SAIL posts 32% jump in net; GE Shipping net at Rs 293.57 cr

The country?s largest steel manufacturer, the stateowned Steel Authority of India Ltd (SAIL) on Tuesday reported 32% increase in net profit at Rs 1,935 crore for the third quarter ended December 31, compared to Rs 1,471 crore in the corresponding period last fiscal.

The company?s profitability is mainly on account of improvement in product mix and value addition. ?We have registered highest profit ever for any quarter mainly on account of higher volume and cost reduction,? SK Roongta, chairman, SAIL said. The total sales during the quarter rose by 11.4% to Rs 10,756 crore. The company has also registered its highest revenue for the first ninemonth at Rs 30,026 crore.

SAIL?s profit after tax for the April-December period shot up by 20% to Rs 5,160 crore, while turnover during the nine months has gone up by 9% to Rs 30,026 crore.

Operating at an impressive rate of 121% average capacity utilisation, SAIL has recorded hot metal production of 11.3 MT while production of saleable steel stood at 9.6 MT.

In the corresponding quarter last fiscal SAIL operated at 112% average capacity utilisation.

?Prices of coking coal, zinc and copper has gone up by significantly.

This may prompt an overall increase of steel prices between 8 to 10% during this quarter,? said Roongta.

GE Shipping net up

India?s largest private sector shipping company, Great Eastern Shipping Company Ltd on Tuesday posted 77% rise in its net profit at Rs 293.57 crore for the quarter ended December 31, 2007, from Rs 165.85 crore in the corresponding period last year.

Total income of the company rose 43.17% to Rs 744.28 crore for the third quarter of the current fiscal, from Rs 519.85 crore in the year-ago period.

The company has two main business includes shipping and offshore. The shipping business is involved in transportation of crude oil, petroleum products, gas and dry bulk commodities while, offshore business services to the oil companies in carrying out offshore exploration and production activities.

Suzlon net rises

Leading wind turbine manufacturer Suzlon Energy?s standalone net rose by a record 92.04% to Rs 338 crore on the quarter ended December 31 from Rs 176 crore in the corresponding period of the previous year. Its standalone sales zoomed at Rs 1,655 crore from Rs 1,106 crore, a rise of 49.63%.

The company reported consolidated revenues of Rs 3,170 crore in third quarter, a 66% growth over corresponding period of the previous year. Revenues from overseas sales stood at Rs 1,700 crore, around 54% of total sales during the period while its profit after tax stood at Rs 143 crore. The group sales for calender year 2007 are estimated at 2,725 MW compared to 1,637 MW in the previous year, a rise of 66%.

Tulsi R Tanti, Suzlon?s CMD said, ?The wind industry has continued to grow at 20-25% in 2007, while at Suzlon we have achieved much higher growth making it one of the most successful years. Our full vertical integration acts an acclerator for our global growth.? Suzlon’s order book position is of the order of Rs 17,107 crore (3,357 MW) comprising domestic

orders worth Rs 2,404 crore (441 MW) and Rs 14,703 crore (2,916 MW) of international orders as on January 25.

Bombay Dyeing dips

Bombay Dyeing & Manufacturing Company Ltd has posted a net loss of Rs 37 crore for the quarter ended December 31, as against a net profit of Rs 7 crore in the same quarter in the previous fiscal. Sales increased 158% at RS 307.9 croreas compared to Rs 119.02 crore. On Tuesday shares of the company rose 0.76% to close at Rs 784.45 at the Bombay Stock Exchange.

Godrej net up 44% Godrej Industries Ltd on Tuesday reported a 44% increase in its net profit at Rs 88 crore for the quarter ended December 31, 2007, as compared to Rs 61 crore in the year-ago period. The company’s total income rose to Rs 2,027 crore for the quarter ended December 31, 2007 as against Rs 1,594 crore during the corresponding period of the previous fiscal.

Announcing the results, Adi Godrej, chairman, Godrej Industries Limited said: ?GIL successfully placed an equity issue of Rs 600 crore with QIBs, which would help accelerate the growth plans of the company and its subsidiaries.?

Zee net at Rs 113.47 cr Zee Entertainment Enterprises Ltd has posted a net profit increase of 18% at Rs 113.47 crore for the quarter ended December 31 as compared to Rs 95.82 crore in the same quarter in the last fiscal. Sales have increased 25% at Rs 541.95 crore for the same period as against Rs 433.15 crore. On Tuesday, shares of the company rose 2.61% to close at Rs 261.40.