Meanwhile, the group's flagship company Sterlite Industries (India) Ltd has reported a 67% increase in its net profit to Rs 257 crore during the second quarter of the current fiscal. The company's turnover increased to Rs 2,873 crore, representing a growth of 53% during the same period.
ICICI Bank income rises 178% under US GAAP
ICICI Bank has reported a 178% rise in its net income to Rs 773 crore ($176 million) as per US GAAP for the six-month period ended September 2005, against Rs 278 crore ($63 million) in the corresponding period last year. The bank's stockholders' equity on September 30, 2005 as per US GAAP stood at Rs 13,112 crore ($2.98 billion). Post-merger of ICICI Ltd and ICICI Bank, the bank is the accounting acquirer under Indian GAAP and under US GAAP, ICICI is deemed to have acquired ICICI Bank.
Thermax net zooms 134%
Thermax Ltd reported a 134% increase in net profit to Rs 25.31 crore against Rs 10.83 crore during a year-ago period and the sales increased 40% to Rs 303.6 crore for the second quarter of 2005-06. Exports were at Rs 41.5 crore. Total income for the quarter was Rs 311.43 crore compared to Rs 222.33 crore in the same quarter previous year. Operating profit for Q2 was Rs 38.41 crore, a 135.78% increase. Thermax's order book on September 30, 2005, stood at Rs 838 crore. On a consolidated basis, the order book was Rs 1,230 crore with orders for captive power plants from the cement industry and waste heat recovery power units from the steel sector. The company is implementing plans for investing about Rs 100 crores to enhance its manufacturing base. During the first half of 2005-06, the company's net profits increased 135% to Rs 38.6 crore and sales were up 54% to Rs 526.9 crore. On a consolidated basis, Thermax group sales were at Rs 700 crore, an increase of 45% over the corresponding previous half year and net profit was up 56% to Rs 39 crore.