While Tisco's profits were hit by a higher tax outgo owing to MAT, Bajaj and M&M showed higher profit growth of 27 per cent and 25 per cent, respectively. Tisco posted a net profit of Rs 252.22 crore against Rs 201 crore last year;
Bajaj logged Rs 225.3 crore against Rs 177 crore; M&M showed Rs 92.43 crore against Rs 73.8 crore.
This upbeat performance comes in the face of indications of a slowdown and drop in demand in several sectors.
Figures released by four big companies, including Reliance, show corporates have either not been affected or have escaped the trend through better marketing strategy.
For example, Reliance pushed up sales by hiking volumes which rose 30 per cent in key polyester and polymer products.
To a certain extent this offset the fall in RIL's product prices. Telco, whose sales jumped 44 per cent in first three months of 1996-97, is likely to announce healthy results today.
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Tisco posted a 21-per cent growth in turnover from Rs 2,496.07 crore to Rs 3,021.3 crore. Sales of steel grew from 1,108,400 tonnes in 1995-96 to 1,194,329 tonnes in 1996-97. Tisco's profitability was boosted by other income which doubled from Rs 17.23 crore to Rs 37.98 crore.
Bajaj Auto's turnover rose by 27 per cent from Rs 1,281 crore to Rs 1602.9 crore. Other income rose from Rs 75.7 crore to Rs 109.5 crore. Annualised EPS jumped to Rs 56.47 from Rs 43.94.
Bajaj's two- and three-wheeler sales also posted handsome growth of 18 per cent.
Mahindra & Mahindras production increased 15 per cent from 30,211 vehicles to 34,809 vehicles. Its sales jumped from 30,604 vehicles to 35,454.
Analysts say the second half will be better for both Bajaj and M&M.
The festival season is expected to push up demand for two- and three-wheelers.
The same holds true with tractor sales in second half, estimated to grow by 11 per cent against 5-6 per cent in the first half of the current financial year.