BoI, EID & Carborundum Q1 results

CORPORATE SCORECARD

BoI June quarter net up 6%

Bank of India's (BoI) net profit in the first quarter ended June 30, 2005, was up 5.56 per cent to Rs 171.74 crore from Rs 162.69 crore in the corresponding period of the last fiscal.

The public sector bank's operating profit was flat at Rs 366.60 crore in April-June 2005 compared with Rs 360.66 crore in the first quarter of 2004-05.

M Balachandran, chairman, said operating profit was impacted by a lower profit on sale of investments and amortised provisioning against interest income for securities transferred from held-for-sale to held-till-maturity (HTM) category.

The bank's profit from sale of investments in the first quarter of 2005-06 was down to Rs 37 crore from Rs 72 crore a year ago and amortisation cost amounted to Rs 52 crore. Total income during the quarter was up by 10 per cent to Rs 1,858.90 crore from Rs 1,683.66 crore a year ago.

Balachandran said net interest margin was down to 2.35 per cent from 2.51 per cent a year ago owing to amortisation of provisioning for transfer of securities to HTM category against interest income.

EID net down 52%

EID Parry recorded a net profit of Rs 11.73 crore in the first quarter of 2005-06, lower by 52.21 per cent compared with Rs 24.55 crore in the corresponding period of the previous year. Total income for the first quarter of 2005-06 was Rs 168.94 crore, higher by 3.96 per cent compared with last year's Rs 162.50 crore. Net profit was impacted by a significant fall in other income.

Other income for the first quarter of the current year stood at Rs 2.77 crore compared with Rs 20.07 crore of last year. Last year's figures included Rs 16.50 crore realised from sale of shares and dividend income from its subsidiary company.

Carborundum net up 21%

Carborundum Universal registered a net profit of Rs 8.87 crore in the first quarter of 2005-06, an increase of 21.50 per cent compared with Rs 7.30 crore in the corresponding period last year.

Net sales during the first quarter of the current financial year stood at Rs 88.01 crore, a jump of 15.75 per cent over the earlier year's net sales of Rs 76.03 crore.