Sterlite Industries (India) Ltd Monday announced that the company has reported a fall of 5.2% in its net profit to Rs 1,595.4 crore in the first quarter ended June 30, 2008 against Rs 1,682.90 crore in the corresponding quarter last year. The company?s sales for the period stood at Rs 5,770.10 crore, down 6% against Rs 6,139.10 crore in Q1FY08. Sterlite Industries shares on Monday were down 3.47% to close at Rs 582.25 on the Bombay Stock Exchange. During Q1, the copper cathode production at the Tuticorin custom smelter was down at 68,000 tonnes compared with 81,000 tonnes in the corresponding prior quarter, on account of the planned bi-annual plant maintenance shut down for 26 days in May ? June 2008, the company informed. Says Pawan Burde, analyst with Angel Broking, ?The Zinc prices were down during the quarter, where as copper margins were under pressure, which has impacted the bottom line of Sterlite. Moreover, the top line was impacted due to the reduction in the production of copper this quarter.?

TVS Motor net dips

TVS Motor Company has reported a marginal decline in net profit to Rs 7.02 crore for the first quarter ended June 30, 2008 as against Rs 7.55 crore. The profit before tax for Q1 of 2007-08 had the benefit of exceptional credit of Rs 7.22 crore. The revenue grew sharply to Rs 924.74 crore as against Rs 801.56 crore, the company informed the stock exchanges on Monday.

Monnet Ispat nets Rs 70 crore

Monnet Ispat & Energy Ltd has reported a net profit after deferred taxation of Rs 70.32 crore for the quarter to June 30, 2008, against Rs 46.04 crore in the same period of the previous fiscal. Total income was up 61% to Rs 383 crore in the latest quarter, against Rs 238 crore in the same quarter of the previous year. The company has taken over management control of Rameshwaram Steel & Power Pvt Ltd, which has manufactures sponge iron, power and coal washing at Raigarh by acquiring 97% equity at a cost of Rs 36.13 crore. ?In the coming years, the company will focus on the energy business,? EVC and md, Sandeep Jajodia, said.

In the future, 55% of the revenues will come from the energy business and the rest from steel,? a company statement quoted Sandeep Jajodia, executive vice-chairman and managing director, as saying.

The company has increased its power generation capacity for captive use to 150mw.

Monnet is now the second-largest producer of coal-based sponge iron producer in India following the completion of its 0.5 million tonne plant at Raigarh.

MphasiS net up 54%

MphasiS announced a 54% increase in net profit at Rs 79 crore for the quarter ending June 30 2008 as compared to Rs 51.3 crore recorded during the same period last year. The company’s revenues were at Rs 742.2 crore in the current quarter, an increase by 39.6% over same quarter last year. The operating margin during the quarter increased to 11.2% on consolidated revenues. The group added 28 new clients including relationships through EDS during the quarter. Cash and bank balance stood at Rs 116.5 crore with 43 days of debtors outstanding. “Profits during the quarter ended 30 June 2008 were impacted by an accelerated amortization of visa costs amounting to Rs 9.3 crore incurred in prior periods. The net margin and operating margin were impacted by 1.3% on consolidated revenues due to the change in the accounting treatment. Excluding the accelerated charge, the net profits during the quarter would have increased by 72.1% year on year and 23.6% quarter on quarter,” said the company which operates in the applications services, remote infrastructure services, BPO and KPO space.

JK Lakshmi nets Rs 39 cr

JK Lakshmi Cement Limited, on Monday announced that the net profit stood at Rs. 38.81 crore for the quarter neded June 30, 2008. This quarter witnessed a steep increase in the cost of major inputs like pet coke to the extent of almost 36%, as well as all round increase in the costs of raw materials and freight. The intensified Gujjar agitation during May and part of June affected the Company?s dispatches, especially by rail, adversely, it said. The gross sales for the first quarter stood at Rs 314.57 crore as against Rs. 311.52 crore in the corresponding quarter of the previous year.

Bharati Shipyard net up by 33.5%

Bharati Shipyard Limited, a leading private sector shipyard, has reported a 33.5% rise in its net profit to Rs 29.68 crore for the period April to June 2008, as compared to Rs 22.23 crore during the corresponding period last year. The total turnover increased 39.55% to Rs 205.37 crore for quarter ended 30 th June 2008 as against Rs 147.16 crore for quarter ended 30 th June 2007. PC Kapoor, managing director, BSL, said, ?The benefits of our greenfield shipyard at Dabhol as also the timely and efficient execution of orders contributed to the stellar financial performance for the quarter.?

EID Parry nets Rs 4-cr profit in Q1

EID Parry (India) Ltd has reported a profit before tax of Rs 4 crore for the quarter ended June 30, 2008 as against a loss of Rs 25.27 crore. The total income for the quarter stood higher at Rs 222.86 crore as against Rs 80.16 crore. On the consolidated basis, the company made a profit of Rs 309.16 crore (Rs 20.88 crore), including an exceptional income of Rs 158.59 crore on a turnover of Rs 1,637.08 crore (Rs 552.71 crore), the company informed the stock exchanges on Monday.

eClerx Q1 revenues up 76%

Knowledge process outsourcing (KPO) company, eClerx Services, said it posted a revenue of Rs 46.03 crore in the first quarter of the current fiscal, a 76% growth, as compared to Rs 26.21 crore in the year ago period. During the period, the company recorded a profit after tax of Rs 16.09 crore, up 54%, against Rs 10.42 crore in the corresponding period last year. eClerx provides data analytics and customised process solutions to global clients from its offshore delivery centres in the country.

It?s portfolio of services comprises of data analytics, operations management, data audits, metrics management and reporting services. It offers services to clients in the financial services, retail and manufacturing industries.

Elgi net up

The Coimbatore-based Elgi Equipments Ltd (EEL), a leading manufacturer of air compressors and automotive equipment, registered higher profit during the first quarter of 2008-09 at Rs 9.6 crore compared to Rs 7.8 crore during the same period in 2007-08. During this period sales grew by 22% to Rs 130.7 crore from Rs 107.1 crore. Jairam Varadaraj, Managing Director of EEL, said both domestic and international compessor business showed robust growth trend despite inflationary pressures in the economy.

Dish TV posts loss

Essel Group-owned Direct-to-Home operator Dish TV India Ltd posted a net loss of Rs 125.4 crore for the quarter ended June 30, against a net loss of Rs 89.76 crore in the corresponding quarter last fiscal. The total income of the leading DTH player by market share, rose to Rs 164.6 crore in the first quarter of this fiscal, from Rs 89.34 crore in the corresponding period in the previous financial year. Dish TV has added over 4,00,000 subscribers during Q1 of FY’09 while the net subscriber base stood at 2.9 million at the end of this quarter. Subhash Chandra, chairman, Essel group said, “We believe in foreseeing the future and have set a new benchmark in the DTH category by launching the much awaited, Box Free (free set top box) offer. The revenue enhancement has come from multiple sources, new adoptions and higher rate of renewals as well as bandwidth charges that has now built into a steady stream.”

Universal Cables net up

Universal Cables Ltd, a manufacturer of power and control cables, capacitors, telecommunication-grade optical fibre, has reported 193% increase in net profit to Rs 2.44 crore in the quarter to June 30, 2008, against Rs 0.83 crore in the same period of the previous fiscal. The MP Birla Group company said thatr turnover increased to Rs 143.51 crore in the latest quarter.