Kochi Refineries (formerly Cochin Refineries) did extremely well during the quarter ended June 2002 with a sales growth of 102 per cent over the corresponding quarter in the previous year. Net profit during April-June 2002 increased 189 per cent. Net profit at Rs 53.20 crore for the quarter accounted for 77.36 per cent of the net profit of Rs 68.77 crore achieved during the whole of fiscal 2001-02.
The profit growth has been backed by a big increase in crude throughput, which increased 70.4 per cent from 1.206 million tonne in April-June 01 to 2.055 million tonne in April-June 02. However, the market reaction to the net profit growth was not that enthusiastic: the stock returned 6.9 per cent gains during the quarter.
Tata Engineering recorded a huge turnaround during the June quarter with a net profit of Rs 28.03 crore compared with a net loss of Rs 98.90 crore during the corresponding quarter in the previous quarter. In 2001-02, the company recorded a net loss of Rs 53.73 crore. The good performance was backed by a 47.9 per cent rise in sales of commercial vehicles. Its interest costs were Rs 28 crore lower, while inventory of finished goods declined from Rs 99.43 crore to Rs 67.61 crore. The markets reacted positively to this turnaround story with one-year returns of 85 per cent.
Ranbaxy Laboratories managed to notch up a net profit in April-June 2002 quarter, which was almost 54.6 per cent of its last year