Tata Investment Corporation (501301) Q4 96/97 earnings summary

Executive summary

• Total income rose to Rs 31.85 crore from Rs 27.91 crore; profit before tax reached Rs 24.33 crore and profit after tax Rs 19.82 crore.

• Earnings per share were Rs 16.19; a total dividend of Rs 4.50 per share, including a Rs 1 Diamond Jubilee dividend, was recommended.

Financial highlights

• Total expenditure increased to Rs 7.52 crore from Rs 4.49 crore, mainly due to higher interest costs and a provision for diminution in OTC stock-in-trade.

• Profit before tax rose from Rs 23.42 crore to Rs 24.33 crore; profit after tax rose from Rs 17.85 crore to Rs 19.82 crore.

• Dividend and interest income was Rs 11.97 crore; net profit on investment sales was Rs 13.30 crore.

• Net cash from operating activities was Rs 20.53 crore, versus Rs 17.24 crore in FY96.

Outlook and guidance

• Directors recommended Rs 4.50 per ordinary share for FY97, subject to shareholder approval; payment was scheduled on or after 11 August 1997.