Carborundum Universal's exports up in Q1

Carborundum Universal could offset the drop in domestic sales by increasing exports to Rs. 7.68 crores in the first three months ended June 30, 2001 from Rs. 4.51 crores in the same period in the previous year. Net sales and income from operations were marginally higher at Rs. 60.80 crores against Rs. 60.51 crores while other income was higher at Rs. 1.26 crores against Rs. 94 lakhs.

The profit before extraordinary items has risen by 14 per cent to Rs. 5.31 crores from Rs. 4.64 crores. After allocating Rs. 50 lakhs (nil) towards extraordinary expenses and Rs. 1.27 crores (Rs. 1.49 crores) towards taxation, the net profit has improved by 10 per cent to Rs. 3.48 crores from Rs. 3.15 crores.

Sales of coated abrasives and electrominerals increased by 5 per cent and that of refractory division by 25 per cent. Bonded abrasives however registered a 10 per cent drop. The hydel power plant and wind mills generated 97 lakh units of power during the quarter against 64 lakh units in the same period of the previous year.

E.I.D. Parry

E.I.D. Parry India, has achieved a turnover of Rs. 1,348 crores and a net profit of Rs. 45 crores in the year ended March 31, 2001. The gross profit before depreciation and interest charges of Rs. 156.46 crores (Rs. 138.70 crores) included Rs. 17.18 crores being impact on stock valuation as per revised mandatory accounting standard for the inventories held on March 31, 2000.

The results are not comparable with the previous year as they include the operations of the erstwhile Pettavaittalai Sugars, Johnson Pedder and Dhanyalakshmi Investments which were merged with the company with effect from April 1, 2000. The amalgamation has helped the company in consolidating its position of leadership in two of its key business segments. The acquisition and the subsequent merger of the sanitaryware factory at Dewas has significantly improved the company's market share in the growing medium segment and also helped the company in servicing the central / western parts of the country.

The directors have recommended a dividend of 70 per cent and the erstwhile share holders of Pettavaittalai Sugars will also be entitled for the dividend.

The fertiliser plants in Ennore and Ranipet (Tamil Nadu) continued to perform well. The sugar units crushed 34.37 lakh tonnes of cane as compared to 25.51 lakh tonnes and the average sugar recovery was 9.25 per cent.

Parrys Confectionery

The performance of Parrys Confectionery in the first quarter of the current year has been lower than expected in terms of volumes, though in terms of profitability it was better than in the first quarter of the previous year.

Sales and services for the period under reference were Rs. 22.32 crores against Rs. 25.88 crores. The loss before extraordinary items was Rs. 1.93 crores against Rs. 2.96 crores. After allocating Rs. 16 lakhs towards extraordinary items the net loss stood at R. 2.09 crores.

The company is continuously focussing on better product mix, widening of distribution network and direct retail outlets coverage.

Aksh Optifibre

Aksh Optifibre has reported a massive jump in its net profit to Rs. 10.01 crores during the quarter ended June 30, 2001 as compared to a profit of Rs. 31.20 lakhs in the corresponding quarter of the previous year.

Net sales also rose to Rs. 59.94 crores in April-June 2001 compared to Rs. 21.36 crores in the first quarter of the previous year. The directors have also declared an interim dividend of Re. 1 per share. They have also accorded approval for issue of 12.75 per cent debentures of Rs. 1,00,000 each to UTI Bank and allotted 1000 12.75 per cent non-convertible debentures aggregating to Rs. 10 crores to the same bank.

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