Sterlite net slides on lower metal prices; PNB profit up 31%

Written by fe Bureaus | Agencies | Mumbai, Delhi, Kolkata, Chennai, Bangalore | Updated: Oct 31 2009, 04:44am hrs
Sterlite Industries Ltd, part of the London-listed Vedanta Resources Plc, on Thursday said the companys consolidated net profit for the second quarter ended September 30, 2009, fell 24.91% to Rs 958.85 crore against Rs 1,276.94 crore in the corresponding quarter last year. Net sales during the quarter stood at Rs 6,085.46 crore, down 7.71% compared to Rs 6,593.77 crore in Q2 FY09. For half year ended September 30, 2009, the companys consolidated net dipped 32.80% to Rs 1,631.51 crore against Rs 2,428.02 crore last year. Net sales during the period also fell by 14.08% to Rs 10,622.57 crore. Profit during the quarter and half year ended September 30, 2009, was impacted by lower LMEs and lower by-product realisations, which was partially offset by higher sales realisation on account of depreciation of the rupee, the company said. Sterlites consolidated cash, cash equivalents and liquid investments as on September 30, 2009 stood at Rs 24,213 crore. The company, which is fighting a case to acquire bankrupt US copper miner Asarco LLC, could get another chance to stake a claim to Asarco as the district court judge of Texas had last week declined from confirming the verdict of a lower bankruptcy court that recommended Grupo Mexico for Asarco.

PNB profit at Rs 927 crore

Punjab National Bank on Thursday reported a 31.1% growth in its net profit at Rs 927 crore for the second quarter ended September 30, 2009, on higher interest and treasury income. The bank had registered a net profit of Rs 707 crore in the September quarter of last fiscal. Profit has come on the back of high interest income that rose by 16.3% to Rs 5,407 crore and treasury income, the banks' newly-appointed CMD K R Kamath said.

Tata Chem net at Rs 223 crore

Tata Chemicals reported a consolidated net profit of Rs 222.83 crore for the second quarter ended September 30, against Rs 277.70 crore in the same period last fiscal. The company reported net sales at Rs 2,229.50 crore for the latest quarter ended September 30, while it stood at Rs 4,784.69 crore in the same period previous year. The company said current quarter figures are not comparable with that of the previous fiscal due to the reasons which include differences in exchange loss arising out of restatement of long term borrowing.

Cairn Q2 net surges 60%

Cairn Indias consolidated net profit went up to Rs 469.5 crore against Rs 293.32 crore, on year-on-year basis (y-o-y), a rise of 60%. The increase in quarterly profit was after two straight quarters of downslides. Consolidated net sales fell to Rs 229.78 crore against Rs 320.63 crore. Cairn India began pumping crude from its field in Rajasthan from August 29. The gross cumulative Rajasthan development capex spent to date is $1,846 million out of which $239 million was spent during Q2. The gross production of the operating units was 60,480 barrels of oil equivalent per day against 65,566 in the corresponding quarter of the previous year.

Glenmarks profit falls 31%

Mounting interest costs hit the second quarter profit of Glenmark Pharmaceuticals Ltd (GPL). The consolidated net profit for the second quarter ending September 30, 2009 was Rs 80.8 crore as compared to Rs 117.3 crore in the previous corresponding quarter, a decline of 31%. Glenmarks consolidated revenues for the quarter stood at Rs 590 crore against Rs 559.7 crore, a growth of 5%. The consolidated net profit for the six-month period declined 42% to Rs 134.3 crore as compared to Rs 232.7 crore. Consolidated revenues stood at Rs 113.4 crore as against Rs 102 crore, an increase of 11%. Specialty formulation business registered a revenue of Rs 332.7 crore for the quarter against Rs 312. crore, a growth of 7%. Revenue from generics business was Rs 257.5 crore against Rs 247.5 crore. Glenmark Generics Inc, USA logged revenues of Rs 177 crore for the second quarter of FY10 against Rs 176 crore.

Tata Power profit at Rs 182 cr

Tata Power posted a net profit of Rs 182.19 crore for the quarter ended September 30 as compared to Rs 252.9 crore for the corresponding quarter of the previous year. However, the company clarified that Q2 net was not comparable with last year due to higher forex gain of Rs 76.70 crore in Q2 of 2008-09 (as against Rs 3.09 crore in Q2 FY10).

Corporation Bank net soars

Buoyed by an increased net interest income (NII), state-owned lender Corporation Bank recorded a 52.3% jump in net profit for the quarter ended September 30, 2009 at Rs 291.67 crore as against Rs 191.51 crore in the corresponding quarter previous fiscal. Net interest income for the quarter increased 23.81% to Rs 503.51 crore from Rs 406.67 crore in the corresponding quarter last year. Total income was at Rs 2,072.34 crore during the quarter ended September 30, 2009, up by 27.7%.

HCL Info profit down

HCL Infosystems posted a 10.8% decline in its net profit at Rs 58.97 crore for the quarter ending September 30, against the same period last year. The reduced demand of PCs and slumpiness in the system integration business led to the company's revenues declining by 2.3% year-on-year at Rs 3,027.46 crore.

