Atlas Cycles posts Rs 3.04cr Net in FY17; to split shares

Atlas Cycles (Haryana) Ltd today posted a consolidated net profit of Rs 3.04 crore for the 2016-17 against a net loss of Rs 3.28 crore in the previous year.
Net sales rose to Rs 682.17 crore in 2016-17 fiscal from Rs 568.90 crore in the previous year.
The 2016-17 financial results were approved in a board meeting held today. The board, however, deferred the decision on the 2017-18 April-June quarter results, according to a filing to the BSE.
"After deliberation, the Board of Directors directed to complete preparation of financial results and its limited review at the earliest possible," the filing said.

The board also approved splitting of shares in the ratio of 1:2 at face value of Rs 10 per piece to improve liquidity and make shares more affordable to small investors.
The shares split will be subject to shareholders approval and to be completed by November, 2017, the filing added.
Shares of the company closed 2.28 per cent higher at Rs 404.40 apiece on BSE.