ICI India, Jindal Steel, JB Chemicals & Manugraph results

CORPORATE SCORECARD

ICI India net drops 78% to Rs 12.6 crore

ICI India Ltd today reported a 78 per cent drop in its net profit to Rs 12.6 crore for the third quarter of this financial against Rs 61.5 crore of the third quarter of the previous financial year.

The sharp decline in net profit was owing to the exception income of Rs 49.5 core in the same period last quarter. The total income of Rs 220 crore and gross profit from operations of Rs 25.6 crore for the quarter compared favourably with those of the corresponding quarter last year at Rs 199 crore and Rs 25.1 crore respectively.

Sales and operating profit from the continuing businesses grew by 23 per cent and 51 per cent respectively, with growth in the company's core businesses and lower depreciation charge.

However, on account of the divestment of Nitrocellulose and trading businesses in March 2004 and large exceptional income in the previous year, the profit after tax for April to December 2004 at Rs 48.2 crore was lower against Rs 76 crore in the corresponding period last year.

Jindal Steel net up 55% to Rs 124.02 crore

Jindal Steel & Power Company Ltd has reported a 54.65 per cent increase in net profit at Rs 124.02 crore for the quarter ended December 31, 2004 compared with Rs 80.19 crore in the year-ago period.

Total income increased 84.18 per cent to Rs 649.97 crore for the third quarter from Rs 352.89 crore for the same quarter last financial year.

JB Chemicals net up 25% to Rs 15 crore

The Bharuch-based J B Chemicals and Pharmaceutical has reported around 25 per cent jump in its net profit in the third quarter of the current financial year as the Company has posted a net profit of Rs 15.45 crore against Rs 12.15 crore of net profit reported in the corresponding period of the last financial year.

JBCPL which received final apprnoval from the United States Food and Drug Administration (USFDA), to manufacture and market ciprofloxacin tablets in the US market in September, last year, has also posted significant rise in its net income in the quarter under consideration at Rs 104. 06 crore against net incomes of Rs 81.21 crore of net income it posted during the same period of the last financial year.

JBCPL, which already has a in the US market through joint venture NeoJB LLC, USA, attributed the rise in net income to significant rise in exports.

"Overall export performance and cost-cutting measures interms of inventory and working capital helped in enhancing the Company's net profit, " said Shirish Mody, Director of the Company, here on Thursday.

Manugraph net up 290% to Rs 8.77 crore

Manugraph India Ltd, manufacturer of printing presses, has posted a 290 per cent growth in net profit over a 59 per cent rise in net sales for the quarter ended December 31, 2004.

Net profit has increased to Rs 8.77 crore in the quarter ended December 31, 2004, against the corresponding previous period's Rs 2.25 crore. Net sales went up to Rs 58 crore from Rs 36.43 crore.

Expenditure stood at Rs Rs 45.49 crore against Rs 30.50 crore. Earnings per share works out to be Rs 14.62 at the end of the quarter under review against Rs 3.75 in the corresponding period of the previous year.

Vice-chairman Sanjay Shah said "The stupendous performance has been on account of strong demand in the printing business, both in the domestic and export market."