HLL net rises 7.2% in Q3

 The increase in bottomline is on account of the Rs 56.20 crore profit arising from the sale of its edible oil and fats business to the US-based Bunge Ltd.

 Net sales for the period under review stood at Rs 2,467.49 crore for the quarter ended September 30, 2003 against Rs 2,367.46 crore in the September quarter last year.

 The company is divesting its interests in the mushroom business to a third party, as part of its strategy to focus on core areas.

 Company officials said the company made a loss on the sale. HLL had hived off its mushroom business to a wholly owned subsidiary KICM (Madras).

 For the third quarter, profit after tax decreased 2.9 per cent to Rs 408.15 crore compared with Rs 420.13 crore in the same period last year.

 Profit before tax was lower by 1.5 per cent to Rs 526.94 crore in the September quarter owing to interest cost (Rs 29.96 crore) on bonus debentures allotted to shareholders in July 2003.

 Interest costs will continue to be reflected on the company