Books
Columnists
Indian Tax
Insurance
Interview
Mutual Funds
NRI Tax
Personal Finance
Personal Banking
Real Estate
Stocks

Glenmark Pharma register 29.25% growth in profit and 23.17% growth in sales

Glenmark Pharmaceuticals Ltd has reported a net profit of Rs 27.73 million for the quarter ended June 30, 2000 as against Rs 251.1 million reported in the corresponding quarter of the previous year representing a growth of 29.25%. The sales for the quarter were Rs 309.29 million as against Rs 251.1 million in JQ 99, a growth of 29.17%. Depreciation charge increased from Rs 1.82 million in JQ 99 to Rs 2.75 million in JQ 2000. Similarly interest expenditure increased to Rs 6.9 million as against Rs 1.84 million incurred in JQ 99.

ONGC report 55% rise in net profits for Q1 and 49.96% growth in sales

Oil & Natural Gas Corporation Ltd has reported a net profit of Rs 9.38 billion for the quarter ended June 30, 2000 as against Rs 6.05 billion reported in the same period of the last year. The sales for the quarter were Rs 54.76 billion as against Rs 36.52 billion in JQ 99. Depreciation for the quarter is Rs 10.25 billion as against Rs 8.2 billion reported in the same quarter of the last year. While the interest expenditure declined 14.74% from Rs 1.49 billion to Rs 1.27 billion in JQ 2000, the tax provided increased from Rs 1.65 billion in JQ 99 to Rs 7.75 billion in JQ 2000.

United Breweries post Rs 48.1 million profits in Q1, sales rise 86.09%

United Breweries Ltd has announced a net profit of Rs 48.1 million for the first quarter of the FY 1999-2000 as against a loss of Rs 12.9 million incurred in JQ 99. The sales for the quarter are 86.09% higher at Rs 992.8 million as against Rs 533.5 million in JQ 99. Other income for the quarter is Rs 107.1 million as against Rs 60.4 million in same period of the last year.

Carborundum Universal Q1 net profit at Rs 31.5 million, sales rise 13.25%

Carborundum Universal Ltd has posted a net profit of Rs 31.5 million for the quarter ended June 30, 2000 as against Rs 45 million reported in JQ 99, a decline of 30%. The sales for the quarter were Rs 605.1 million as against Rs 534.3 million in JQ 99 representing a growth of 13.25%. Other income for the quarter stood at Rs 9.4 million compared to Rs 5.7 million in JQ 99. Interest expenditure for the quarter declined 36.36% from Rs 39.6 million in JQ 99 to Rs 25.2 million in JQ 2000.

Elgi Equipments Q1 net profit rise 223.68%, sales up by 33.56%

Elgi Equipments Ltd (Elgi) has registered a net profit growth of 223.68% and a 33.56% growth in the sale for the quarter ended June 30, 2000. The company earned a net profit of Rs 33.74 million on a turnover of Rs 426.53 million as against a net profit of Rs 10.42 million it earned on a turnover of Rs 319.35 million in the same period of the previous year. Other income for the quarter was Rs 10.23 million (JQ 99 Rs 6.87 million). Interest expenditure declined 27.33% from Rs 12.81 million to Rs 9.31 million in JQ 99. Depreciation charge decreased from Rs 17.14 million in JQ 99 to Rs 15.56 million in JQ 2000. Elgi has incurred an expenditure of Rs 39.49 million towards VRS compensation in the first quarter, which will be accounted for evenly by the company over the four quarters of the year. Accordingly the company charged Rs 9.87 million towards VRS compensation as compared to Rs 2.97 million charged in the corresponding quarter of the previous year.

Sri Adhikari Bro's Q1 net profit up by 83.55%, sales rise 105.08%

Sri Adhikari Brothers Television Network Ltd has registered a 83.55% growth in the net profits and a 105.08% growth in the sales for the quarter ended June 30, 2000. The company recorded a net profit of Rs 46.09 million as against Rs 96.78 million in JQ 99. The sales were Rs 105.08% higher at Rs 198.48 million (Rs 96.78 million in JQ 99). The company has charged off the entire production expenditure for the quarter ended June 30, 2000 as against its earlier accounting policy of deferring the charge over a larger period.

