ITC-Higher Dividend

depreciation requiring much less, net profit has turned out to be higher at Rs 3.27 crore (Rs 1.89 crore). Accordingly, the unchanged dividend of 18 per cent is covered 3.34 times by earnings as against 2.70 times previously. The wires and wire ropes division at Ranchi produced 40,640 tonnes as against 39,506 tonnes in the previous year and the wire rod mill division at Adityapur turned out 59,844 tonnes against 56,412 tonnes. The machinery division at Bangalore registered an increased turnover of Rs 2.73 crore as compared to Rs 2.20 crore. Exports were also higher at Rs 8.66 crore (Rs 8.44 crore). Profit margins, however, were affected by significant increases in the cost of inputs. The company's joint sector venture with Bihar State Electronics Development Corporation has received the required approvals and orders for capital equipment have also been finalised. It is expected that by the second quarter of next year this company will commence production. The company's ongoing phased programme of moder- nisation-cum-replacement at its units is expected to be completed by the end of the year. The company's joint venture in Yugoslavia, Unis Steel Ropes Factory, recorded yet another successful year and the company's share of profit amounted to Rs 44 lakh (Rs 24 lakh). The operation of the joint venture in Thailand, Usha Siam Steel Industries, is showing improvement and barring unforeseen circumstances the company is hopeful of better performance.