Gujarat Ambuja Cements' Q1 net doubles

Gujarat Ambuja Cements (GACL) has reported a higher net profit of Rs. 53.23 crores for the first quarter ended September 2001 against Rs. 25.06 crores in the same period last year. Net sales have risen to Rs. 340.08 crores from Rs. 290.26 crores. Other income accounted for Rs. 8.91 crores (Rs. 3.58 crores).

The operating profit was higher at Rs. 114.43 crores against Rs. 88.51 crores). Interest charges claimed Rs. 24.67 crores (Rs. 32.22 crores), depreciation Rs. 33.53 crores (Rs. 31.23 crores) and taxation Rs. 3 crores (nil).

During the period, the company produced 12.78 lakh tonnes (10.93 lakh tonnes) of clinker and 14.74 lakh tonnes (12.73 lakh tonnes) of cement. It sold 14.58 lakh tonnes of cement (12.81 lakh tonnes).

The company has proposed to buy-back its shares worth Rs. 50 crores at a maximum price of Rs. 170 per share through the open market route.

Madras Cements

Madras Cements has reported a profit after taxation of Rs. 26.66 crores in the half year ended September 30, 2001 against Rs. 24.85 crores in the corresponding period last year.

Net sales were higher at Rs. 394.58 crores against Rs. 301.23 crores. Other income amounted to Rs. 157 lakhs (Rs. 109 lakhs).

The gross profit, before depreciation and interest charges, has improved to Rs. 103.66 crores from Rs. 86.23 crores.

Interest charges claimed Rs. 39.90 crores (Rs. 29.74 crores).

The sum set aside for depreciation is Rs. 32.10 crores (Rs. 25.66 crores). The provision for taxation is Rs. 5 crores (Rs. 5.98 crores).

In the quarter ended September 30, 2001, net sales were Rs. 185.46 crores against Rs. 156.95 crores. Other income was higher at Rs. 154 lakhs (Rs. 36 lakhs).

The gross profit, before depreciation and interest charges, was lower at Rs. 34.44 crores against Rs. 54.13 crores.

After providing Rs. 18.70 crores (Rs. 16 crores) for interest charges, Rs. 14.25 crores (Rs. 12.82 crores) for depreciation, the profit after tax is much lower at Rs. 1.49 crores against Rs. 20.40 crores.

Raymond

Raymond has announced a net profit of Rs 36.19 crores for the six months ended September 2001 against a loss of Rs. 187.87 crores in the same period last year. The company's net sales were Rs. 427.13 crores (Rs. 771.23 crores) and other income at Rs. 9.04 crores (Rs. 7.97 crores).

The company provided Rs. 9.02 crores (Rs. 57.21 crores) for interest, Rs. 25.84 crores (Rs. 51.52 crores) for depreciation and Rs. 14.78 crores (nil) for tax.

The directors have also approved the proposal to acquire the entire shareholding of Regency Texteis Portuguesa, a company incorporated in Portugal, at a total share price of $3 million.

Raymond is looking to expand its presence in European and other developed markets. Its acquisition of Regency Texteis Portuguesa Limita will provide it with a manufacturing and distribution base in Europe. Regency's current product line includes suits, jackets, trousers and waistcoats. The present manufacturing capacity is 400 jackets and 400 trousers per day.

According to the company, the drop in total revenue for the half year is on account of the divestment of steel and cement divisions in the previous year.

The sales of the textile division, which contributes substantially to the company's total sales and profitability, are of seasonal nature and the bulk of the dispatches of high value fabric take place during the later part of the year.

For the quarter ended September 2001, Raymond announced a net profit of Rs 40.83 crores against a loss of Rs 151.7 crores in the same period last year. The company's net sales for the period was at Rs 294.99 crores (Rs 444.4 crores).

Sundram Fasteners

Sundram Fasteners has reported a turnover of Rs. 102.80 crores in the second quarter ended September 30, 2001 against Rs. 99.86 crores in the same period in 2000-01.

Domestic sales were higher at Rs. 83.47 crores against Rs. 78.18 crores, while exports have declined to Rs. 19.33 crores from Rs. 21.68 crores. The total turnover for the six month period ended September 30, 2001 has been maintained at Rs. 210.14 crores against Rs. 210.82 crores.

The profit before tax for the quarter ended September 30, 2001 has dropped to Rs. 9.70 crores from Rs. 11.91 crores, after providing Rs. 3.46 crores (Rs. 3.88 crores) towards interest charges, and Rs. 3.24 crores (Rs. 3.04 crores) for depreciation. The provision for taxation is Rs. 2.33 crores (Rs. 2.30 crores).

For the half year ended, the profit before tax is lower at Rs. 21.26 crores against Rs. 24.68 crores and the profit after tax at Rs. 15.78 crores against Rs. 19.18 crores.

For the whole of 2000-01, the company achieved a net profit of Rs. 28.78 crores on a turnover of Rs. 424.21 crores.

SSI

The net profit of SSI has declined sharply to Rs. 2.78 crores in the first quarter ended September 30, 2001 against Rs. 27.58 crores in the same quarter in the previous year, after providing Rs. 1.64 crores (Rs. 1.69 crores) for interest charges, Rs. 15.95 crores (Rs. 5.06 crores) for depreciation and Rs. 65.66 lakhs (Rs. 4 crores) for taxation.

The total income has dropped to Rs. 82.87 crores from Rs. 101.53 crores. Other income is also lower at Rs. 7.33 crores against Rs. 12.12 crores. According to Mr. Kalpathi S. Suresh, Chairman and CEO, the software education market continues to be depressed and for the company, it has just about bottomed out during this quarter. The strategy of the company would be to grow the network without compromising existing partner profitability and improve market share by addressing new segments.

Send this article to Friends by E-Mail

Section  : Business
Previous : PC shipments dip 5 p.c. in Q3
Next     : Early gains not held on BSE