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Arvind Mills

during the year. Operating profits increased by 18 per cent (annualised) from Rs 40.22 crore to Rs 59.32 crore and net profits by 8 per cent (annualised) from Rs 17.33 crore to Rs 23.13 crore. Of the major items of expenses, raw material cost escalated by 38 per cent, interest cost by 17 per cent and tax provision by 84 per cent (all annualised) during 1989-90. The overall return on investment for Ashok Leyland was lower at 3.50- per cent (annualised) during 1989-90 as against 4.48 per cent in the preceding year. This was caused by a decline in the net profit margin on sales, which stood at 3.19 per cent as compared to 3.88 per cent in the preceding year and a similar downtrend in the assets utilisation ratio (sales/assets) from 1.16 to 1.10 (annualised). The company could report only a lower return of 9.61 per cent on owners' equity during 1989-90 as against 12.19 per cent in the preceding year, partly due to enhancement of the equity capital base after the conversion of partly convertible debentures into equity shares.

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