ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846
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HINDUSTAN SANITARYWARE-Modernisation Programme

Higher Margins After being plagued by rise in input cost and recession in the starch industry in the previous year leading to a fall in profit, Sayaji Industries has done well in 1993-94 with net sales increasing by 16 per cent, operating profit by 39 per cent and net profit by 106 per cent. Though there was a 100 per cent increase in taxation the effect was slightly reduced by a 46 per cent decrease in depreciation. Non-operating profits were down by 98 per cent. Other income went up by 10 percent. Reduction in the cost of raw materials resulted in better production activity for the year. Also, the reduced bank rate enabled the company to borrow more at the same cost. But certain unfavourable factors like increase in the cost of electricity, coal and furnace oil and also increase in repairs and maintenance charges proved detrimental to raising the margins. The company declared a dividend of75 per cent for the year against 50 per cent for the previous year. Earning per share has been high at Rs 471 in and Rs 213 in 1992-93. Remuneration to

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