Business

Raymond announces 45 p.c.

Raymond has posted a net profit of Rs. 90.26 crores for the year ended March 2003 against Rs. 81.13 crores in the previous year, up 11 per cent. The total revenue for the year was at Rs. 1,055 crores (Rs. 1,032 crores). The board has recommended a dividend of 45 per cent.

The textile division could maintain its revenue growth for the year at Rs. 749 crores (Rs. 719 crores) despite stagnant domestic demand. Exports showed a growth of 25 per cent in volume.

The denim division expanded capacity from 10 million metres to 15 million metres during the second quarter of the year and subsequently increased it to 20 million metres by the end of the financial year. Revenue was at Rs. 136 crores (Rs. 116 crores). The full benefits of the expanded capacity will be reflected in the current financial year.For the fourth quarter ended March 2003, the company reported a net profit of Rs. 32.44 crores (Rs. 26.33 crores). Gautam Hari Singhania, Chairman and Managing Director, Raymond, said, "Despite sluggish market conditions, stiff competition and the global scenario, the company has successfully consolidated its position as a market leader and has added value to all its stakeholders in this fiscal year. The overall performance of the company has been satisfactory.''

Sundaram-Clayton

Sundaram-Clayton has achieved a higher net profit of Rs. 34.25 crores in the 12 months ended March 31, 2003 against Rs. 21.85 crores in the previous year. Net sales were higher at Rs. 299.59 crores against Rs. 246.82 crores. The profit before tax was Rs. 46.49 crores against Rs. 29.37 crores, after taking net interest credit of Rs. 1.12 crores (against a provision of Rs. 1.29 crores) and charging depreciation of Rs. 12.45 crores (Rs. 10.86 crores). The provision towards current taxation was Rs. 13.50 crores (Rs. 9 crores).

In the quarter ended March 31, 2003, the company has achieved a net profit of Rs.12.28 crores against Rs. 9.85 crores in the same quarter in the previous year. Net sales have risen to Rs. 83.65 crores from Rs. 72.65 crores.

Sundaram Brake

Sundaram Brake Linings has achieved a net profit of Rs. 7.33 crores in the 12 months ended March 31, 2003 against Rs. 5.97 crores in the same period in the previous year.

Total sales were higher at Rs. 101.70 crores against Rs. 85.44 crores. The share of sales in the domestic market was Rs. 47.38 crores against Rs. 42.59 crores and in the export market Rs. 54.31 crores against Rs. 42.85 crores. The gross profit, before depreciation and interest charges was higher at Rs. 13.43 crores against Rs. 10.16 crores.

Bharti Televenture

Bharti Televenture has announced a Rs. 26 crore net profit during Jaunary-March 2003 but net loss during the last fiscal has jumped to Rs. 178.15 crores from Rs. 121.51 crores during 2001-02. Announcing the results, Bharti Joint Managing Director, Rajan Mittal, attributed improved the performance during the fourth quarter of 2002-03 to an increased subscriber base but said expansion of the company's services into 15 more circles during the year had led to overall losses.

Revenues for the year have increased to Rs. 3,083 crores, posting a year-on-year growth of 107 per cent. The company became PAT (profit after tax) positive during the fourth quarter against a net loss of Rs. 7 crores in the preceding quarter.

During the quarter, the company also posted a revenue growth of 134 per cent at Rs. 1040 crores.

Hexaware

Hexaware Technologies has recorded a consolidated revenue of Rs. 66.69 crores in the first quarter ended March 31, 2003 against Rs. 50.92 crores in the same quarter in 2002. The consolidated net profit was Rs. 1.75 crores against a loss of Rs. 8.99 crores.

On a sequential basis, revenue has improved to Rs. 66.69 crores from Rs. 65.55 crores, while the net profit, including share of profit in associate has declined to Rs. 1.75 crores from Rs. 8.52 crores in the last quarter of the previous year. However, the company maintains the year's guidance of 30-35 per cent growth in revenue and consolidated profit of $5 million. Earnings for Q1 have declined largely because of anticipated increase in direct costs, overseas marketing and investment in research and development activities.

© Copyright 2000 - 2009 The Hindu