Ample Rewards

Ample Rewards Hansavivek CROMPTON GREAVES has been doing very well on the export front. Its exports, at Rs 112 lakhs, showed a rise of 42 per cent over the year; in fact exports rose faster than did the home sales. The company has also diversified its export effort in terms of both products and territories. Some of its more advanced products are now going to Australia and New Zealand and, with the co-operation of its UK associates, a substantial proportion of the output of fractional horse-power motors is being exported to the UK. The project for manufacture of fans in Iraq has made good progress and production lines are expected to be commissioned this year. The project for electrification of a textile complex in Libya is also making satisfactory progress, and the Libyan authorities are evidently pleased with the compannis efforts. Last year, the company incurred capital expenditure of Rs 41 lakhs, partly on replacement and balancing equipment and partly on construction of buildings at Kanjur. Plans are under way for construction of additional factory space at Bhandup and for establishing a stamping unit at Kanjur. As there were no labour disturbances during the year unlike in the preceding year, the company was able to show very good results, for 1972-73, with marked increases in production, turnover, and profits. Borrowings were considerably reduced. Shareholders have been well rewarded with a five point increase in dividend, at 15 per cent, nearly 35 per cent of which is exempt from tax, as well as a gift of shares on a one-for-two basis. The latter recommendation will involve capitalisation of Rs 240 lakhs out of the recei ves, which at the year-end stood at Rs 777 lakhs. The board has recorded its intention to pay a divided on the enlarged capital in respect of the financial year in which the bonus shares are allotted a quantum not less than that paid in respect of 1972-73.