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| Falcon recommends dividend again, now 15% on extended capital |
| Announcement / Corporate Nov 12, 2009, 19:57 IST |
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In a meeting held in Bangalore today, the accounts for the 18-months period ending 30 September 2009 were taken on record by the Board of Directors of Falcon Tyres Ltd. The turnover for the period under review (18 month) at Rs. 851.46 Crores represents an annualized increase of 15% over the previous year’s turnover at Rs.495.59 Crores. Profit before Interest, Depreciation and Taxes at Rs. 67.44 Crores represented an annualized increase of 218% over the previous year figure of Rs. 20.64 Crores. The Profit before Tax at Rs. 38.95 Crores represented an annualized increase of 323% over the previous year figure of Rs. 8.04 Crores. Profit after Tax was Rs. 30.02 Crores as against Rs. 5.63 Crores for the previous year showing a phenomenal annualized growth of 355%.
The board recommended a dividend of 15% on its extended capital. Earlier, in August 2009, Falcon Tyres, listed with BSE and other stock exchanges, had declared an interim dividend of 25% to its shareholders. Since then Falcon split its shares of face value Rs10 into 2 shares of face value Rs 5 and issued bonus in the ratio of 2 shares for every share held.
Falcon Tyres Ltd., an ISO 9001 certified manufacturer of tubes and tyres for two and three wheeler vehicles, was acquired by the Ruia Group in December 2005. Since then the state-of-the-art plant of Falcon located at Mysore has seen continuous augmentation of its capacity. Enriched with a Technical Aid Agreement with Sumitomo Rubber Industries of Japan, Falcon is now capable of producing 9 lakh tyres and more than 10 lakh tubes a month. With the commissioning of the co-generation plant, Falcon has uninterrupted power supply at its plant contributing significantly to productivity and quality.
Commenting on the results, Ruia Group Chairman Mr. Pawan Kumar Ruia said: “These 18 months, with daunting challenges fuelled by acute global financial crunch & economic downturn, tested our will to survive, succeed and flourish. Financial Year 2009-10 will see some of the major expansion programmes completed. The full benefit of the co-generation power plant will also start accruing.”
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