KLG Systel Q2 net profit rise 73%, sales up by 5.33%

KLG Systel Ltd has announced a 73% growth in the net profits and a 5.33% growth in the operating income for the quarter ended June 30, 2000. The company reported a net profit of Rs 15.42 million as against Rs 8.92 million JQ 99. The sales for the quarter ended June30, 2000 were Rs 40.82 million as against Rs 38.75 million in JQ 99. Other income increased to Rs 4.49 million from Rs 0.15 million in JQ 99.

Cost reduction improves Kvaerner Cementation net profit by 14.5%, sales decline 20.17%

Company's focus on operational cost reduction and recoveries has resulted in Kvaerner Cementation India Ltd reporting a 14.5% growth in the net profits for the quarter ended June 30, 2000. This being despite a 20.17% decline in the sales for the quarter from Rs 910.68 million in JQ 99 to Rs 726.96 million in JQ 2000. The profits for the quarter were Rs 10.59 million as against Rs 9.25 million in JQ 99. The interest expenditure for the quarter was Rs 9.12 million, 167.38% higher compared to Rs 3.41 million incurred int the corresponding quarter of the previous year.

Shasun Chemicals Q1 net profit down by 25.26%

Shasun Chemicals & Drugs Ltd. has posted a net profit of Rs 21.60 million for the quarter ended June 30, 2000 as compared to Rs 28.90 million for the same period last year. Net sales for the quarter ended June 30, 2000 are down by 10.47% at Rs 346.40 million as compared to Rs 386.90 million for the quarter ended June 30, 2000. Other income has increased from Rs 18.80 million in JQ 99 to Rs 20.90 million in the quarter ended June 30, 2000.Equity shares of the Company have been brought under compulsory demat list with effect from 24th July 2000.

Infosys announces strategic investment in M-Commerce Ventures Pte. Ltd

Infosys Technologies Limited today (July 26, 2000) announced a strategic investment of Singapore $ 1 million in M-Commerce Ventures Pte Ltd, a Singapore-based venture capital fund administered by EDB Investments Pte Ltd, which is the investments arm of the Singapore Economic Development Board. M-Commerce Ventures intends to focus on mobile portals, personal information management and messaging, bandwidth optimization, and other areas in the wireless space. The fund will work closely with its strategic investors as well as with other wireless and mobile commerce organizations such as the Singapore Mobile E-Services Bazaar, an m-focussed incubation center launched by Hewlett Packard in May 2000. "Wireless technologies are the logical next step for business seeking to push their digital frontiers," said S.Gopalakrishnan, Deputy Managing Director, "Over the past few months, Infosys has worked hard to build in-house wireless expertise and we expect this investment to yield opportunities for partnerships with start-ups in this space", he added.

IDBI Q1 net profit down by 23.21%

Industrial Development Bank of India has posted a net profit of Rs 2236/- million for the quarter ended June 30, 2000 as compared to Rs 2912/- million for the same period last year. Income from operations for the quarter ended June 30, 2000 is higher by 6.76% at Rs 19865 million as against Rs 18607 million for the same period last year. Other income for the quarter ended June 30, 2000 is at Rs 275 million as compared to Rs 1014 million for the quarter ended June 30, 99. Govt of India, vide notification dated June 5, 2000 and corrigendum dated June 7, 2000, has (out of its holding of 485.58 million equity shares of Rs 10/- each of the Bank) converted 247 million equity shares into 247 million fully paid-up redeemable preference shares of Rs 10/- each aggregating Rs 2470 million carrying dividend @ 13% p.a.Consequently, the paid up equity capital of the Bank was reduced on June 5, 2000 by Rs 2470 million and Preference capital was credited by Rs 2470 million on June 5, 2000.

