Indo Gulf Net Up 19.7% To Rs 105.5 Cr In Third Quarter

Mumbai, January 24: | Updated: Jan 25 2003, 05:30am hrs
Indo Gulf Corporation Ltd has reported a 19.7 per cent increase in net profit to Rs 105.55 crore in the third quarter ended December 31, 2002, as compared to Rs 88.17 crore in the same period last year. Net sales at Rs 854.68 crore, was up by 11.7 per cent from Rs 765.11 crore.

However, bulk of the contribution to the turnover has come from its copper division (Rs 729.87 crore), which is in the process of being merged into the group company, Hindalco. The copper division posted a growth of 13 per cent during the quarter on the back of proactive management in the face of lower realisations, largely due to the unfavourable LME prices, a squeeze on treatment charge and refining charge and a reduced duty structure.

While the company continues to retain its leadership in the domestic market, Indo Gulf leveraged its Birla Copper brand to further penetrate the export markets of South East Asia and the Middle East. Export volumes soared to 23,866 MT as against 13,472 MT in the comparable period last year. The company expects the global demand for copper to pick up gradually during the second half of calendar year 2003. Even as the outlook remains cautious, Indo-Gulf will endeavour to sustain its superior performance, the company said. The precious metal refinerys sales of 1,482 kg of gold and 7,441 kg of silver, has contributed positively to the revenues. Fertilisers reported a marginal increase in revenues at Rs 124.81 crore as against Rs 120.07 crore in the same period last year.