The Hindu : BPCL posts Rs. 245 cr. net

Online edition of India's National Newspaper
Friday, Aug 02, 2002

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BPCL posts Rs. 245 cr. net

Bharat Petroleum Corporation has posted a 9.91 per cent increase in net profit at Rs. 245 crores in the first quarter ended June 30, 2002 against Rs. 222.90 crores in the same period last year. Net sales/income from operations were marginally higher at Rs. 11,079.80 crores against Rs. 10,146.30 crores, according to a company statement. During this quarter, the company processed 1.88 million tonnes as compared to 2.18 million tonnes of crude in the corresponding period of the previous year. Depreciation increased to Rs. 101 crores from Rs.71.20 crores mainly due to higher procurement of LPG cylinders at Rs. 26.80 crores against Rs. 10.23 crores in the previous year.

SAIL: Steel Authority of India has reported a net loss of Rs. 309 crores in the first quarter ended June 30, 2002 against Rs. 376 crores loss a year ago. SAIL cut its cash losses by 76 per cent to Rs. 22 crores in April-June 2002 from Rs. 93 crore loss incurred in the corresponding period last year, a company statement said. "This improvement has come about despite input cost escalations of Rs. 162 crores borne by SAIL in Q1 of the current fiscal, mainly on account of increase in coal prices and power tariff," it said. Substantially higher sales along with a healthy price increase boosted the income of the company to Rs. 4,334 crores from Rs. 3,349 crores.

Hindalco: Hindalco Industries has reported a net profit of Rs. 140.2 crores in the first quarter of 2002-03 against Rs. 161.10 crores in the corresponding period of the previous year. Net sales stood at Rs. 586 crores against Rs. 549 crores. Metal production during the first quarter was 66,867 tonnes (61,585 tonnes), rolled products was up 2.6 per cent at 17,997 tonnes and extruded products 4,614 tonnes (4,140 tonnes). Redraw rods output improved by 4.6 per cent to 12,692 tonnes. Alumina output was 1.18 lakh (1.13 lakh tonnes) and foil 4,438 tonnes. Exports during the quarter were up 36.5 per cent at Rs. 93 crores (Rs. 68 crores) and in volume terms, shipments rose by 45 per cent to 11,876 tonnes (8,166 tonnes).

i-flex Solutions: i-flex solutions has posted a 53 per cent growth in Q1 revenue at Rs. 1,132.43 crores against Rs. 86.31 crores in the same period in the previous year and the net profit was up 51 per cent at Rs. 44.23 crores against Rs. 29.30 crores. Revenue from the U.S. contributed 30 per cent, West Asia and Africa 26 per cent, Asia Pacific 24 per cent and Europe 19 per cent.

Polaris Software: Polaris Software's revenue for the first quarter ended June 30, 2002 stood at Rs. 68.46 crores against Rs. 71.34 crores.

The gross profit before depreciation and interest charges was marginally higher at Rs. 17.58 crores against Rs. 17.42 crores. Depreciation claimed Rs. 2.54 crores (Rs. 2.15 crores) and taxation Rs. 1.35 crores (Rs. 35 lakhs). The net profit after tax was slightly lower at Rs. 13.69 crores against Rs. 14.92 crores.

Raymond: Raymond has reported a net profit of Rs. 4.31 crores in first quarter ended June 30, 2002, against a net loss of Rs. 4.64 crores in the same period in the previous fiscal. Net sales/income from operations rose to Rs. 166.70 crores from Rs. 132.14 crores, according to a company release.

Other income amounted to Rs. 2.11 crores (Rs. 2.49 crores). Raymond's profit for Q1 would have been higher by Rs. 20 lakhs (net of tax) had the interest been charged at 8 per cent, the then prevailing Bank Rate.

Tata Chemicals: Tata Chemicals has announced a net profit of Rs. 34.01 crores for the quarter ended June 30, 2002 against Rs. 13.19 crores in the corresponding period last year. Net sales for was at Rs. 362.22 crores against Rs. 291.42 crores.

Other income accounted for Rs. 7.66 crores (Rs. 3.75 crores). The profit from operations was at Rs. 108.65 crores against Rs. 80.98 crores. The company provided Rs. 25.91 crores (Rs. 31.37 crores) for interest, Rs. 33.95 crores (Rs. 32.88 crores) for depreciation, Rs. 21.22 crores (Rs. 4.92 crores) for current tax and Rs. 2.28 crores (Rs. 1.21 crores) for deferred tax.

SKF Bearings: The net profit of SKF Bearings has risen by 11.5 per cent to Rs. 4.27 crores in the second quarter ended June 30, 2002 from Rs. 3.83 crores following a significant increase in sales turnover by 21.7 per cent to Rs. 105.21 crores from Rs. 86.40 crores. Interest charges fell by 28 per cent which accounted for 3 per cent of sales.

Pentasoft Tech: Pentasoft Technologies recorded a lower turnover of Rs. 119.19 crores in the first quarter ended June 30, 2002 against Rs. 155.45 crores.The net profit after taxation amounted to Rs. 12.02 crores against Rs. 32.69 crores in the corresponding period in the previous year. Domestic sales accounted for 7 per cent and overseas business 93 per cent.

Colour-Chem: Colour-Chem's sales rose by 22 per cent to Rs. 107.36 crores in the quarter ended June 30, 2002 from Rs. 87.82 crores and the net profit increased by 34 per cent to Rs. 6.27 crores from Rs. 4.68 crores. The improved performance is attributed to better business conditions and to various measures introduced by the company.

Karur Vysya Bank: The total income of Karur Vysya Bank has risen to Rs. 147.37 crores in the first quarter ended June 30, 2002 from Rs. 135.67 crores. The operating profit was slightly higher at Rs. 35.58 crores against Rs. 33.93 crores.

The net profit stood at Rs. 22.25 crores against Rs. 19.55 crores during the corresponding quarter of the last fiscal. Total deposits stood at Rs. 4,098.30 crores a rise of 17.54 per cent over the comparable period. Advances have risen to Rs. 2,503.37 crores from Rs. 2,059.36 crores.

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