The Board of Directors of Setco Automotive Ltd, a premium automotive clutch manufacturer company, at its meeting held on July 05, 2012 have recommended a dividend of Rs. 4/- per share of face value of Rs. 10/- each.
The company has been consistently declaring dividends starting from FY 2006-07 with Rs. 2.50 to Rs. 4/- per equity share and still continuing in financial year 2011-12.
Further, the Board of Directors recommended, subject to the approval of shareholders, a bonus issue of one equity share for every two equity shares held (1:2) by the shareholder. Earlier the Company had also declared bonus in the ratio of 1:1 in the FY 2010-11.
Harish Sheth, CMD, Setco Automotive Ltd. said, “We have always remained committed to perform well and increase our stakeholder’s value”
The Board of Directors has approved the Audited financial results for the year ended March 31, 2012. On a standalone basis, the Company has registered a growth of 23% in Net Sales at Rs. 370.80 crore compared to Rs. 302.65 crore in the previous year and Net Profit has increased by 29% at Rs. 42.42 crore compared to Rs. 328.7mn in the previous year. On a consolidated basis Net Sales increased by 20% at Rs. 4.23bn compared to Rs. 352.91 crore in the previous year and Net Profit rose by 36% at Rs. 454.7mn compared to Rs. 335mn in the previous year.