For the full year, the Hinduja Group company registered an increase of 9.26 per cent in its net profit at Rs 25.13 crore, as against Rs 23 crore a year ago, while net income stood at Rs 747.16 crore, as compared with Rs 601.34 crore, reflecting a growth of 24.24 per cent.
Segment-wise, the company's lubricants division posted a revenue of Rs 370 crore for the year ended March 31, 2008, as compared with Rs 356 crore, an increase of 3.93 per cent on account of encouraging volume growth in key domestic segments, while its explosives division registered a growth of 26.84 per cent in revenues to Rs 189 crore, as against Rs 149 crore despite the severe shortage of key raw material ammonium nitrate.
The company said preparatory work prior to construction activity on a 40-acre mixed-use IT park at Yelahanka in Bangalore was in final stages and construction activity was expected to start in two months. Plans for a knowledge city over 100 acres oriented towards research and development segments have been conceptualised and awaiting approval from the Andhra Pradesh government.
"In view of the development in the two properties, the company has revalued the two properties to Rs 1,839 crore in the books to reflect the current value of the assets for development," a company release added.