SAIL PAT jumps 105% to Rs 1,514 crore
Steel Authority of India Ltd (SAIL) posted a PAT (profit after tax) growth of 105% to Rs 1,514 crore and a net sales growth of 32% to Rs 7,769 crore. Also for the first time since 1997-98, the company will give an interim dividend of 15% on paid-up equity amounting to Rs 619.6 crore (including Rs 531.7 crore to the government of India). SAIL has also made provisions of Rs 81 crore towards dividend tax. SAIL has brought down its employee strength by 3,700 in the current fiscal. Commenting on the capex in the current fiscal, SAIL sources said that the company investments include Rs 1,644 crore on the on-going project besides in-principle approved project investment of Rs 1,340 crore. The SAIL board of directors on Thursday also cleared investment proposals of Rs 170 crore for Bhilai blast furnace upgradation and installation of hydraulic guage control and another Rs 64 crore for rolling in plate mill. For the Bokaro plant, SAIL has earmarked Rs 72 crore for six-battery cyclone with electrostatic percipitator.
HPCL net plunges 70% to Rs 236 crore in Q3
Hindustan Petroleum Corporation Ltd (HPCL) has reported a sharp decline of 69.5% in its net profit at Rs 235.9 crore for the third quarter ended December 31, 2004, as compared to Rs 775.7 crore for the same period last year. Net sales for the reporting quarter increased by 25% at Rs 16,227 crore as compared to Rs 12,939 crore for the same period last year. Interest for the quarter was Rs 31.9 crore as compared to Rs 16.58 crore for the third quarter last year. The companys earnings per share for the reporting quarter has decline to Rs 6.96 as compared to Rs 22.89 for the third quarter last year.
Indian Rayon net profit spurts to Rs 28.65 crore
The AV Birla group company Indian Rayon and Industries Ltd (IRIL) has reported a marginal increase in its net profit for the quarter ended December 31, 2004, at Rs 28.65 crore as against Rs 28.56 for the same quarter the previous year. Net income for the reporting quarter has reported a 20% increase at Rs 493 crore as compared to Rs 412 crore for the third quarter last year. The company made a provision of Rs 3.76 crore Rs 1.81 crore towards voluntary retirement scheme (VRS) and Rs 1.95 crore towards long term strategic investments. The company made a provision of Rs 15.41 crore towards tax as against Rs 13.86 crore for the third quarter last year. The company has said in a statement that the garments business has enhanced revenue with a richer product mix, while viscose fibre yarn (VFY) and carbon black have witnessed volume growth and textiles has improved performance on all parameters.
Arvind Mills net profit rises 18.5% in December quarter
Net profits at Arvind Mills Ltd rose 18.5% for the quarter ended December 31, 2004 to Rs 36.4 crore against Rs 19.2 crore in the corresponding period of the previous year. Total income for the quarter ended December 31, 2004 increased by 18.5% to Rs 414 crore against Rs 349.4 crore for the corresponding period of the previous year. The operating profit for the quarter ended December 31, 2004, has improved by 18.6% to Rs 96.8 crore against Rs 81.6 crore in the corresponding period of the previous year. Chief financial officer and director Jayesh Shah said, our results reflect the robust demand for denim currently being witnessed and we expect the demand to further accelerate going forward. The companys new denim garment capacities will be fully operational from April 2005 to cater to the growing demand and provide a further boost to the companys strategic thrust in garmenting. Arvind will further improve its operating performance in view of reduction in cotton prices by about 30%, and, company having switched over to gas as a fuel instead of naptha for its captive power plants, the company said.
Lupin net profit slides 39% to Rs 24.5 crore
Lupin Ltd has registered a decline in the net profit for the quarter ended December 31, 2004 by 38.8% to Rs 24.5 crore from Rs 40 crore in the corresponding period of last year. Its net sales, however, improved by 9.9% to Rs 279.6 crore from Rs 254.3 crore. Its domestic finished product revenues increased by 15% to Rs 113.9 crore from Rs 99 crore mainly due to robust growth in the Cardiovascular segment (CVS) and other lifestyle diseases segment.