Madras Cements benefits from higher price realisation

By Our Corporate Reporter

CHENNAI, JULY 31. Madras Cements has benefited from higher price realisation and an increase in output and sales in the three months ended June 30,2001.

Production of cement was higher at 8.81 lakh tonnes against 7.54 lakh tonnes in the same period in the previous year and despatches stood at 8.61 lakh tonnes against 7.66 lakh tonnes.

Sales have risen sharply to Rs. 209.12 crores in the quarter under reference against Rs. 144.28 crores. The gross profit before depreciation and interest charges has risen sharply to Rs. 69.22 crores from Rs. 32.10 crores.

Despite higher provisions towards interest charges at Rs. 21.20 crores (Rs.13.74 crores), depreciation at Rs. 17.85 crores (Rs.12.84 crores) and taxation at Rs. 5 crores (Rs.1.07 crores), the net profit has risen several fold to Rs. 25.17 crores from Rs. 4.45 crores.

Gujarat Ambuja Cements

Gujarat Ambuja Cements has reported a six per cent increase in profit after tax at Rs. 186 crores for financial year ended June 30, 2001, compared to Rs. 175 crores in the previous fiscal. The board has recommended a dividend of 50 per cent as against 40 per cent last fiscal.

The turnover increased by 11.2 per cent in the reporting fiscal to Rs. 1,448 crores from Rs. 1,302 crores. In 1999-2000 the company earned an extraordinary income (net of taxes) of Rs. 253 crores.

Interest expenditure (net) has increased from Rs. 99 crores to Rs. 134 crores in 2000-01. The company during the reporting year sold 6.08 million tonnes of cement as compared to 5.85 million tonnes last fiscal.

In the fourth quarter ended June 2001, the net profit was Rs. 77 crores (Rs. 20 crores in Q4 of last year) while sales stood at Rs. 430 crores (Rs. 359 crores).

Work on company's two million tonne new cement plant at Chandrapur in Maharashtra is progressing on schedule and is expected to be completed by December this year.

Mahindra & Mahindra

Mahindra & Mahindra reported a net loss of Rs. 29.61 crores for the first quarter ended June 30, 2001 against a net profit of Rs. 34.27 crores in the same period of previous fiscal following a decline in demand in the auto industry.

Net sales and income from operations have declined sharply to Rs. 685.87 crores from Rs. 848.49 crores for the corresponding quarter of the last year.

Other income was also lower at Rs. 13.66 crores (Rs. 22.01 crores). The company sold 12,149 vehicles against 13,624 vehicles in the domestic utility vehicle segment. Sales of tractors declined by 34.77 per cent to 12,909 units from 19,792 units last fiscal.

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