Areva T&D's Q4 net rises 29% to Rs 88 cr

Areva T&D India, engaged in power transmission & distribution business, today said its net profit from ordinary activity after tax grew 29.27% to Rs 88.08 crore for the fourth quarter ended December 31, 2010, over the corresponding period a year ago.

The company had a net profit from ordinary activity after tax of Rs 68.08 crore for the same quarter last fiscal, Areva T&D India said in a filing with the Bombay Stock Exchange (BSE).

Net income increased to Rs 1,327 crore for the quarter under review from Rs 1,159.97 crore for the same period previous fiscal.

For the 12-month period ended December 31, 2010, net profit from ordinary activity after tax dropped to Rs 186.74 crore from Rs 192 crore in the same period previous year.

Net income increased to Rs 4,036.98 crore in the year under review from Rs 3,583.19 crore during the same period last fiscal, it said.

The board of directors recommended a dividend Rs 1.80 per share at the rate of 90% for the year ended December 31, 2010. The dividend is subject to final approval by the shareholders, it said.

The board has also accepted the resignation of C M A Nayar as director of the company.

Shares of the company closed on Friday at Rs 283.90, up 9.66% from the previous close on the BSE.