Rajasthan Spinning Pat Leaps 156% To Rs 20.54 Crore

Rajasthan Spinning and Weaving Mills Ltd, the flagship of the Rs 1,350-crore LNJ Bhilwara group, has declared its results for the financial year 1997-98. The profit after tax recorded during the year stood at Rs 20.54 crore, a growth of 156 per cent over the previous year's figure of Rs 8.04 crore. The turnover of the company grew at a modest rate of 6 per cent to gross Rs 450 crore over the previous year's figure of Rs 426 crore. The Board of directors have recommended an increase in the dividend to 25 per cent from 20 per cent which was announced last year. The earning per share (EPS) has increased from Rs 4.04 to Rs 10.33. During the year, the board of directors has approved the amalgamation of Bhilwara Spinners Ltd (BSL) with the company. The board of directors has already approved the fair exchange ratios which is one equity share of Rajasthan Spinning for every four equity share of Bhilwara Spinners Ltd. The company has initiated steps to get the necessary approvals of the members, creditors, the high court and other appropriate authorities.