Grasim's sales and profit up

Grasim Industries, the flagship of the Aditya Birla Group, has announced a net profit of Rs. 233 crores for 1999-2000 against Rs. 164 crores in the previous year. The directors have recommended a final dividend of 10 per cent, making with the interim a total of 70 per cent against 67.5 per cent in the previous year.

The net turnover has crossed the Rs. 4,000 mark and risen to Rs. 4,273 crores from Rs. 3757 crores. The gross profit before interest, depreciation and tax was higher at Rs. 756 crores against Rs. 678 crores. Interest charges claimed Rs. 256 crores (Rs. 292 crores).

The provision for depreciation is Rs. 237 crores (Rs. 210 crores) and taxation Rs. 12 crores (Rs. 8 crores). The provision for employee separation cost is Rs. 18 crores (Rs. 4 crores).

According to the company, the major factors that contributed to the better performance are all round growth by way of higher production and turnover volumes, savings in operating costs resulting from ongoing modernisation efforts, upgradation of plants and energy optimisation and reduction in financing cost through restructuring of high cost debts and effective fund management.

Grasim's 9.3 lakh tonne cement plant at Reddipalayam, Tamil Nadu, set up at a cost of Rs. 315 crores, commenced trial runs in March. With the addition of this capacity in the South, the company's cement capacity stands increased to 11 million tonnes, making it the third largest cement player in the country.

ICICI Bank

ICICI Bank has recommended a 15 per cent dividend even as its net profit jumped by 66 per cent to Rs. 105.30 crores for the year ended March 31, 2000. The bank, which is the first Indian commercial bank to be listed on the New York Stock Exchange, said the holders of 15.91 million American Depository Shares (ADS), representing 31.81 million equity shares allotted on March 31 were not entitled to the dividend.

Its interest income increased by 57 per cent to Rs. 852.87 crores and other income by 118 per cent to Rs. 194.05 crores. Interest expenditure stood at Rs. 666.95 crores (Rs. 425.51 crores) while other expenditure stood at Rs. 128.52 crores (Rs. 65.44 crores).

Deposits rose by 62 per cent to Rs. 9,866.02 crores as on March 31 while total advances increased by 49 per cent to Rs. 5,030.96 crores. The bank's net non-performing assets, including credit substitutes, have reduced from 1.8 per cent as on March 31, 1999 to 1.14 per cent as on March 31, 2000. The capital adequacy ratio (CAR) stood at a healthy 19.64 per cent as on March 31, 2000 against 9 per cent in the previous year.

As per the U.S. GAAP, net interest income after provision for credit losses, increased by 123 per cent to Rs. 135.1 crores while net income shot up by 179 per cent to Rs. 140.2 crores.

Centurion Bank

Centurion Bank has declared a 11 per cent dividend on the back of a 60 per cent jump in its net profit at Rs. 34.34 crores in the year ended March 31, 2000 over the previous year. The bank said the dividend would be on a pro-rata basis on Rs. 40.75 crores of equity capital representing Rs. 33.75 crores of initial public offering and Rs. 7 crores of shares allotted to Kepfinance Investment (Mauritius) Pvt. Ltd.

Interest income was up by 12 per cent to Rs. 442.80 crores while the other operating income rose by almost 100 per cent to Rs. 88.79 crores. Total expenditure was up by 23 per cent to Rs. 423.89 crores while provisions and contingencies (including provision for tax) shot up by 211 per cent to Rs. 30.73 crores over the corresponding period last year.

The bank's deposits increased by over 80 per cent to Rs. 3,867 crores as on March 31, 2000 and advances by 30 per cent to Rs. 2,643 crores. Investments at Rs. 1,659 crores have shot up by 250 per cent over the previous year.

United Western Bank

United Western Bank has recommended a dividend of Rs. 3 per share on the back of a 50 per cent jump in its net profit at Rs. 55.7 crores for the year ended March 31, 2000, against Rs. 37.11 crores last year.

It posted a total income of Rs. 540.74 crores against Rs. 388.53 crores.

Deposits of the bank as on March 31, 2000 stood at Rs. 4,348 crores and advances at Rs. 2,358 crores. Total business registered a growth of 31.17 per cent at Rs. 6,707 crores (Rs. 5,113 crores).

The bank said that its interest spread went up from 3.04 per cent to 3.42 per cent and the capital adequacy ratio as on March 31, 2000 stood at 11.94 per cent.

Gross non-performing assets for the year stood at Rs. 154.42 crores (Rs. 186.66 crores) and net NPA at Rs. 113.63 crores (Rs. 138.33 crores). Net NPA to net advances has sharply come down from 8.28 per cent as on March 31, 1999 to 4.83 per cent on March 31, 2000.

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