Steel Authority of India (SAIL), the country's second-biggest steelmaker, posted a 20.32 per cent jump in net profit for the April-June quarter on higher sales, increase in value-added steel production and operational efficiencies.
Net profit for the quarter stood at Rs 1,835 crore as against Rs 1,525 crore in the corresponding period last year while net sales rose a little over 37 per cent to Rs 11,029 crore.
Tech Mahindra Q1 net jumps 52%
Depreciation of the rupee, focus on long-term deals and higher offshoring helped telecom services provider Tech Mahindra to post a 51.7 per cent net profit growth for the first quarter ended June 2008.
The company reported a net profit of Rs 258.5 crore (Rs 170.3 crore) in the first quarter. Revenues were up 27 per cent at Rs 1,116.4 crore (Rs 876.3 crore).
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Sequentially (fourth quarter ended March 2008), the company had reported a net loss of Rs 221.4 crore after accounting for a one-time expense of $109.9 million (around Rs 440 crore) as an exclusivity payment to a customer.
Tata Coffee Q1 profit up 90%
Bangalore: Bangalore-based Tata Coffee, driven by higher instant coffee volumes, improved tea and coffee realisations, reported a 90.19 per cent jump in net profit at Rs 3.88 crore for first quarter ended June 30, 2008 of FY09 as against Rs 2.04 crore reported in the corresponding period last year.
The operating profit climbed up by 37.68 per cent at Rs 11.07 crore as against Rs 8.04 crore clocked last year. Total income grew by 42.84 per cent at Rs 87.28 crore as against Rs 61.10 crore registered in the previous year on the back of higher global coffee prices. Earnings per share during the quarter stood at Rs 2.08. The EPS was nil in the previous year's period.
The company acquired Kahutara Holdings, Cyprus, making it a wholly owned subsidiary with effect from May 27, 2008.