Castrol, CMC, HCL Infosys & Patel Engg results

CORPORATE SCORECARD

Castrol India recorded a 19.16 per cent increase in net profit at Rs 31.96 crore for the first quarter ended March 31, 2005, as compared with Rs 26.82 crore in the same quarter of the previous year. Total income increased 9.6 per cent to Rs 325.11 crore (Rs 296.5 crore). Despite uncertainty due to VAT, net sales were up 10 per cent at Rs 319.7 crore (Rs 289.4 crore).

Naveen Kshatriya, managing director, Castrol India, said: "The continued strong performance in sales revenue can be largely attributed to successful implementation of innovative marketing and sales initiatives over the last 12 months. The prevailing strong economic conditions, especially in the industrial and infrastructure sectors, have given a boost to our business to business segment. During the period under review, the company launched two major marketing campaigns targeting bikers and the agri segment. We continue to outperform competition in all our target segments".

The profit performance of the company would have been better were it not for the sharp increase in cost of goods. The price of the key raw material, base oil, touched unprecedented highs during the period under review.

The company believes that base oil prices will continue to harden over the next few quarters, the company said in its press release. This effect could, however, be partially offset by the reduction in custom duties announced in the Finance Bill.

CMC slips into the red

CMC Ltd posted a loss of Rs 16.72 crore for the fourth quarter ended 31 March 2005 compared with a profit of Rs 20.53 crore in the quarter ended 31 March 2004. Revenues dipped to Rs 215.45 crore (Rs 218.73 crore).

The company's profit fell 52 per cent during the financial year 2004-2005 to Rs 23.05 crore compared with Rs 47.98 crore for the financial year 2003-2004.

According to a company release, this is primarily due to suspension of work for two international clients following their organisational re-structuring.

Essel Propack net slips marginally

Essel Propack Ltd on Tuesday informed the Bombay Stock Exchange that it registered Rs 11.5 crore in net profit for the quarter ended March 31, 2005. The company had registered a net profit of Rs 11.7 crore for the quarter ending March 31, 2004.

As for the consolidated results for the group, it posted a net profit of Rs 19.60 crore for the quarter ended March 31, 2005 compared with Rs 18.00 crore for the same quarter last year. The total income for the group increased from to Rs 191.1 crore for the quarter ended march 31, 2005.

Patel Engg net vaults 64%

Patel Engineering has reported a 64 per cent jump in net profit for the fourth quarter ended March 31, 2005, at Rs 10.58 crore compared with a net profit of Rs 6.46 crore registered in the corresponding period of the previous year. Total revenues rose 8.6 per cent to Rs 284.45 crore (Rs 261.81 crore).

For the year ended March 31, 2005, the company's net profit grew 29.2 per cent to Rs 35.99 crore, compared with a net profit of Rs 27.86 crore recorded in the previous year. Revenues increased 3.5 per cent at Rs 785.45 crore (Rs 758.62 crore).