India Inc is on a dream run

India Inc's dream run continued with a clutch of blue chip companies reporting strong results for the April-June 2005 quarter.

Bharti Tele-Ventures reported a 70 per cent jump in net profit on a consolidated basis at Rs 504 crore for the quarter ended June 2005, compared with Rs 296 crore during the corresponding period last year, as per the International Financial Reporting Standards. This is the first time the company reported a net profit of over Rs 500 crore.

The Mukesh Ambani-controlled Indian Petrochemicals Corporation Limited (IPCL) reported a rise of 83 per cent in net profit for the quarter to Rs 225 crore. The company registered a turnover of Rs 2,266 crore for the quarter ended June 2005, up nine per cent from Rs 2,086 crore for the same quarter of the previous financial year.

The company said the quarter saw a decline in international prices of olefins, polymer as well as fibre-intermediate on the back of weaker crude oil prices compared with the trailing quarter.

Hyderabad-based Dr Reddy's Laboratories Ltd posted a net profit of Rs 63.34 crore for the quarter ended June 30, 2005, which was 104.7 per cent higher than the net profit of Rs 30.94 crore reported during the same quarter of the previous year.

Truck manufacturer Ashok Leyland reported a 101.5 per cent rise in net profit from Rs 31.94 crore in April-June 2004 to Rs 64.35 crore for April-June 2005. The company's net sales improved 29.5 per cent from Rs 821.19 crore to Rs 1063.23 crore during the period.