BOC India Limited, a subsidiary of BOC Group Plc. has reported significant top-line and bottom-line growth for the year end 31st March 2005
The Company’s turnover for the current year increased by 22 % to Rs 4244 million ($94.4 million), compared with Rs 3472 million ($77.3 million), last year. While the gases business continued to grow at a steady pace of 8%, the Project engineering business posted a significant increase of 127% in turnover terms.
The Company delivered its highest ever, operating profit of Rs 456 million ($10.1 million) after depreciation and interest but before extraordinary items, resulting in an increase of 125% over last year.
Commenting on the company’s strong performance Mr. E R Raj Narayanan, Managing Director of BOC India Limited said, \\$quot;The Company has delivered its highest ever operating profit this year. This performance is attributed to increased operational efficiencies, improved market share in gases business coupled with strong performance by its Project Engineering Division \\$quot;.
The company has been able to significantly lower its interest cost on account of increased cash flows resulting in reduced borrowing during the year. This along with good working capital management has contributed to the overall growth in profits.
Profit before tax at Rs 475 million ($10.6 million) grew 8 % over last year. This in spite of the previous year's profits including an extraordinary profit from property sales of Rs 253 million ($5.6 million) compared to Rs 35 million ($780,000) in the year under review. Net profit after tax at Rs 280 million ($6.2 million) was 5 % below last year mainly due to higher deferred tax charge during the year.
The Board of Directors at a meeting held on the 10th May 2005, have recommended a dividend of 15% for the year ending 31st March 2005 including a 70th year celebration dividend of 15%.