| Kennametal Widia has posted a net profit of Rs 7.8 crore for its second quarter ended December 31, 2004 against a loss of Rs 2 crore for the corresponding quarter of previous year. |
| Net sales for the second quarter was up by 14 per cent to Rs 65.6 crore from Rs 57.4 crore for the corresponding quarter of previous year. In Q3-04, the bottomline was affected by a Rs 13.4 crore charge on account of providing for a VRS. |
| On the other hand, the reporting quarter's bottomline has been affected by a sharp rise in stock in trade to Rs 4 crore from Rs 2 lakh in the corresponding earlier quarter. |
| Managing director Kumar Kanetkar attributed the results to the strong performance of its customers in Indian manufacturing as well as to the past two years' productivity improvement drive. |
| "We are optimistic about the future of manufacturing in Asia and specifically in China and India. We are investing Rs 50 crore this year in our Bangalore facilities to upgrade and expand capacities and capabilities and are also expanding our manufacturing footprint in China," he added. |
| Rane Brake net up 152% to Rs 11.19 crore |
| Rane Brake Linings registered a net profit of Rs 11.19 crore in the third quarter of 2004-05, higher by 151.70 per cent compared with the previous year's net profit of Rs 4.41 crore. |
| The company has announced an interim dividend of Rs 4 a share. Net sales grew by 4.33 per cent to stand at Rs 38.50 crore against Rs 36.93 crore recorded in the year-ago period. |
| The increase in net profit came largely on account of the growth in other income, which stood at Rs 9.5 crore for the quarter against Rs 0.039 crore in the year-ago period. The company's release said profit on sale of investment contributed Rs 8.89 crore towards other income. |
| Siemens Q1 net up 90% to Rs 31.37 crore |
| Siemens Ltd has recorded 89.59 per cent jump in its net profit at Rs 31.37 crore for the first quarter ended December 2004 compared with Rs 16.54 crore for the same quarter of previous year. |
| The company's turnover stood at Rs 503.1 crore, up 64 per cent during the quarter under review against Rs 307.59 crore. The growth and volume drivers were the power, automation and drives, industrial solutions and services segments, according to a company's press release. The company's unexecuted order value position as of December 31, 2004 was Rs 2,454 crore, a rise of 61 per cent. |
| J Schubert, managing director, in a press release said, "Our factories are working to optimum capacity and we were able to increase output through additional investments and partnerships. The increased volumes, higher productivity and favourable cost position supported our results". |
| New orders for the company during the quarter stood at Rs 817.1 crore compared with Rs 911.3 million in the corresponding period of the previous year. |
| The company has pointed out that, "in the last year's first quarter, the transportation systems division received a large order of Rs 483 crore, which will be executed over three years. After adjusting this extraordinary spike, the normal order intake grew by a healthy 91 per cent compared with the previous year's first quarter." |
| SPIC pares loss to Rs 30.09 crore |
| Southern Petrochemical Industries Corporation (SPIC) registered a net loss of Rs 30.09 crore in the third quarter of 2004-05, lower by 32.87 per cent compared with the year-ago period's loss of Rs 44.83 crore. |
| Net sales in the third quarter was Rs 579.03 crore, higher by 28.74 per cent compared with last year's corresponding quarter sales of Rs 449.75 crore. |
| For the first nine months of 2004-05, SPIC recorded a net profit of Rs 97.50 crore against a net loss of Rs 124.38 crore in the year ago period. The net profit was on account of an exceptional item- a net gain of Rs 212.54 crore through restructuring its floating rate note. |
| The exceptional item was recorded in the second quarter of 2004-05. Interest expense in the third quarter was Rs 45.64 crore, about 12.49 per cent higher than the previous year's Rs 40.57 crore. |
| The notes to the accounts said that the company availed itself of interest relief of Rs 25.83 crore in the third quarter from two lenders who have not yet given their consent to lower the interest rate under the corporate debt restructuring mechanism. |
| The notes also referred to the qualifications made by auditors for the accounts of 2003-04. Qualifications made last year about investments in certain companies changed status in the third quarter. |
| At the end of the third quarter, the investment in these companies stood at Rs 96.44 crore Rs 76.44 crore in 2003-04. Another qualification in relation to an advance of Rs 248 crore given to SPIC Petrochemicals remained unchanged. |
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