Mc Dowell & Co Q1 net profit up by 14.13%, sales rise 4.3%

Mc Dowell & Co. Ltd has reported a net profit of Rs 62.2 million for the quarter ended June 30, 2000 as against Rs 54.5 million reported in the same period of the previous year. Sales were 4.3% higher at Rs 1935.1 million as against Rs 1855.3 million in JQ 99. Other income for the quarter was Rs 12 million (Rs 3.9 million in JQ 99). Due to differences with regard to tender conditions, the Company could not supply its flagship brands in the state of Andhra Pradesh from May16, 2000. The subject matter is under litigation.

MBT Shareholders approve IPO and ESOPs

At an extraordinary general meeting of Mahindra-British Telecom Ltd (MBT), on July 26, 2000, the shareholders approved proposals to raise funds through an Initial Public Offer (IPO) and to earmark a portion of the equity for Employee Stock Options (ESOPs). The shareholders also approved of a stock split, with each share of Rs 10 to be split into five shares of Rs 2 each. The IPO will be limited to 10 per cent of the company's equity, with an additional quantum upto 5 per cent earmarked for ESOPs. The company plans to list its shares on domestic stock exchange/s. The IPO will be a combination of fresh equity issue and secondary sale through dilution of the existing equity holders. MBT plans to use the capital raised through this IPO to drive its future growth and expansion strategy of strengthening market position through strategic acquisitions. It will also provide an opportunity to use the equity as an acquisition currency as and when required. As a part of its expansion plans, the company expects to diversify its customer base across different global locations, adding infrastructure in India as well as the US. The capital will also be used to fund the company's plans of investing in cutting edge technologies. The company plans to significantly increase its global reach with focused sales and marketing efforts, recruiting local talent in the USA, Europe, Japan, Singapore and Australia. The company posted a net profit of Rs 206.00 million for the first quarter of 2000-2001, recording a 50 per cent increase over the first quarter of the previous year. Income from operations touched Rs 785.93 million, an increase of 53 per cent over Rs 515.10 million recorded during the corresponding period, last year. For the year ended March 31, 2000, MBT recorded Income of Rs 2403.23 million and net profit of Rs 630.33 million. These figures do not include figures for MBT International Inc., the wholly owned US subsidiary, which recorded income of US $ 12.07 million and net profit of US$0.43 million for the year. MBT is engaged in the business of telecommunication software, besides software engineering, e-business and the Internet. The Company has full-fledged software development centers at Mumbai and Pune in India and at London in the UK. MBT's clientele includes leading telecom companies worldwide like British Telecom, MCI Worldcom. Alltel Corporation and Glenayre. MBT has subsidiary company in the USA - MBT International Inc (MBT), and marketing offices in the UK, USA, Australia, Oman and India. MBT's business partners represent the Company's interests in Sweden, Netherlands, Switzerland, Denmark and South Africa. Established in 1988, MBT is a joint venture between the Mahindra Group, a leading Indian business house and British Telecom Plc, the largest telecom company in the UK. Mahindra Information Technology Services Ltd., a wholly owned subsidiary of Mahindra & Mahindra Ltd., owns 60 per cent of the equity, while British Telecom Plc holds 40 per cent.

Burroughs Wellcome Q2 net profit up 31.63%, sales up by 22.93%

Burroughs Wellcome India Ltd has posted a net profit of Rs 97.80 million for the quarter ended June 30, 2000 as compared to Rs 74.30 million for the same period last year. The net sales for the quarter ended June 30, 2000 are at Rs 601/- million as compared to Rs 488.90 million for the same period last year. Other income has decreased from Rs 43/- million in the quarter ended June 30, 99 to Rs 39.90 million for the quarter ended June 30, 2000.

