BOC India (BOCI) has recorded remarkable growth in turnover and profit for the year ended 31 March 2006. The year also witnessed several product launches and plant commissioning.
BOCI registered its highest ever turnover of Rs. 560.93 crores, recording a growth of 32 per cent over the previous year. Net profit after tax increased by 181 per cent from Rs. 27.97 crores to Rs. 78.63 crores.
Increased sales volumes coupled with improved price realisation in certain product groups had a positive impact on this year's performance. Enhanced operating efficiencies, new business wins and strong performance from project engineering division also contributed to the company's results.
The company registered its highest ever profit before tax and extraordinary items of Rs 80.92 crores - a growth of 78 per cent over that of the previous year. This excludes an extraordinary income of Rs. 47.46 crores from sale of closed factory land in Bangalore. The profit before tax inclusive of the extraordinary income stands at Rs. 121.87 crores.
The board of directors at a meeting held today have recommended a dividend of 30 per cent (Rs. 3/- per equity share) for the financial year ended 31 March 2006, compared to 15 per cent in the last fiscal year.
Commenting on the performance ER Raj Narayanan, managing director, said: 'We have recorded a very good year of performance with both process gas solutions and industrial and special products making significant contributions during the period. At BOCI we have constantly worked towards improving our service levels.'
He further added: 'In the coming months we would like to focus our efforts towards consolidating our current position while expanding into newer markets.'