Mumbai: Goodlass Nerolac Paints Ltd has announced its audited financial results for the year ended 31 March 2003. The company has registered gross sales of Rs 791 crore, an increase of 11.7 per cent as compared to Rs 708 crore in the previous year.

The company has posted a record profit before tax of Rs 56.09 crore as against Rs 37.36 crore in the previous year, registering a 50-per cent increase in the profit before tax. The profit after tax has increased by 45.6 per cent this year to Rs 39.84 crore this year compared to Rs 27.36 crore in the previous year.

The board of directors has recommended a dividend of 90 per cent for this year, which will be tax free in the hands of the shareholders, as compared to the dividend of 75 per cent declared in the previous year. The dividend in the previous year was subject to deduction of tax.

The board of directors of the company has approved a revision in the project cost for the proposed paint unit at Bawal, Haryana, from Rs 70 crore to Rs 90 crore. The board also approved a revision in the expansion of the company's unit at Jainpur to set up a facility for water-based paints.

The expansion programme will now cost Rs 14.60 crore as against the earlier outlay of Rs 8.40 crore. This will increase the capacity of Jainpur plant by 24 per cent. The paint unit at Haryana and the expansion programme at Jainpur will be financed through internal accruals.

Meanwhile, V K Khurana has been appointed on the board as director (industrial marketing) in place of P S Khanolkar who is retiring from the services of the company.

Goodlass Nerolac Paints has been at the forefront of paint manufacturing for more than 80 years, pioneering a wide spectrum of quality paints. It is the second-largest paint company in India and undisputed leader in the industrial segment, having a group turnover of Rs 760 crore.

The company has five strategically located manufacturing units all over India and a strong dealer network of over 11,000 dealers across the country. It manufactures a diversified range of products ranging from architectural coatings for homes, offices, hospitals and hotels to sophisticated industrial coatings for most of the industries.