Hindalco Industries records 25% fall in Q2 net profit
MUMBAI: Hindalco Industries has posted a 25 per cent drop in net profit for the second quarter due to lower realisations resulting from a steep drop in international prices and loss of production due to a technical fault at its captive power plant. Net profit dropped to Rs 125.1 crore (Rs 1,671 crore) despite an almost 50 per cent reduction in interest charges. Operating profit margin was down to 32 per cent from 45 per cent in the year ago period. Lower sales realisation saw the topline rising by just over 2 per cent to Rs 569.7 crore, as London Metal Exchange prices hit a 30-month low. Exports were up by 34 per cent, but export realisation were lower than domestic prices. (Our Corporate Bureau)
Bajaj Auto Sept-quarter net dips to Rs 32 crore
MUMBAI: Bajaj Auto has recorded a 8 per cent fall in net profit for the quarter ended September 30 to Rs 32 crore as against Rs 143.7 crore in the corresponding quarter of the previous year. Sales increased 11 per cent to Rs 1183 crore (Rs 1057.1 crore). Profits in the same quarter of the previous year were boosted on account of an extra-ordinary income of Rs 72 crore which was the premium the company received on its insurance venture. Turnover for the first half was 20 per cent higher at Rs 2482.9 crore (Rs 2075.4 crore). Exports during the first half of the financial year increased 129 per cent in volume terms. In value terms, exports were higher by 125 per cent at Rs 145.5 crore (Rs 64.4 crore). (Our Corporate Bureau)
Tata Chemicals Q2 net profit edges up to Rs 47 crore
MUMBAI: Tata Chemicals has registered a 8.3 per cent increase in net profit to Rs 47.03 crore for the second quarter ended September 30, 2002, as compared with Rs 43.41 crore in the corresponding period last year. Net sales and income from operations rose 13.1 per cent to Rs 439.07 crore (Rs 388.06 crore). For the six-month period, net profit jumped 43.2 per cent to Rs 81.04 crore as against Rs 56.60 crore in the same period last. Net sales and income from operations rose 17.9 per cent to Rs 801.29 crore. Meanwhile, Tata Chemicals, which sells branded urea through the marketing network of Rallis India, will be undertaking the marketing directly with effect from April 1, 2003. (Our Corporate Bureau)
ICI India Q2 bottomline surges to Rs 19.75 crore
NEW DELHI: Paints major ICI India has reported a net profit of Rs 19.75 crore for the quarter ended September 2002, as against Rs 10.05 crore registered in the corresponding period last year. The second-quarter profits, however, takes into account a higher exceptional income. The company
