RPL exports fetch Rs. 479 crores

By Our Staff Correspondent

MUMBAI, JULY 29. Reliance Petroleum (RPL) has announced a net profit of Rs. 324 crores for the quarter ended June 30, 2000 on sales of Rs. 5,983 crores. The operating profit was Rs. 631 crores. The company processed 5.8 million tonnes of crude during the quarter. Exports earned Rs. 479 crores, placing the company among the top ten manufacturer exporters in the country. According to a company press release, the company's operations have helped in reversing the trend of increasing imports of petroleum products in recent years and have already saved foreign exchange to the tune of Rs. 1,104 crores.

Commenting on the results, Mr. Anil D. Ambani, managing director, said, ``The completion of the refinery project is a significant milestone in our growth, and has further enhanced our leadership position in the Indian economy. The refinery accounts for nearly 25 per cent of the country's refining capacity and fulfils a major national priority, by substantially eliminating the country's dependence on imports of petroleum products, providing a higher level of energy security and conserving valuable foreign exchange.''

RPL has an agreement with the public sector oil companies, IOC, HPCL and BPCL for off-take of the controlled products, while other products are sold directly by it.

RPL holds a 13 per cent stake in Petronet V.K.Ltd. owning the Vadinar Kandla pipeline. It will acquire a 10 per cent stake in Petronet India Ltd., the holding company set up for creation of a pipeline infrastructure for evacuation of petroleum products all over India. The Reliance group holds 64 per cent of the equity capital of RPL, international investors about 7 per cent, domestic finan cial institutions about 9 per cent and the retail public nearly 20 per cent.

Grasim

Grasim Industries, the flagship company of the Aditya Birla group, recorded a net profit of Rs. 59.43 crores for the quarter ended June, 2000 compared to Rs. 58.96 crores in the corresponding period of last year.

The company recorded a turnover of Rs. 1,212 crores (Rs. 1,098 crores) for the quarter ended June, 2000, reflecting a 10 per cent increase over the corresponding quarter of last year. Gross profit too was up at Rs. 127 crores (Rs. 122 crores).

Ashok Leyland

Ashok Leyland has posted a net loss of Rs. 19.68 crores in the three months ended June 30, 2000 against Rs. 16.22 crores in the same period of the previous year mainly on account of depressed sales consequent to the implementation of uniform sales tax across the country.

The company sold a total of 6,441 vehicles against 6,708 in the same period. In line with the decrease in volumes, the company has posted a lower turnover of Rs. 444.73 crores against Rs. 476.53 crores. Other income went up to Rs. 5.42 crores (Rs. 52.10 lakhs). Interest charges claimed Rs. 23.35 crores (Rs. 21.54 crores) and depreciation Rs. 20.77 crores (Rs. 19.30 crores). The Euro 1 vehicles have shown good performance in the field and have been well accepted by the customers.

Wipro

Wipro and Wipro Technologies, both from the Wipro stable, have excelled in their performance during the first quarter of 2000- 01. While Wipro has recorded sales and other income of Rs. 622.1 crores, Wipro Technologies' was Rs. 355.5 crores, a rise of 47 per cent and 82 per cent respectively, compared to the similar period in the previous year.

Wipro's profit after tax at Rs. 107.7 crores was up 129 per cent against Rs. 47 crores. Figures for the quarter ended June 1999 include figures of Wipro Computer which was merged with Wipro since April 1, 1999.

Wipro Technologies', the largest publicly listed software exporter, sales and other income went up by 82 per cent to Rs. 355.5 crores. The profit before interest and tax (operating margin) was Rs. 110.3 crores, a growth of 146 per cent. Operating margin to sales went up to 31 per cent from 23 per cent.

Wheels India

Wheels India has increased its sales impressively to Rs. 324.69 crores in the year ended March 31, 2000 from Rs. 259.97 crores in the previous year. The net profit before depreciation and taxation has increased to Rs. 20.85 crores from Rs. 17.40 crores. Depreciation claimed Rs. 9.16 crores (Rs. 8.29 crores) and taxation Rs. 1.33 crores (Rs. 97 lakhs).

The profit after taxation has risen by 27.4 per cent to Rs. 10.37 crores from Rs. 8.14 crores. The equity dividend has been maintained at 25 per cent absorbing Rs. 2.46 crores (same).

MRF

MRF could increase its net sales and income from operations to Rs. 606.98 crores in the third quarter ended June 30, 2000 from Rs. 577.41 crores in the same period last year. The gross profit before depreciation and interest charges has declined to Rs. 62.38 crores from Rs. 82.77 crores due to huge increase in costs of raw materials and intense competition resulting in price reduction by many competitors.

Interest charges claimed Rs. 16.59 crores (Rs. 18.24 crores), depreciation Rs. 27.36 crores (Rs.29 crores) and taxation Rs. 6.45 crores (Rs.13.50 crores). The net profit after tax registered a sharp drop to Rs. 11.98 crores from Rs. 22.03 crores.

Carborundum Universal

Carborundum Universal, registered a 13 per cent increase in net sales to Rs. 60.51 crores in the three months ended June 30, 2000 from Rs. 53.43 crores. Finance charges were substantially lower by 37 per cent at Rs. 2.52 crores (Rs. 3.96 crores). The net profit before tax has declined to Rs. 4.64 crores from Rs. 6.59 crores and the profit after tax to Rs. 3.15 crores from Rs. 4.50 crores. The profit before tax last year included a one time adjustment of Rs. 2.92 crores as a result of change in method of inventory valuation.

Ucal Fuel Systems

Ucal Fuel Systems has posed a net profit of Rs. 4.01 crores for the quarter ended June 30, 2000. Net sales went up by 40 per cent to Rs. 40.88 crores from Rs. 29.10 crores in the same period in the previous year.

The Pondicherry plant has started producing secondary air valve for use in four stroke two wheelers for emission fine tuning. In April this year the company inaugurated its third plant in Gurgaon for producing electronic fuel injection related parts for four wheelers required by Maruti Udyog.

Karur Vysya Bank

Karur Vysya Bank has achieved an increase of 18 per cent in deposits in the three months ended June 30, 2000 at Rs. 2,896.47 crores. Advances registered a growth of 26.25 per cent to Rs. 1,851.04 crores from Rs. 1,466.22 crores in the same period in the previous year. Total income rose by 13.2 per cent to Rs. 120.93 crores from Rs. 106.84 crores and the net profit by 58.8 per cent to Rs. 19.12 crores from Rs. 12.04 crores.

The bank is aiming to reach Rs. 3,750 crores in respect of deposits and Rs. 2,200 crores in respect of advances for the year ending March 31, 2001.

Tube Investments

Tube Investments has achieved a higher turnover of Rs. 276.57 crores in the quarter ended June 30, 2000 against Rs. 201.63 crores in the corresponding period in 1999-2000. After providing Rs. 5.99 crores (Rs. 4.62 crores) towards interest charges and Rs. 7.64 crores (Rs. 6.03 crores) for depreciation, the profit before tax was Rs. 11.10 crores against Rs. 10.74 crores.

The provision for taxation is Rs. 3 crores (Rs. 2.36 crores). The net profit has declined to Rs. 8.10 crores from Rs. 8.38 crores.

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