This rise in net profit is on account of a 13 per cent decline in the interest expenditure incurred by the company during the second quarter. The unaudited financial results for the company's performance in the second quarter and the first half of the current fiscal were released in Mumbai on Monday.

"The total expenditure, including interest, for the second quarter ended September 30, 1999 was Rs 231.70 crore, as against Rs 230.24 crore expended in the second quarter of the previous fiscal," the Bombay Dyeing release said.

"Provision for taxation for this period was Rs 0.25 crore, down from a Rs 0.57 crore provided for taxation in the same period of the previous fiscal. The company has also incurred a Rs 1.10 crore expenditure on account of voluntary retirement component," the release said.

Meanwhile, the net profit recorded by Bombay Dyeing for the first half of 1999-2000 registered a 34.76 per cent growth from Rs 11.16 crore achieved during this period last year to a net profit of Rs 15.04 crore recorded in the first half of the current fiscal.

"The company's plants and machinery, computer hardware and software and other office equipment are now Y2K compliant. A deteiled contingency plan has been formulated and would be in place by October 31, 1999," the release added.