Arcil, India's oldest asset reconstruction company, today reported seven times jump in net profit at Rs 67.19 crore in 2014-15.
"The company registered a seven-fold growth in net profit, from Rs 7.6 crore in 2013-14 to Rs 67.19 crore in 2014-15," Arcil said in a statement.
The company had announced a dividend of 10 per cent, amounting to Re 1 per equity share for financial year 2014-15, at its 13th Annual General Meeting held on September 30, 2015, it added.
"The dividend outflow of the company for 2014-15 amounts to Rs 32.49 crore, apart from dividend distribution tax of Rs 6.61 crore.
The move follows the completion of a successful year in terms of operations for the company," the statement said.
"The much improved performance is reflective of Arcil's focus on resolution and collections. A few large value transactions enabled the multi-fold jump in profits... We believe we can build on the momentum despite strong headwinds of slowdown in property markets.
"Arcil will adopt a disciplined approach to new asset acquisitions, keeping in mind the mandate to improve the returns for all our stakeholders," Vinayak Bahuguna, chief executive and managing director, Arcil, said in the statement.
Arcil was incorporated in 2002 and is owned by banks like SBI, IDBI, ICICI, PNB and foreign investors.
