TIL Ltd, the Calcutta-based crane maker which is in the process of implementing a Rs 80-crore expansion programme, plans to focus on enhancing its value system through technology and innovation, during the current financial year.
The company's operations will reflect the demands of the marketplace which will be shaped by the customer, said A Mazumdar, chairman, TIL, at its annual general meeting held in the city yesterday.
Crucially, what will keep the company on a growth trajectory is its allegiance to its customers and their changing needs and establishing life-time partnerships, he added.
During the last financial year, TIL witnessed a 21 per cent-growth in turnover at Rs 237.69 crore despite difficult market conditions.
Profit after tax showed a 4.38 increase at Rs 6.19 crore against Rs 5.93 crore in 1995-96.
The board of directors has a recommended a dividend of 25 per cent, which is the same as last year.
TILs wholly owned subsidiary in Myanmar, Myanmar Tractors & Trading Co Ltd has achieved a turnover of Rs 169.34 crore and a profit of Rs 4.34 crore during the year. Business prospects in Myanmar continued to be encouraging and the directors are confident of continued success in the current year.
TIL as a group has achieved a turnover of Rs 407 crore and profit before tax of Rs 15.11 crore. Sales of its power systems division went up 32 per cent.
A long term strategy is being evolved for greater penetration of this division in the growing market sector.
Sales of construction, mining and earthmoving equipment products also rose 48 per cent during the year.
The company recently tied up $3 million as external commercial borrowings and Rs 32 crore as domestic term loans for its Rs 80 crore expansion project.
What will keep the company on a growth trajectory is its allegiance to its customers and their changing needs and establishing life-time partnerships A Mazumdar, chairman, TIL
