Aurobindo Pharma income crosses Rs. 1,000 cr.

Aurobindo Pharma has reported good results for the year ended March 31, 2001 and its income has crossed the landmark figure of Rs.1,000 crores to Rs. 1,007.75 crores from Rs.749.08 crores, an increase of 34.5 per cent. The profit before depreciation, interest and taxes has registered a growth of 16 per cent to Rs.139.89 crores from Rs.120.71 crores.

The company has changed accounting policies pertaining to export benefit entitlements, retirement benefits, provisions for claims/debts, pursuant to its goal of adopting U.S. GAAP. Consequent to this, the net profit stood at Rs. 68.31 crores (Rs. 74.60 crores). The earnings per share for the year on the increased equity of Rs.20.20 crores (post bonus issue of 1:1 made during the year and post merger ) stood at Rs. 33.82.

The company has strong fundamentals and as at March 31, 2001, on an equity base of Rs.20.20 crores, the reserves and surplus stood at Rs.256.41 crores.

The year saw Aurobindo Pharma making significant gains in exports. Export income stood at Rs. 553 crores, an increase of 50 per cent. The current year's figures include the financial results of Shri Chakra Remedies Ltd. (SCRL), which was merged with the company during the year and therefore not directly comparable with the previous year's figures. The company has written off overall losses of SCRL amounting to Rs.7.2 crores in its consolidated results.

During the year the company made significant progress in its path towards becoming a R&D led international pharma company. The world class R&D Centre set up is fully operational now and has a team of renowned scientists.

Citibank

Citibank India has achieved a turnover of Rs. 2,272 crores in the year ended March 31, 2001 up 21 per cent from last year. The net profit rose by 41 per cent to Rs. 285 crores. The superior operating efficiencies, optimal balance sheet utilisation, emphasis on new lines of activity coupled with Citigroup's global focus on emerging markets have enabled the bank to stay ahead of competition and register higher profits, according to Mr. Nanoo Pamnani, CEO. Net interest income during the year stood at 772 crores up 20 per cent while non-fund based income was up by 35 per cent to Rs. 522 crores. Operating expenses went up by 20 per cent to Rs. 601 crores. The balance sheet size for the bank grew by 38 per cent to Rs. 19,466 crores with advances increasing by 40 per cent to Rs. 9,273crores and deposits increasing by 38 per cent to Rs. 14,052 crores.

The ratio of net non-performing assets (NPA) to net advances has improved significantly to 0.70 percent from 1.05 per cent last year. The capital adequacy ratio has risen to 11.24 per cent from 10.62 per cent.

City Union Bank

City Union Bank has achieved a net profit of Rs. 21.30 crores in the year ended March 31, 2001 against Rs. 20.06 crores in the corresponding period in 1999-2000. The board has recommended a dividend of 25 per cent.

The total income was higher at Rs. 213.87 crores against Rs. 208.97 crores. Interest earned was higher at Rs. 184.94 crores against Rs. 175.87 crores. Other income was Rs. 28.93 crores against Rs. 33.10 crores. Interest expenses were Rs. 131.33 crores (Rs. 129.18 crores). The operating profit was Rs. 49.48 crores against Rs. 49.06 crores. Provisions and contingencies claimed Rs. 14.59 crores (Rs. 15.20 crores) and taxation Rs. 13.60 crores (Rs. 13.80 crores).

Deposits stood at Rs. 1,612 crores and gross advances at Rs. 930 crores. The capital adequacy ratio was Rs. 13.59.

TMB

The total income of the Tamilnad Mercantile Bank (TMB) has gone up to Rs. 427 crores, a growth of 18 per cent compared with that of the previous year. The bank has posted an operating profit of Rs. 102 crores and a net profit after tax of Rs. 50 crores against Rs. 40 crores during last year, representing a 25 per cent growth over the previous year.

Disclosing the bank's performance for 2000-01, its chairman, Mr. S. Krishnamurthy, said that the reserve base of the bank had increased from the level of Rs. 113 crores as on March 31, 1997 to Rs. 276 crores within a short span of four years. As against the minimum capital adequacy ratio of nine per cent stipulated by RBI, the bank is having a capital adequacy of around 17.6 per cent, one of the highest in the industry, he added.

On the TMB's business performance, he said that the bank had registered a business growth with total assets increasing to Rs. 4,780 crores now. The aggregate deposits stood at Rs. 3,198 crores which translated into a growth of 20 per cent over the previous year against the industry average of around 17 per cent.

In credit operations, the bank's aggregate advances increased by Rs. 333 crores during the year to reach the level of Rs. 1,588 crores registering an increase of 27 per cent over the previous year. Advances to priority sector worked out to 42 per cent of the total advances as against the mandatory target of 40 per cent.

With a view to covering the retail segment in a greater way, the bank had introduced new loan schemes such as TMB-Car, TMB-Home, TMB-Education with attractive features. The average business per branch of the bank worked out to Rs. 30 crores, he said adding that the TMB's net NPA to net advances was at the level of about 6 per cent.

The merchant trading turnover in the bank's forex operations had spurted to Rs. 1,825 crores, registering a 10 per cent increase over the previous year. The credit deployment to export/import activity had exceeded Rs. 170 crores. The bank had expanded its product profile with the launch of an exclusive deposit scheme for senior citizens, offering 0.5 per cent additional rate of interest, he pointed out.

Even while 134 of the total 160 branches were computerised, the bank had announced its partnership with Infosys Technologies, Bangalore, so as to replace the existing decentralised branch automation systems with ``Finacle'' - the core e-banking platform integrating the operations of the bank's major branches, he said.

Funskool

Funskool India, a joint venture between MRF and Hasbro of the U.S. has reported a turnover of Rs. 27.54 crores against Rs. 26.56 crores. The profit before taxation is lower at Rs. 1.96 crores against Rs. 2.02 crores. The provisions for depreciation and taxation stood at Rs. 64 lakhs and Rs. 56 lakhs against Rs. 60 lakhs and Rs. 48 lakhs respectively. The profit available for appropriation is Rs. 1.42 crores against Rs. 1.58 crores. Export earnings stood at Rs. 7.38 crores against Rs. 8.10 crores.

The board has decided to recommend a dividend of 40 per cent on equity shares.

Oriental Hotels

Oriental Hotels has recommended a dividend of 50 percent for the year ended March 31, 2001 against 55 per cent interim dividend paid for the previous year. The company has achieved a turnover of Rs.94.98 crores against Rs. 90.55 crores.

Income from operations have improved to Rs. 81.47 crores from Rs. 78.30 crores. Operating fee receipts were Rs. 1.23 crores against Rs. 3.17 crores. Other income also has increased to Rs. 9.34 crores against Rs. 7.86 crores. Exchange fluctuation gain was Rs. 2.70 crores (Rs. 1.08 crores). The net profit after tax amounted to Rs. 13.29 crores from Rs. 17.53 crores.

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