Reliance Petro profit at Rs. 867 cr.

Reliance Petroleum (RPL) has announced a net profit of Rs. 867 crores for the half year ended September 2001 against Rs. 672 crores in the corresponding period of the previous year. Sales for the period were Rs. 17,331 crores (Rs. 14,308 crores) and other income Rs. 133 crores (Rs. 83 crores).

Interest charges claimed Rs. 489 crores (Rs. 456 crores), depreciation Rs. 407 crores (Rs. 297 crores) and taxation Rs. 67 crores (Rs. 54 crores).

During the half year, the company achieved a record capacity utilisation of 107 per cent aided by strong export performance. RPL processed 14.42 million tonnes (12.6 million tonnes) of crude during the half year.

Exports during the period were at Rs. 3,581 crores which were the highest in the Indian corporate sector.

Overall domestic consumption for petroleum products suffered a drop of 1.5 per cent in the half year. Consumption of HSD dropped by 5.3 per cent and that of kerosene by 5.6 per cent.

However, LPG recorded a growth of 10.2 per cent and gasoline consumption grew by 5.8 per cent.

For the quarter ended September 2001, RPL's net profit was at Rs. 411 crores (Rs. 372 crores) on sales of Rs. 8,466 crores (Rs. 8,325 crores) and other income of Rs. 109 crores (Rs. 70 crores). The company provide Rs. 246 crores (Rs. 284 crores) for interest, Rs. 208 crores (Rs. 162 crores) for depreciation and Rs. 32 crores (Rs. 30 crores) for current tax.

Commenting on the results, Mr. Anil D. Ambani, managing director, RPL said, ``We are encouraged by RPL's strong financial performance in a difficult operating environment characterized by weakness in domestic demand and significant volatility in crude and product prices. We believe that RPL's inherent operational strengths will enable the company to maintain its performance, despite the challenges arising from the prevailing uncertain global economic outlook.''

RPL proposes to enter the business of retail marketing of controlled products in India. RPL is currently evaluating a multi-pronged strategy encompassing potential joint ventures and alliances, acquisitions of marketing and distribution assets and/or development of its own distribution and marketing infrastructure.

RPL's MoU with Indian Oil Corporation for the formation of a joint venture for marketing and the company's participation in the process for disinvestment of IBP reflect this strategy.

RPL also proposes to make investments in pipeline projects, to facilitate distribution of petroleum products across the country, in a seamless and cost efficient manner.

Wockhardt

Wockhardt has announced a net profit of Rs. 69.70 crores for the nine months ended September 30, 2001 against Rs. 50.70 crores in the corresponding period of the previous year. Income from operations was Rs. 471.50 crores (Rs. 409.30 crores).

The gross profit before interest, depreciation and tax was Rs. 92 crores against Rs. 68.10 crores. The company provided Rs. 11.60 crores (Rs. 13.10 crores) for interest, Rs. 8.70 crores (Rs. 7.30 crores) for depreciation and Rs. 5.10 crores (Rs. 3.50 crores) for tax.

The company announced a net profit of Rs. 30 crores for the third quarter of 2001-02 against Rs. 22 crores in the corresponding period of the previous year. Sales for the period were up 15 per cent at Rs. 172 crores (Rs. 150 crores) and the gross profit at Rs. 36.90 crores (Rs. 27.70 crores).

Wockhardt's exports business grew by 29 per cent to Rs. 39 crores during the quarter. Value-added formulation exports were a major growth driver. For the nine months, exports grew 35 per cent to Rs. 112 crores of which formulations exports grew by 125 per cent.

TNPL

Tamil Nadu Newsprint and Papers has reported a net sales of Rs. 133.10 crores in the second quarter ended September 30, 2001 against Rs. 148.15 crores while the gross profit before depreciation was Rs. 30.93 crores against Rs. 32.19 crores in the same period in the previous year.

Depreciation claimed Rs. 12.84 crores (Rs. 12.11 crores) and taxation including deferred tax Rs. 3.78 crores (Rs.1.70 crores). The net profit has declined to Rs. 14.31 crores from Rs. 18.38 crores.

In the half year ended September 30, 2001, net sales were Rs. 261.20 crores (Rs.277.12 crores) and the net profit Rs. 27.18 crores (Rs.30.48 crores).

Castrol

Castrol India has reported a 21.1 per cent decline in its net profit at Rs. 22.23 crores during the third quarter ended September 30, 2001 against Rs. 28.17 crores for the same period of the previous year. Net sales were higher at Rs. 294.60 crores against Rs. 290.07 crores.

The decline in net profit was attributed to the reduced income tax benefit as well as deferred tax provision for the nine month period in this quarter, it said. Other income decreased to Rs. 2.09 crores (Rs. 2.35 crores).

For the nine months ended September 30, 2001, the net profit was lower at Rs. 83.61 crores against Rs. 106.29 crores while net sales stood at Rs. 944.73 crores against Rs. 901.92 crores.

Indo Gulf

Indo Gulf Corporation (IGCL) has achieved a higher net profit of Rs. 126.71 crores for the half year ended September 2001 against Rs. 91.04 crores in the corresponding period of the previous year. Net sales were higher at Rs. 1,274.9 crores against Rs. 978.24 crores Sales from the fertilizer division were Rs. 261.89 crores (Rs 265.12 crores) and the copper division Rs. 1,013.01 crores (Rs. 713.12 crores). Other income amounted to Rs. 21.98 crores (Rs. 23.02 crores).

The operating profit is higher at Rs. 296.37 crores against Rs. 248.99 crores. In the quarter ended September 2001, it achieved a gross profit of Rs. 131.38 crores against Rs. 92.91 crores and a net profit of Rs. 76.24 crores against Rs. 52.04 crores in the same period last year. Net sales were higher by 31 per cent at Rs. 693.71 crores (Rs. 531.55 crores.

Eicher

Eicher has achieved a profit before depreciation and interest charges of Rs. 5.50 crores in the three months ended September 30, 2001 against a loss of Rs. 2.18 crores in the corresponding period in the previous year. The cumulative operating profit for the first half is Rs. 10.45 crores against Rs. 40 lakhs.

After providing interest of Rs. 5.97 crores, depreciation Rs. 5.22 crores and amortisation of expenditure incurred pursuant to VRS Rs. 5.18 crores, the company reported a net loss of Rs. 10.87 crores against a loss of Rs. 16.56 crores.

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