The Hindu Business Line : Vimta Labs to pay 15%

VIMTA Labs Ltd (VLL), the Hyderabad-based contract research and testing services company, has registered a substantial growth in both turnover and net profit for the fiscal year ended March 31, 2003.

The VLL board, which met here on Saturday to take on record the audited financial results, recommended a dividend of 15 per cent for the year as against the maiden dividend of 11 per cent paid in the previous fiscal.

The company has recorded a growth of 77.28 per cent in total income at Rs 19.78 crore as against Rs 11.16 crore in the previous fiscal and a rise of 57.48 per cent in net profit at Rs 2.06 crore (Rs 1.31 crore), yielding an EPS of Rs 6 (Rs 4) on an equity base of Rs 3.6 crore. As at the end of March 31, 2003, the company has reserves of Rs 4.27 crore (Rs 2.8 crore).

For the year under review, the company incurred an expenditure of Rs 13.87 crore (Rs 8.18 crore) and provided Rs 58.05 lakh towards interest (Rs 39.54 lakh), Rs 1.8 crore towards depreciation (Rs 73.36 lakh) and Rs 1.42 crore towards taxation (Rs 63 lakh).

According to the VLL Chairman and Managing Director, Dr S.P. Vasireddi, the board has recommended payment of dividend of 15 per cent on 36.08 lakh equity shares of Rs 10 each amounting to Rs 54.12 lakh. The company has provided depreciation on plant and machinery at 15 per cent per annum under Straight Line Method as against 10.34 per cent as specified in the Companies Act, 1956, he said.

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