Mahindra Gesco, ONGC Videsh & Sterlite Optical results

CORPORATE SCORECARD

Mahindra Gesco Developers Ltd has reported a 23.42 per cent rise in its net profit for the fiscal ended March 31, 2005 at Rs 7.85 crore as compared with Rs 6.36 crore posted in the previous fiscal.

Total income rose to Rs 93.16 crore (Rs 90.07 crore), the company said in a release. Net profit for the quarter ended March 31, 2005, fell to Rs 2.69 crore as against Rs 6.97 crore posted in the corresponding period of earlier fiscal while total income fell to Rs 25.19 crore (Rs 37.35 crore).

ONGC Videsh net up 130% to Rs 982 cr

Spurred by an increase in production and higher international crude prices, ONGC Videsh Ltd on Tuesday reported a 130 per cent increase in its net profit to Rs 982 crore during 2004-05.

The gross revenue of OVL, the overseas arm of Oil and Natural Gas Corporation Ltd, rose 58 per cent to Rs 5,546 crore in 2004-05 from Rs 3,502 crore the previous year.

The company also announced that OVL investment commitment stands at $4.3 billion, of which about 64 per cent has been invested till March 31, 2005.

"This makes OVL the biggest Indian multinational corporate," said a company release. OVL secured equity participation in six oil and gas assets in five countries during the year besides launching a 741-km multi-product pipeline project in Sudan.

OVL participates in equity of 15 assets in 12 countries. Two assets out of the 15, one each in Vietnam (gas) and Sudan (oil), are in production while four assets including those in Russia, Myanmar, Qatar and Sudan (5A) have oil/gas discoveries where appraisal and development are in progress.

Exploration is in progress in nine assets - Iran, Iraq , Sudan (5B), Syria, Libya (NC 188 & 189), Ivory Coast, Australia and Egypt.

Sterlite Optical in the black

Sterlite Optical Technologies has posted a net profit at Rs 2.86 crore for the fourth quarter ended March 31, 2005, against a loss of Rs 17.19 crore in the corresponding quarter in the previous year. Net sales soared by 680 per cent at Rs 126.99 crore (Rs 16.27 crore).

The company's consolidated net profit stood at Rs 2.06 crore for the year ended March 31, 2005 against a loss of Rs 36.86 crore for 2003-2004. Net sales for 2005 were up by 273 per cent at Rs 401.93 crore (Rs 107.65 crore).