Bengaluru, Oct 24 : The public sector enterprise Karnataka Soaps and Detergents Limited on Friday handed over Rs 135 crore to the State Government as dividend from its profits for the financial year 2024'25.

On behalf of the public limited enterprise, Large and Medium Industries Minister M.B. Patil and Karnataka Soaps and Detergents Limited Chairman Appaji Nadagouda presented the cheque to Karnataka Chief Minister Siddaramaiah at the Conference Hall of Vidhana Soudha.

Speaking on the occasion, Minister Patil said that Karnataka Soaps and Detergents Limited had achieved a turnover of Rs 1,700 crore and recorded a profit of Rs 451 crore in the last financial year. In line with regulations, 30 per cent of the profit has been paid to the government as dividend.

'This marks an all-time record for the company in terms of turnover, profit, and dividend,' he remarked.

In 2022'23, Karnataka Soaps and Detergents Limited had paid a dividend of Rs 54 crore to the State Government, followed by Rs 108 crore in 2023'24. Compared with last year, this year's dividend reflects an increase of Rs 27 crore. 'In the coming years, this amount is expected to rise further,' Minister Patil added.

Karnataka Deputy Chief Minister D.K. Shivakumar, Ministers K.J. George, Priyank Kharge, M.C. Sudhakar, Santosh Laud, Industries Department Principal Secretary S. Selvakumar, and Karnataka Soaps and Detergents Limited's Managing Director P.K. Prashanth were present on the occasion.

Karnataka Soaps and Detergents Limited was established in 1916 by the then Government of Mysore. It is a public sector enterprise in Karnataka, and is best known for its flagship product, Mysore Sandal Soap, which is made from pure sandalwood oil sourced from Karnataka.

The company was originally set up to promote and commercialise the state's sandalwood resources and to manufacture high-quality soaps and detergents for domestic and international markets. Over the years, Karnataka Soaps and Detergents Limited has expanded its product range to include a variety of personal care and hygiene products.

/IANS