Asahi India, Apollo Tyres & ABG Shipyard Q1 results

CORPORATE SCORECARD

Asahi India Glass (AIS), India's largest integrated glass company, has recorded a significant jump in net profit at Rs 20.72 crore for the first quarter ended June 30 of the current financial year compared with Rs 4.98 crore in the same period last year.

Sales rose 33 per cent to Rs 271.31 crore (Rs 204.95 crore). Profitability was positively impacted by the effects of changes in foreign exchange rates during the period.

Sanjay Labroo, managing director, said, "The quarterly performance is a mixed one. While sales grew in all our business segments as per expectations, rising input costs such as fuel had a negative impact. The dull operating performance primarily due to the float glass segment has been offset by the positive effect of forex rate changes during the period."

Apollo Tyres net zooms 369%

On the back of stable prices of raw materials and improvement in operating efficiency, Apollo Tyres posted a net profit of Rs 54.6 crore for the quarter ended June 2007, up 369 per cent, compared with Rs 11.6 crore in the same period last year. Net sales rose 22 per cent to Rs 1,150 crore, over the corresponding period last year.

The company, which has integrated its South African operations completely, saw all its major product categories grow substantially. Sales of truck and bus radials grew 35 per cent in South Africa and car radials grew 23 per cent in India.

Apollo said good results were an outcome of stability in prices of raw materials such as natural rubber, petroleum, steel and improvement in operating efficiency and productivity. It also said that reduction in wage costs coupled with interest led to profit growth.

ABG Shipyard net jumps 24%

ABG Shipyard, one of the largest ship builders in the country, reported a 24.02 per cent increase in net profit at Rs 33.40 crore in the quarter ended June 30, compared with Rs 26.93 crore during the same period last year. Net sales rose by 22.70 per cent to Rs 203.34 crore (Rs 165.71 crore). Earnings per share 2007 stood at Rs 6.56 (Rs 5.28).