02.

The operating profit prior to extraordinary expenses was Rs 11.12 crore as against Rs 7.61 crore in the previous year. Extraordinary expenses on account of the voluntary retirement scheme amounted to Rs 0.16 crore as against Rs 2.94 crore in the previous year.

The company saw lower interest and financial expenses payout at Rs 1.87 crore. TVS Autolec has provided Rs 1.38 crore as tax provision for the last fiscal and Rs 0.73 crore towards earlier years.

The board has recommended a payment of dividend for the year 2002-03 at Re 1 per share, which will absorb Rs 0.74 crore.