Colgate profit rises 41%

Colgate-Palmolive (India) Ltd posted a 41% increase in its net profit at Rs 89.7 crore for the second quarter ended September 30, 2009. The company reported net sales of Rs 487.3 crore for the second quarter ended September 30, 2009, an increase of 18% over the same quarter of the previous year.

Apollo Hospitals net profit up

Apollo Hospitals Enterprise Ltd on Thursday said net profit for the quarter ended September 30, 2009, has gone up marginally to Rs 34.06 crore as compared to Rs 30.13 crore during the same quarter last year. Net sales, however, shot up to Rs 456.06 crore against Rs 364.83 crore for the corresponding quarter of last fiscal.

HDIL net at Rs 148 crore

Housing Development and Infrastructure Limited (HDIL) has posted a net profit of Rs 148.59 crore for the second quarter ended 30th September 2009. The company reported a 20% rise in turnover at Rs 381.04 crore.

Bajaj Electricals net up

Bajaj Electricals has posted a 139% rise in net profit at Rs 29.2 crore for the second quarter ending September 30, 2009, as compared to Rs 12.2 crore recorded during the previous corresponding period. The company has registered a 35% rise in total income at Rs 512 crore for the second quarter ending September 30, 2009, as compared to Rs 379 crore recorded.

Emami net at Rs 23 crore

Emami Ltd on Thursday posted a net profit of Rs 23 crore for the quarter ending September 30. The consolidated turnover for the period was Rs 212 crore, a 66% increase over the same period last fiscal. For the half year ended September 30, consolidated turnover was Rs 400 crore, a 57.7% growth over the same period last year. Profit after tax was at Rs 34 crore.

Vijaya Bank net jumps

Vijaya Bank reported a 36% growth in net profit at Rs 108.43 crore for the second quarter ended September 2009 compared to Rs 79.88 crore reported in the same period a year ago. The banks operating profit recorded a growth of 55.44% at Rs 233.94 crore.

Voltas profit rises 48%

Voltas said its consolidated profit after minority interest and share of profit of associates rose 48% to Rs 90.3 crore for the quarter ended September 30, 2009, over the same period last year.

Zandu net up two-fold

Zandu Pharmaceutical Works said its net profit surged by over two-fold to Rs 18.32 crore for the second quarter ended September 30 against the same period previous year.

BOI profit plunges 57%

Bank of India reported a decline of 57% in its net profit at Rs 323.34 crore for the second quarter of the current fiscal. The bank's total income grew by 12% at Rs 5,164.96 crore in the latest quarter of the current financial year from Rs 4,612.27 crore of the year ago quarter.

IOB net profit down 51%

Indian Overseas Bank reported 51% decline in its net profit at Rs 176.04 crore for the second quarter ended September 30, 2009. Total income increased to Rs 2,922.33 crore during the quarter under review from Rs 2,643.26 crore in the corresponding period a year ago. Total deposits with the bank grew 20.54% at Rs 1,094.35 crore during the period.

India Cements net up 2%

India Cements Ltd has posted a marginal rise of 1.99% in its net profit at Rs 136 94 crore for the quarter ended September 30, 2009, as compared to Rs 134. 27 crore registered in the same quarter in the previous fiscal. Total income increased to Rs 994. 92 crore in Q2 from Rs 929.64 crore in the same quarter a year ago.

CESC net marginally up

CESC said its net profit rose 1.61% to Rs 126 crore for the second quarter ended September 30, 2009, over the same period last year. Total income increased to Rs 985 crore in the latest quarter ended September 30.

Chennai Petro back in black

Chennai Petroleum Corporation Ltd (CPCL) has posted a net profit after tax (PAT) of Rs 139.20 crore for the quarter ended September 30, 2009 as compared to net loss of Rs 102.66 crore for the the same quarter a year ago. Total income has decreased to Rs 6985.68 crore for the quarter from Rs 10,299 crore, said a release from the company.

JSL slips out of red

Stainless steel manufacturer JSL Ltd reported a net profit of Rs 62.75 crore for the second quarter ended September 30, 2009. The company had a net loss of Rs 68.64 crore in the September quarter last fiscal, JSL said.

LIC Housing Fin net up 26%

LIC Housing Finance said net profit rose by 25.85% to Rs 171.24 crore for the second quarter ended September 30, 2009. Total income was up to Rs 834.89 crore for the latest quarter ended September 30, 2009, against Rs 704.68 crore in the same period last fiscal.

RPG Life PBT up 7%

RPG Life Sciences Ltd said for the quarter ended September 30, 2009, the companys net sales stood at Rs 41.43 crore as against Rs 40.88 crore for the corresponding quarter last year. PBT grew by 7% to Rs 3.74 crore from Rs 3.49 crore in the corresponding quarter last year.

BGR Energy net up 29%

BGR Energy has reported a 29% jump in net profit to Rs 30.56 crore for the quarter ended September 30, 2009 from Rs 23.68 crore registered during the corresponding period last year.