KPIT Cummins, Kalpataru Power & Moser Baer results

CORPORATE SCORECARD

KPIT Cummins Infosystems Ltd has reported a 94.6 per cent growth in net profit at Rs 7.41 crore for the third quarter ended December 2004. Consolidated revenues rose 85.12 per cent to Rs 62.57 crore for the same period.

The robust growth was owing to a rise in Cummins business and other star customers during the quarter. On a sequential basis, consolidated net profit (including Panex) grew by 5.53 per cent to Rs 7.41 crore from Rs 7.02 crore in second quarter of FY05. Consolidated Revenues was at Rs 62.57 crore during the same period.

The company acquired four new clients during the third quarter in the manufacturing and BFSI segment and added 120 employees taking the total head-count to 1367.

Kalpataru Power net up 147% to Rs 8.42 cr

The Ahmedabad-based Kalpataru Power Transmission Limited, a leading transmission line player, has reported a 147 per cent increase in the net profit for the third quarter to Rs 8.42 crore from Rs 3.41 crore in the corresponding period of the last financial year.

Sales turnover for the quarter under consideration has increased by 59 percent to Rs 161 crore from Rs 101 crore for the corresponding quarter of previous year even as the total order booking in excess of Rs 1,000 crore, a record high for the company has been reported.

The company has decided to put up a new tower fabrication plant at Gandhinagar with a capacity of 18000 metric tonne per annum (MTPA) and the plant is expected to be commissioned in May, this year with an investment of Rs 10 crore.

For the first nine months period of the year, Kalpataru has achieved sales turnover of Rs 385 crore up against Rs 362 crore for the full previous year.

Moser Baer net drops 70% to Rs 31.7 cr

Moser Baer India Ltd's net profit has dipped 70 per cent to Rs 31.7 crore in the third quarter ended December 2004 from Rs 107 crore in the corresponding period of the previous year.

The company attributed the fall in profit to increase in input costs. The profit before tax fell by nearly 80 per cent to Rs 22.4 crore in the same quarter against Rs 111.39 crore in December 2003. Net sales dipped by 25 per cent from Rs 476 crore in December 2003 to Rs 369 crore in December 2004.

Gross revenues for the third quarter was at Rs 369 crore, a fall of 26.7 per cent with the third quarter of FY04 , but an increase of 47.5 per cent when compared to the second quarter of FY05.

"The most critical negative influence on performance during the quarter was the sharp increase in the price of polycarbonate, the key raw material in disc manufacture. This was a key reason for the pressure of margins in the quarter," said Ratul Puri, executive director.

The earnings per share decreased from Rs 2. 85 in December 2004 to Rs 11.06 in December 2003. Despite an increase in sales volumes during the quarter, the decrease in revenue and profitability as a result of pricing pressure in the international markets and an increase in input cost.

"The volume recovery will be a precursor to pricing recovery in the industry. With prices starting to rebound, margins should see a recovery in the next few quarters," said Rakesh Govil, head of corporate strategy and treasurer, Moser Baer India Ltd. The sales volume grew 67.8 per cent sequentially, due to improving demand supply position.