Harrisons, Nahar Indl, Ratnamani, Varun Shipping results

Harrisons PAT dips to Rs 4 cr

Harrisons Malayalam Limited has reported a turnover of Rs 51 crore and profit after tax (PAT) of Rs 4 crore in the second quarter ended September 30, 2006, against sales of Rs 37 crore and PAT of Rs 61 crore in the corresponding period of the previous year.

Operating profit in the reporting quarter was Rs 4 crore against the operating profit of Rs 15 lakh in the previous year.

The turnover during the first half of the financial year rose 38 per cent at Rs 90 crore, PAT to Rs 4.9 crore and operating profit to Rs 5 crore against sales of Rs 64 crore, PAT of Rs 71 crore and operating profit of Rs 60 lakh during the previous year.

Nahar Industrial PAT up 47%

Nahar Industrial Enterprises, an integrated textile company, has posted a 46.65 per cent increase in profit after tax (PAT) at Rs 22.10 crore for the quarter ended September 30 against Rs 15.07 crore in the corresponding period last year.

Revenues went up by 35.17 per cent to Rs 231.72 crore from Rs 171.42 crore during the same period. EPS for the quarter rose to Rs 6.08 from Rs 4.93.

Ratnamani net up 140%

Ratnamani Metals and Tubes Ltd, an engineering company based in Ahmedabad, which is into manufacture of speciality tubes and pipes in carbon steel as well as stainless steel, has registered profit before tax (PBT) at Rs 25.13 crore, up by 137.24 per cent, and net profit at Rs 16.77 crore, up by 140 per cent, compared with the same period of the previous year.

The company has recorded net sales from operations at Rs 143.51 crore, an increase of 90.45 per cent compared with those of the previous year. The company has an order book position of Rs 378 crore, including export orders and other orders for SEZ, which amount to Rs 212 crore.

Varun Shipping net up 5%

Buoyed by profit on sale of ships and steady freight rates, Mumbai-based LPG transportation major Varun Shipping Company has reported 5 per cent growth in net profit at Rs 45.52 crore for the quarter ended September 30, 2006, against Rs 43.36 crore for the same period last year.

Total income from operations grew by 16.72 per cent at Rs 170.55 crore for the reporting quarter against Rs 146.11 crore for the corresponding quarter of the previous year. The company has declared an interim dividend of 15 per cent for the current financial year.

"The company has sold one dry bulk carrier and one single hull product tanker during the second quarter and made a profit of Rs 34.19 crore. The freight rates, especially for LPG, was steady during the reporting quarter," said Varun Shipping Managing Director Yudhishthir Khatau.

The company has undertaken dry docking for four of its vessels as the freight rates are slightly on the lower side. Due to this, repairs and maintenance cost shot up by 129.36 per cent at Rs 27.34 for the reporting quarter against Rs 11.92 crore for the corresponding quarter last year. Meanwhile, the company has made a private equity placement of up to Rs 233 crore at a price of Rs 75 a share, representing 14.99 per cent of the company's total stake.

The private equity placement via preferential issue was subscribed by the UK-based Caledonia Investments and Belgium-based Sofina NA apart from promoter group companies.