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EPW Research Foundation BSES Steady Growth BSES, in which UTI, LIC and GIC together hold about 52 per cent of the equity, has been a steady performer all along. Over the past nine years, the company has posted a 30 per cent growth in profit after tax compounded annually on a 20 per cent rise in sales and has paid dividend of over 15 per cent. For the year ended March 1993, BSES has reported a hefty 42 per cent increase in net sales with profitability overshooting the growth rate. The company's operating, gross and net profits have shot up by 64.6 per cent, 71.6 per cent and 64.6 per cent, respectively, despite higher interest, depreciation and tax provisions. However, the company's earning per share (EPS) declined because of expansion of the equity base following conversion of fully convertible debentures (FCDs) in June 1992.

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