Mumbai, April 26 (PTI): Philips India Ltd has posted a higher net profit of Rs 23.93 crore for the first quarter ended March 31, 2003 compared with Rs 19.08 crore in the same period last year. The total income for the quarter rose marginally to Rs 363.85 crore from Rs 360.81 crore, the company informed the Bombay Stock Exchange today.
Managing director K. Ramachandran said, “After the good overall performance in 2002, our performance this quarter continues to reflect our focus on sustainable profitability.”
Philips India announced today the audited results for the year ended December 2002 with net profit at Rs 104.33 crore and net sales of Rs 1,529.17 crore. The board has recommended a dividend of Rs 1.5 per share for the year.
Philips Glass India, Electric Lamp Manufacturers (India) and Punjab Anand Lamp Industries’ merger with Philips India has received sanction from various high courts with appointed date as April 1, 2002.