The power utility had posted a net loss of Rs 138 crore in the first six months to September 30, 1998. According to the company, the improved performance was the result of several factors including higher in-house generation and strict cost management.CESC claimed it had reported a better performance despite the fact that the impact of the tariff revision was felt for only part of the quarter (from October 19, 1998) and the extra depreciation of Rs 29 crore was charged on account of the Budge Budge plant.

A company spokesman said the tariff revision is expected to bring in around Rs 290 crore annually. Based on this, the tariff revision should have netted CESC Rs 59 crore for the period October 19 to December 31, 1998. During the quarter, other income roseby 25 per cent to Rs 20 crore. In 1996-97 and 1997-98, CESC had reported other income of Rs 78.27 crore and Rs 66 crore respectively.

P&G net profit increases 45 per cent to 18 crore

Procter & Gamble India has posted a 45 per cent rise in its net profit to Rs 18.29 crore in the second-quarter period ended December 1998, as against Rs 12.60 crore in the corresponding period last year. Net sales during the period was up 6.1 per cent to Rs 137.91 crore from Rs 129.97 crore in the same period last year. Operating profit was up from Rs 25.09 crore to Rs 29.81 crore last year. Gross profit at Rs 29.56 crore has grown 24 per cent over Rs 23.84 crore in the corresponding period last year. Operating-profit margins were up from 19.30 per cent to 21.61 per cent during the period.

Net-profit margins were also higher at 13.2 per cent from 9.6 per cent in the same period last year. During the period, interest costs dropped to Rs 52 lakh from Rs 1.71 crore last Depreciation was higher at Rs 5.67 crore asagainst Rs 4.26 crore last year. Provision for taxation at Rs 5.6 crore increased from Rs 4.26 crore last year.

Marico 9-month net jumps to Rs 29 crore

Marico Industries Ltd (Marico) has posted a 30.9 per cent jump in net profit to Rs 29.2 crore for the nine-month period ended December 31, 1998. Net sales have reported a growth of 12.3 per cent to Rs 401.3 crore during the period over the corresponding period last year. According to a press release, the growth in sales was accompanied by a growth of 23.3 per cent in profit before tax at Rs 34.1 crore. While the annualised return on net worth improved to 35.5 per cent from 33.6 per cent, the annualised return on capital employed was maintained at 37.5 per cent. Earnings per share during the nine-month period stood at Rs 20.1 (annualised Rs 26.8 per share) compared to Rs 15.4 per share (annualised Rs 20.5), during the corresponding period last year. During the nine-month period, Marico's brands Parachute, Sweekar, Hair & Care, Revive and SIL haveshown growth in volumes over the corresponding period last year. The company said that a poor sunflower crop impacted raw material supplies and sales of Saffola. This was, however, compensated by rapid growth in Sweekar.

Colour-Chem Q3 net slides to Rs 1.4 crore

Colour-Chem has reported a net profit of Rs 1.42 crore for the third quarter of the current financial, a fall from Rs 1.75 crore posted in the corresponding period last year. Net sales totalled Rs 60.91 crore, again lower than Rs 79.85 crore in the previous year's third quarter. For the nine months ended December 31, 1998, net profit was Rs 15.45 crore (Rs 33.69 crore) while sales aggregated Rs 227.50 crore (Rs 249.76 crore). A press release issued by the company on Thursday states that the previous year's nine-month sales included a sum of Rs 30.38 crore relating to the textile dyes business which was assigned to DyStar India with effect from September 1, 1997. Likewise, in last year's third quarter, sales included Rs 14.50 crore towardscompensation for assignment of textile dyes stocks to DyStar India.Other income for the current quarter was Rs 4.17 crore (Rs 7.37 crore) and total expenditure Rs 56.03 crore (Rs 80.17 crore).

Bata full-year net at Rs 29.52crore

Bata India reported a net profit of Rs 3.07 crore in the last quarter to December 31, 1998, after a one-time excise charge of Rs 5.83 crore under the Kar Vivad Samadhan Scheme (KVSS). Net profit for the full year to December 31, 1998, has been reported at Rs 29.52 crore. Net sales in the full year increased by 10.81 per cent to Rs 743.13 crore from Rs 670.64 crore. Volume sales increased from 57 million pairs to 61 million pairs. Net sales in the last quarter increased by 5.5 per cent to Rs 194.04 crore. Gross profit after interest but before depreciation and tax increased by 87 per cent to Rs 52.36 crore from Rs 27.96 crore. Profit before tax is higher by 128 per cent at Rs 40 crore.

Insight

Impressive show
The company's results have been undoubtedlyimpressive. Lower raw material prices, especially of coconut oil, have provided the required boost to profits. As a result of a glut in the market, coconut oil prices have been depressed for a major part of the year. The stock price, however, suggests that the stock market was expecting good results. Within a period of less than a month, the stock has appreciated by more than 30 per cent to an all-time high level of Rs 466. The rise has been supported by more than average volumes.