Sharp decline in BPCL Q2 profit

Bharat Petroleum Corporation (BPCL) has recorded a sharp decline of 49.32 per cent at Rs. 181.9 crores for the second quarter ended September 30, 2001 against Rs. 358.9 crores in same period of the previous fiscal. Net sales were lower at Rs. 9,906 crores against Rs. 10,896.8 crores in July-September 2000, the company said in a release.

The net profit and net sales were down for the six month ended September 30, 2001 at Rs. 404.8 crores (Rs. 546.5 crores) and Rs. 20,052.3 crores (Rs. 21,706.5 crores) respectively.

The gross refinery's margin, BPCL said, in the first half was at Rs. 758 a tonne (approximately $2.1 a barrel) against Rs. 1,172 a tonne ($3.3 a barrel). There was an overall fall in demand of products resulting in a negative growth of 1.2 per cent during H1.

Depreciation for the first half had decreased to Rs. 170.5 crores from Rs. 394.2 crores mainly due to lower procurement of LPG cylinders. The company in the second quarter has made a provision for deferred tax amounting to Rs. 31.8 crores and Rs. 75 crores in H1.

HPCL

Hindustan Petroleum Corporation has reported a 36.95 per cent fall in its net profit at Rs. 140.30 crores for the second quarter ended September 30, 2001, against Rs. 222.54 crores in the same period of the last fiscal. Net sales were lower at Rs. 10,950.12 crores against Rs. 11,706.18 crores.

The profits were down due to provision made for revision in salaries and emoluments aggregating Rs. 81.30 crores. Other income was higher at Rs. 79.15 crores (Rs. 60.67 crores).

The net profit and net sales for the six months ended September 30, 2001 were down at Rs. 302.26 crores (Rs. 423.17 crores) and Rs. 22,350.88 crores (Rs. 22,809.44 crores) respectively.

The provision for deferred tax stood at Rs. 26.90 crores in Q2 and Rs. 69 crores in the first half.

Mumbai and Visakh refineries processed 2.78 million tonnes (2.77 million tonnes) and 3.30 million tonnes (3.12 million tonnes) of crude respectively in the first half.

IPCL

Indian Petrochemicals Corporation (IPCL) has recorded a 73.75 per cent decline in its net profit to Rs. 23.92 crores for the second quarter ended September 30, 2001, from Rs. 91.12 crores in the same period last year.

Total income was also lower at Rs. 1,231.86 crores against Rs. 1,492.37 crores. The drop in profits is attributed to softening of product prices and throttled supply of raw materials by ONGC at Nagothane.

Indo National

Indo National, manufacturers of Nippo brand dry cell batteries, has reported a net profit of Rs. 5.30 crores on a net sales of Rs. 71.11 crores in the quarter ended September 30, 2001. In the corresponding period last year, the company made a net profit of Rs. 2.48 crores on a net sales of Rs. 68.69 crores.

In the six months ended September 30, 2001, net sales were at Rs. 139.75 crores against Rs. 132.99 crores. After providing Rs. 7 lakhs (Rs. 5 lakhs) for interest charges, Rs. 3.40 crores (Rs. 3.47 crores) for depreciation and Rs. 3.70 crores (Rs. 3 crores) towards taxation, the residual profit was higher at Rs. 9.74 crores against Rs. 5.54 crores, a growth of 76 per cent.

Indo Matsushita

Indo Matsushita has reported a turnover of Rs. 11.51 crores in the three months ended September 30, 2001 against Rs. 111.12 crores. The net profit was higher at Rs. 162.14 lakhs against Rs. 155.18 lakhs.

In the six months ended September 30, 2001, sales were higher at Rs. 23.35 crores against Rs. 22.54 crores. The net profit has improved to Rs. 342.68 lakhs from Rs. 318.68 lakhs.

Procter & Gamble

Procter & Gamble Hygiene and Healthcare has recorded a 5.7 per cent rise in net profit at Rs. 19.61 crores for the first quarter ended September 2001 compared to Rs. 18.54 crores in same period last fiscal.

Total income was down by three per cent at Rs. 116.09 crores against Rs. 120.09 crores in the first quarter of 2000-01. During first quarter there was an overall decline in market growth of cough and cold products categories in line with general market trends in the consumer goods sector, according to Mr. Bharat Patel, Chairman of the company.

VSNL

Videsh Sanchar Nigam Ltd (VSNL) has posted a 6.13 per cent rise in net profit at Rs. 368.50 crores for the second quarter ended September 2001 compared to Rs. 347.20 crores in the same period period last fiscal.

Total income for the period under review was down 4.53 per cent to Rs. 1,744.2 crores from Rs. 1,827.1 crores.

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