Cairn India and its subsidiary companies reported a net profit of Rs 281.4 crore for the first quarter of financial year 2010-11, as against Rs 45.4 crore in the corresponding quarter previous year. Its cash flow from operations stood at Rs 492.8 crore as compared to Rs 107.6 crore last year. Gross operated production in Q1 FY 2010-11 was 94,950 barrels of oil equivalent per day (boepd), 73% higher than the corresponding quarter of the previous year (59,461 boepd). The working interest production was 44,812 boepd which is 182% higher than the corresponding quarter of the previous year (15,917 boepd).
Essar Oil logs Rs 70-cr loss as margin dips
Ruias-owned Essar Oil reported a net loss of Rs 70 crore for the quarter ended June 30 on account of a contraction in oil refining margins. The company earned $5.61 on every barrel of crude oil it turned into fuel in the April-June quarter compared to a gross refining margin of $6.74 per barrel in the year-ago period, it said in a statement. The company had posted a net profit of Rs 169 crore in the April-June quarter of the 2009-10 fiscal. Essar Oil managing director Naresh Nayyar said, While the operational performance of the company has been excellent on most parameters, our profitability has been affected by depressed refining margins.
Jubilant Organosys profit plunges 50%
Pharmaceutical firm Jubilant Organosys on Tuesday reported a 50.14% decline in consolidated net profit at Rs 62.73 crore for the quarter ended June 30, as compared with the same period a year ago. The company had posted a net profit of Rs 125.82 crore in the first quarter of last fiscal. Net sales during the quarter stood at Rs 981.51 crore against Rs 896.36 crore in the same period in last fiscal, up 9.49%, Jubilant Organosys said in a statement. During the quarter, the company incurred a loss of Rs 20.8 crore.
SpiceJet net doubles on passenger growth
SpiceJet on Tuesday announced fresh orders for 30 Boeing 737-800 aircraft at a cost of $2.7 billion, deliveries of which will commence from 2014. SpiceJet has more than doubled its profit to Rs 55.22 crore for the quarter ending June 2010 over the corresponding period of the previous year. The company registered 35% increase in total sales to Rs 708 crore during the same period on the back of a sharp increase in passengers. The total passenger traffic grew 23% during April-June quarter, the companys director Ajay Singh said.
Titan net surges 43% as retail ind picks up
Titan Industries has posted a net profit of Rs 81.28 crore for the first quarter ended June 30, up 43.35% from Rs 46.04 crore in the corresponding quarter of the previous fiscal owing to good retail growth across all its brands and retail chains. Total income of the company surged 42% at Rs 1260.24 crore, up from Rs 888.60 crore. Owing to a good wedding season in the domestic market, income from the jewellery division was up 49.6% to Rs 950.54 crore, while the watches division grew 21.8% to Rs 254.02 crore for the first quarter. The eye wear and precision engineering segment also recorded a growth of 37.5% to Rs 53.80 crore.
Usha Martin Q1 net at Rs 42 crore
Usha Martin, one of the world's largest wire rope manufacturers, on Tuesday reported a consolidated profit after tax of Rs 41.86 crore on net sales of Rs 673.15 crore for the quarter to June 2010- 2011 against a consolidated PAT of Rs 32.03 crore on a net sale of Rs 608.54 crore during the corresponding period last fiscal. While PAT grew by 30.7%, sales grew by 10.6%. However, Usha Matin's PAT on a standalone basis grew by 127.2% at Rs 30.43 crore on net sales of Rs 550.21 crore against a PAT of Rs 13.40 crore on net sales of Rs 405.13 crore during the corresponding period last fiscal.