Business
L&T Q3 PAT up 64 p.c.
L&T has reported a net profit of Rs. 54.51 crores in the quarter ended December 31, 2001 against Rs. 33.29 crores in the corresponding period of the previous year. Net sales and income from operations were slightly lower at Rs. 1,923.03 crores against Rs. 1,941.20 crores. Other income was higher at Rs. 34.84 crores (Rs. 21.93 crores) which includes Rs. 9.98 crores being gain on extinguishment of debt.
The gross profit, before depreciation, interest and taxation, has declined to Rs. 225.68 crores from Rs. 235.89 crores. Interest charges (net) were lower at Rs. 80.81 crores (Rs. 120.82 crores). The sum set aside for depreciation is Rs. 82.36 crores (Rs. 78.88 crores). The provision for current tax is Rs. 2 crores (Rs. 2.90 crores) and deferred tax Rs. 6 crores (nil).
In the nine months ended December 31, 2001, net sales and income from operations were higher at Rs. 5,529.82 crores against Rs. 5,345.75 crores in the corresponding period of the previous year. Other income was Rs. 149.83 crores (Rs. 117.88 crores).
The gross profit, before depreciation and interest and taxation, has improved to Rs. 701.10 crores from Rs. 604.72 crores. The provision for interest charges (net) was Rs. 265.19 crores (Rs. 306.98 crores). Depreciation claims Rs. 245.87 crores (Rs. 228.18 crores). The company provided Rs. 12 crores (Rs. 4.90 crores) towards current tax and Rs. 18 crores (nil) for deferred tax. The net profit has risen to Rs. 160.04 crores from Rs. 64.65 crores.
With the commissioning of a cement grinding unit at Durgapur in West Bengal in January this year, the overall cement capacity has increased to 16 million tonnes.
Despite the adverse environment, the engineering and construction division secured orders worth Rs. 4,740 crores during the period. The foray into export markets, driven by restricted opportunities in the domestic market, has started yielding results.
ACC Q3 net at Rs. 16.93 cr.
ACC has reported a net profit of Rs. 16.93 crores for the third quarter ended December 31, 2001 against Rs. 14.54 crores during the corresponding quarter of the previous year. Net sales from operations were higher at Rs. 814.07 crores against Rs 731.98 crores. Total income stood at Rs. 823.12 crores against Rs. 744.55 crores. Total expenditure amounted to Rs. 713.05 crores (Rs. 649.13 crores).
The gross profit, before interest, depreciation and tax, has improved to Rs. 110.07 crores from Rs. 95.42 crores, a growth of 15.3 per cent. Interest charges claimed Rs. 40.76 crores (Rs. 44.73 crores). The sum set aside for depreciation is Rs. 39.97 crores (Rs. 36.05 crores). The company has provided Rs. 2.45 crores (nil) for current tax and Rs. 9.96 crores (nil) for deferred tax.
Cement sales volumes (included traded volumes) increased to 31.52 lakh tonnes from 27.14 lakh tonnes. The company continued its focus on achieving better results by way of control of cost and working capital management, according to managing director, T. M. M. Nambiar.
For the nine-months ended December 31, 2001, the company recorded a net profit of Rs. 77.91 crores against a net loss of Rs. 10.39 crores during the corresponding period of the previous year. Total income was higher at Rs. 2,412.91 crores against Rs. 2,181 crores including other income of Rs. 25.50 crores representing write back of provision made in previous years for mineral rights tax which is no longer required.
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