Indian Oil Corporation Net Profit Up 52 pc To Rs 945 Crore

New Delhi\Mumbai\ Chennai\Bangalore July 30: | Updated: Jul 31 2003, 05:30am hrs
Indian Oil Corporation (IOC) announced a 51.5 per cent increase in its net profit for the quarter ended June 2003. The profit rose to Rs 944.67 crore from Rs 624.99 crore in the same period last year.

Turnover during the April-June quarter went up by 10.7 per cent to Rs 30,874 crore from Rs 27,898 crore a year ago, said a company release.

IOC chairman M S Ramachandran attributed the improved performance to sharp focus on customer satisfaction, product quality and technology upgradation.

IOCs seven refineries increased their total output to 8.54 million tonnes (mt) during the period from 8.46 mt last year. Its pipelines network transported 10.72 mt of crude oil products as against 9.72 mt last year.The company sold 11.34 mt of petroleum products, besides exporting 0.43 mt during the three month period.

PFC Posts 122% Rise In Net
The Power Finance Corporation (PFC) has registered a 122 per cent jump in its net profit at Rs 870 crore for the quarter ended June 30, 2003. During the same period last year it had posted Rs 391 crore net profit.

Income from PFC operations during the April-June 2003 rose by 88 per cent to Rs 1408 crore from Rs 746 crore. Profit before tax is up by 152 per cent at Rs 1090 crore compared to Rs 431 crore in the corresponding quarter last year.

The corporation has adopted its own prudential norms with effect from April 1 which involve changes in accounting policy from cash to accural basis. This change in accounting policy has resulted in increase of profit (net of deferred tax liability) for the quarter, said a company release.

While loan sanctions are up by 236 per cent at Rs 8035 crore in comparison to Rs 2387 crore registered during the previous year and disbursements stood at Rs 1699 crore a rise of 100 per cent over the last quarter.

Apart from this, the corporation mobilised an amount of Rs 1410 crore by way of bonds and term loans from banks against a figure of Rs 1082 crore up 30 per cent. PFC continued to have nil non performing assets.

Bajaj Tempo Q1 Net Up 240%
Bajaj Tempo has announced that for the first quarter ended June 30, 2003, net profit stood at Rs 13.08 crore, up 240 per cent from Rs 3.85 crore made for the same quarter last year. Turnover stood at Rs 209.24 per cent, up 36 per cent from Rs 153.61 crore made in the same period of 2002-03. Sales of all four-wheeled vehicles of the company has shown growth of 72 per cent. While the company sold 1,528 vehicles in Q1 last year, it sold 2,640 units in Q1 this year. The three-wheeler business has witnessed 26 per cent growth in sales, by selling 5,532 units compared to 4,081 vehicles sold in the first quarter of the last financial year.

Madras Cements PAT Up
Madras Cements on Wednesday posted a higher profit after tax of Rs 10.23 crore (Rs 5.47 crore) for the quarter ended June 30, 2003. The companys net sales increased to Rs 183.91 crore from Rs 161.72 crore during the period. Total expenditure of the company has increased to Rs 135.60 crore from Rs 119.54 crore. While the interest burden stood at Rs 49.01 crore (Rs 42.65 crore), depreciation was at Rs 17.09 crore (Rs 16.23 crore). Company sources said that better price realisation in the Tamil Nadu market during the quarter has aided the increase in profits.

Sundaram Fin Net Up 51%
Sundaram Finance Ltd has reported a robust 51 per cent growth in its net profit during the quarter ended June 2003. Net profit of the company has gone up to Rs 14.13 crore as against Rs 9.37 crore in the corresponding period previous year. Income from operations stood at Rs 85.29 crore compared to Rs 110.74 crore in the same period previous year. Financial expenses and depreciation were at Rs 35.93 crore and Rs 6.79 crore respectively.

Ramco Ind Q2 Net Touches Rs 7.07 Cr
Ramco Industries Ltd has reported a net profit of Rs 7.07 crore for the second quarter ended June 2003, as against Rs 6.39 crore during the corresponding period last year, a growth of 10.64 per cent. Net sales was at Rs 45.45 crore (Rs 48.26 crore). Total expenditure was at Rs 34.43 crore (Rs 38.24 crore). Paid-up share capital remained unchanged at Rs 4.33 crore.

Despite lower realisation and decrease in quantity sold in face of stiff competition, the net profit has increased due to various cost control measures adopted, said a company press release.

Ramco Systems Q1 Loss At Rs 15 Cr
Ramco Systems Ltd has reported a net loss of Rs 15.01 crore for the first quarter ended June 2003, as against a loss of Rs 8.16 crore during the corresponding period last year. Total income stood at Rs 16.67 crore (Rs 17.37 crore). The market response to our new offering is very encouraging and we have already reached a milestone of 25 customers, who are currently implementing solutions on our innovative technology platform, said Mr PR Venketrama Raja, managing director, Ramco Systems.

Mangalore Chem & Fert Posts Rs 1.94 Cr Loss
Mangalore Chemicals and Fertilisers Ltd has posted net profit of Rs 20.78 crore for the fiscal 2002-03, registering a steady growth compared to Rs 20.62 crore in 2001-02. The total income of the company at Rs 563 crore during the period was marginally down by one per cent.

In the first quarter of 2003-04, the cmpany has posted a net loss of Rs 1.94 crore compared to Rs 4.17 crore net profit in the corresponding period of Q1 FY2003. Total income for the quarter was Rs 74.92 crore down by 25 per cent from that of Q1 fiscal 2002-03. The company attributed the low performance to two critical plant failures, adverse market conditions, and failure of monsoons.

Eveready Net Up To Rs 10 Cr
Eveready Industries India Ltd has reported a net profit of Rs 10.22 crore for the quarter to June 30, 2003 against a profit of Rs 40 lakh in the year ago period. The companys net sales, however, increased marginally to Rs 184.24 crore from Rs 180.51 crore in the year ago quarter.

Texmaco Posts Profits
Wagon maker Texmaco Ltd has reported a net profit of Rs 11.36 lakh for the first quarter to June 30, 2003 against a loss of Rs 1.37 crore in the corresponding period of the previous fiscal.

According to the company, wagon orders for the current year were delayed and released in late May 2003 which is likely to be reflected in the companys performance in the subsequent quarters of 2003-04. The hydro mechanical and steel foundry divisions were the main revenue earners during the quarter, the company maintained.

West Coast Net Up
West Coast Paper Mills has reported a profit of Rs 9.47 crore for the quarter to June 30, 2003 against a profit of Rs 7.25 crore in the year ago period. Net sales jumped by 16 per cent to Rs 97.73 crore from Rs 84.53 crore during the same period.