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of Rs one crore payable to LIC and UTI with simultaneous increase in the rate of interest from 11 per cent to 15 per cent per annum on the deferred instalments. The company however redeemed the first instalment due to the public. During the period, N H Tata, D S Seth, S R Vakil, N A Soonavala and M K Unvala tendered their resignations as directors of the company and M H Mody, S A Sabavala and N S Dhabhar were appointed directors on he board. M H Mody took over as chairman of the company. After the close of the period, R N Joshi has also tendered his resignation as a director WARREN TEA Higher Margins WARREN TEA has fared better during the year ended March 1987 despite a lower crop of tea and rising costs. The year started off with early drought followed by excessive rainfall resulting ultimately in shortfall in harvest The total crop was 1,38,449 quintals against 1,41,423 quintals in the previous year. Sales realisation, however, was marginally higher at Rs 37.88 crore against Rs 37,60 crore. Profit margins looked up and gross profit amounted to Rs 7 57 crore against Rs 6.97 crore and net profit Rs 4 37 crore against Rs 3,46 crore. Equity dividend has been lowered from 25 per cent to 22 5 per cent and is covered 4.96 times by earnings as against 3.57 times previously.

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