Kotak Bank, Linc Pen, Mangalam Timber & Pidilite results

CORPORATE SCORECARD

Kotak Bank net marginally up

Kotak Mahindra Bank has posted a marginally higher net profit of Rs 19.10 crore for the third quarter ended December 31, 2004, up from Rs 18.95 crore for the corresponding period of the previous year.

For the nine months ended December 2004, the private bank's net profit increased to Rs 61.81 crore from Rs 58.13 crore. On a consolidated basis, Kotak Mahindra posted a net profit of Rs 43.43 crore for the third quarter of 2004-2005, down from Rs 44.28 crore in the third quarter of 2003-2004.

The marginal decline in net profit, on a consolidated basis, was primarily on account of lower treasury earnings. For the nine months, the consolidated net profit was Rs 106.63 crore (Rs 112.24 crore), the bank said in a press release. Kotak Mahindra's share price dipped by 2.93 per cent on the Bombay Stock Exchange to close at Rs 260.

Announcing the results, Uday Kotak, executive vice-chairman and managing director, said: "We see significant opportunities to scale up our businesses going forward. The group is continuing its policy of investing in various businesses to achieve this objective in a productive manner."

The total income of the standalone bank increased to Rs 143.31 crore (Rs 94.41 crore) and the total expenditure increased to Rs 114.43 crore (Rs 64.50 crore). The net interest income jumped by 48 per cent to Rs 57.54 crore (Rs 38.84 crore) and other income increased to Rs 30.35 crore (Rs 25.11 crore).

Operating profit was down to Rs 28.88 crore (Rs 29.91 crore). Advances were up 68 per cent on a year-on-year basis to Rs 3,095 crore as on December 31, 2004, with retail loans accounting for 82 per cent of the loan portfolio.

Commercial vehicle advances crossed Rs 1,500 crore, up 45 per cent on a year-on-year basis. The capital adequacy as on December 31, 2004, was 13.73 per cent, while the consolidated net NPAs as on December 31, 2004 were 0.3 per cent of net advances. The bank had 29 full-fledged branches in 20 cities on December 31, 2004 and plans to have 75 to 100 branches by March 2008 across 30-40 cities.

Linc Pen net profit rises 20%

Linc Pen & Plastics Ltd recorded revenues of Rs 91.23 crore in the nine months ended December 31, 2004 compared with Rs 62.44 crore, an increase of 46 per cent.

Profit before interest, depreciation and taxation was at Rs 7.15 crore against Rs 5.89 crore in the same period. Profit after tax was at Rs 3.97 crore compared with Rs 3.31 crore, an increase of 20 per cent.

Mangalam Timber net up 408%

Mangalam Timber Products has recorded a 407.52 per cent jump in net profit to Rs 89.02 crore in the quarter ended December 31, 2004 from Rs 17.54 crore in the same period of the previous fiscal.

Turnover also improved by almost 50 per cent from Rs 10.95 crore in the quarter ended December 31, 2003 to Rs 16.14 crore in the quarter ended December 31, 2004.

The company has posted a net profit of Rs 2.17 crore in the nine months ended December 31, 2004 compared with Rs 24.68 lakh in the corresponding period of 2003-04.

Pidilite net profit rises 33%

Pidilite Industries has posted a 32.53 per cent growth in net profit in the third quarter of the current financial year at Rs 16.78 crore from the corresponding previous quarter's Rs 12.6 crore. Net sales grew by 24.1 per cent during the period from Rs 166.45 crore to Rs 206.74 crore.

Operating profit increased by 33.71 per cent to Rs 33.95 crore, total expenses went up by 23 per cent from Rs 142.2 crore to Rs 175 crore. Other income increased by 88 per cent from Rs 1.19 crore to Rs 2.24 crore.