Is it possible that the LCD code delay is greater than the data transfer time, ( and maybe therefore, the gibberish on the LCD screen)?

Here are some observations I made earlier...
This is the code I'm using to display data on the LCD.

void lcddata(unsigned char value)
{
ready();
rs=1;
rw=0;
en=1;
lcd_port=value;
en=0;
return;
}
void ready()
{
busy=1;
rs=0;
rw=1;
while(busy==1)
{en=0;
en=1;
}
return;
}

 

Here's a bit of math I did to determine the delay I have between two consecutive data acquisitions...
4800 bits in one second
8 bits in 1.67 milliSec.

Thus i have around 1.6 ms before the next byte comes into the SBUF. Therefore the delay of the above code must be <=1.6ms.
But when I used the Keil debugger to find out the delay of the above functions...I found it to be 8.4 microseconds(but I don't know whether I did it right.)So according to my calculations, the lcddata() function isn't a culprit.