The aggregate Q2 net profit of these companies increased by 25.49 per cent to Rs 21,772 crore during the July-September 2003 period from Rs 17,350 crore during the April-June 2003 period.
This is largely on account of a significant rise in net profit of some PSUs like Rashtriya Chemicals, STC and HPCL. Century Enka, Pfizer, Hind Lever Chemicals, EID Parry, Coromandel Fertilisers, Glenmark Pharma, Indian Hotels, Ashok Leyland, Siemens and Philips India also contributed to the overall rise in the aggregate net profit of these firms.
The net profit of HPCL went up by 182.09 per cent to Rs 443.84 crore during Q2 from Rs 157.34 crore registered in Q1. The companys sales declined by 4.04 per cent to Rs 13,228 crore during Q2 (Rs 13,785 crore in Q1). Century Enka also posted noteable figures. The company posted a sharp 1,347.52 per cent jump in net to Rs 20.41 crore in Q2 (Rs 1.41 crore). But its sales were up by 15.23 per cent.
In the banking sector, IndusInd Bank has performed significantly well. While main income grew 17.50 per cent to Rs 190.71 crore, net profit jumped 209.38 per cent to Rs 76.23 crore during July-September 2003 (Rs 24.64 crore)
There are some big companies whose performances have been adversely affected in terms of net profit. The list includes Kochi Refineries, IPCL, IDBI, Tube Investments, Gujarat Ambuja Cements, West Coast Paper, Aventis Pharma, Lupin and HCC.
The net profit of Kochi Refineries dipped by 61.19 per cent to Rs 65.70 crore in Q2 (Rs 169.30 crore). Its sales also marginally declined by 0.07 per cent during the same period.
In the IT sector, Hexaware Technologies showed substantial improvement in its net profit (up 562.27 per cent to Rs 23.10 crore) during Q2 as against Q1. However, its sales decreased by 44.32 per cent to Rs 43.49 crore.
Meanwhile, certain companies have registered bigger losses during the quarter under review. These include Spic (Rs 66.22 crore in Q2 from Rs 13.31 crore in Q1), Lloyds Steel (Rs 39.37 crore from Rs 25.13 crore), Escorts (Rs 29.95 crore from Rs 13.31 crore), Mangalam Cement (Rs 29.07 crore from Rs 8.01 crore), Mysore Cements (Rs 24.54 crore from Rs 4.38 crore) and Birla VXL (Rs 16.85 crore from Rs 2.24 crore).
Overall, the total sales of the 756 major companies increased by 5.4 per cent to Rs 2,28,986 crore during the quarter from Rs 2,17,237 crore in the previous quarter. Other income of these companies rose by 45.4 per cent to Rs 13,723 crore.
While the operating profit increased by 11.8 per cent to Rs 64,514 crore (Rs 57,716 crore in Q1), gross profit went up by 21 per cent to Rs 41,920 crore (Rs 34,642 crore).
The Profit before tax (PBT) showed a growth of 19.7 per cent to Rs 29,246 crore (Rs 24,436 crore). The profit margin (PAT to sales) went up by 9.51 per cent (7.99 per cent). The average EPS of the 756 companies increased by 24.22 per cent to Rs 4.66 during Q2 (Rs 3.75).