Financial Daily from THE HINDU group of publications
Friday, Apr 11, 2003
Financial Daily from THE HINDU group of publications Friday, Apr 11, 2003 |
|
|
|
|
|
Corporate
-
Manpower ECIL plans second VRS — Turnover crosses Rs 1,000 cr Our Bureau
HYDERABAD, April 10 THE Electronics Corporation of India Ltd (ECIL) proposes to come out with yet another voluntary retirement scheme (VRS) to further reduce its employee strength by 1,000. The company, which registered a turnover of Rs 1,005 crore and a profit before tax (PBT) of Rs 150 crore during 2002-03, currently has 3,000 executives and 2,300 workers on its rolls. The ECIL Chairman and Managing Director, Mr V.H. Ron, said that the corporation, along with Life Insurance Corporation (LIC), had worked out a scheme to ensure a reasonable monthly payment, instead of a lumpsum amount, to the employees who opted for the VRS. The scheme was recently presented to the Union Ministry of Heavy Industries and is under consideration. Announcing ECIL's annual results at a press conference here on Wednesday, Mr Ron said that corporation registered a 90 per cent growth in PBT and 48 per cent growth in turnover during 2002-03, when compared to the turnover of Rs 681 crore and a PBT of Rs 79 crore in the previous year. In the current fiscal, it was targeted to achieve a turnover of Rs 1,250 crore. Emphasis would also be laid on achieving an export turnover of Rs 50 crore this year as against just Rs 5 crore last fiscal. Mr Ron said that ECIL, which had a lean phase during 1997-99 and was referred to BIFR, had made a turnaround from 1999-2000 as a result of a number of management initiatives including customer-centric focus, participative management, right-sizing of the employees strength, prudent working capital management and quality management. The corporation achieved a break-even in 1999-2000 with and a PBT of Rs 12 crore in 2000-01 and Rs 79 crore in 2001-02. 2000-01 and 2001-02 respectively. Apart from supplies to Defence and Atomic Energy, he said that ECIL's supplies last year included integrated security systems for major establishments, electronic voting machines, supervisory control and data advisory (SCADA) system for Mumbai-Manmad pipeline, telecom equipment for RailTel and e-governance projects. Some future programmes of ECIL were supply of control, automation, instrumentation and security systems for nuclear power projects, special niche systems for Defence and expansion of business in telecom and civil aviation sectors. Mr Ron said that the thrust areas for future would be networked R&D, synergy with public sector undertakings, customer relationship management, quality management, human resources development and exports.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|