Glaxo India post 103.45% growth in net profits, profit on sale of brands at Rs 105 million

Pharma major Glaxo India Ltd has reported a net profit of Rs 295.2 million for the quarter ended June 30, 2000 as against Rs 145.1 million reported in the same period of the previous year. Company earned a profit of Rs 105 million on sale of some of its brands and earned other income of Rs 110 million for the quarter as against other income of Rs 112.3 million it earned in JQ 99. The sales were 27.92% higher at Rs 2867.8 million as against Rs 2241.8 million for JQ 99. For the half-year ended June 30, 2000 the company clocked a turnover of Rs 4700.2 million as against Rs 3949.2 million in the corresponding quarter of the last fiscal. Other income for the half- year was Rs 209.5 million and the company earned a profit of Rs 155 million on sale of brands during this half.

Goodlass Nerolac Q1 net profit rises 22%, sales up by 10.56%

Goodlass Nerolac Paints Ltd has registered a 22% rise in the net sales for the quarter ended June 30, 2000 and a 10.56% growth in the sales over the corresponding period of the last year. The company recorded a net profit of Rs 52.1 million on a turnover of Rs 1322.5 million in JQ 2000 as against profit of Rs 42.7 million on a turnover of Rs 1196.2 million reported in JQ 99. The other income for the quarter stood at Rs 18.1 million. The depreciation charge went up 30% from Rs 26.9 million to Rs 35 million in JQ 2000.

Bata India Q2 net profit skids 52.41%, sales fall 7.35%

Bata India Ltd has reported a 52.41% decline in the net profits for its second quarter ended June 30, 2000. The sales for the quarter were Rs 2181 million as against Rs 2354 million in JQ 99. Interest expenditure for the quarter was Rs 24.7 million as against Rs 19.6 million in JQ 99 and the tax provided declined 51.2% from Rs 78.9 million in JQ 99 to Rs 38.5 million in JQ 2000.

Birla 3M Q2 net profit rises 127%, sales up by 21.92%

Birla 3M Ltd has reported net profit of Rs 34.4 million for the quarter ended June 30, 2000 as against Rs 15.15 million for the quarter ended June 30, 1999, representing a growth of 127%. The sales for the quarter were Rs 447.19 million, 21.92% higher compared to Rs 366.81 million recorded in JQ 99. Other income was Rs 1.24 million (JQ 99 Rs 0.52 million). Depreciation for the quarter increased 58.46% from Rs 5.81 million in JQ 99 to Rs 9.21 million in JQ 2000. The company provided 143.01% higher tax for the quarter at Rs 18.97 million as against Rs 7.81 million in JQ 99. For the half year ended June 30, 2000 the company earned a net profit of Rs 71.35 million representing a 17.83% growth over Rs 60.56 million reported in the same period of the last fiscal. Sales at Rs 980.71 million were 32.58% higher as compared to Rs 739.69 million in first of half 1998-99. The Depreciation and tax charge for the half year were significantly higher at Rs 16.63 million and Rs 40.76 million respectively as against Rs 10.04 million and Rs 9.59 million respectively in corresponding period of the last year.

Cipla net profit up by 20.65%, sales up by 20.68%

Pharma major Cipla Ltd has registered a 20.65% growth in the net profits and a 20.68% growth in the sales for the quarter ended June 30, 2000 over the same period of the last year. The company reported a net profit of Rs 387.9 million on a turnover of Rs 2417.9 million as against a profit of Rs 321.5 million on a turnover of Rs 2003.6 million in JQ 99. The company charged Rs 135 million towards tax (JQ 99 Rs 130 million) and the expenditure for the quarter was Rs 4 million as against Rs 3 million in JQ 99.

Ingersoll-Rand reports net profit of Rs 477.9 million for Q1

Ingersoll-Rand (India) Ltd has recorded a net profit of Rs 477.9 million for the quarter ended June 30, 2000. The sale for the quarter was Rs 679.4 million and the other income was Rs 46.1 million. The company earned an extraordinary profit of Rs 441 million from the sale of its Gas compressor business. The company provided Rs 24 million for tax in the quarter ended June 30, 2000 as against Rs 81.3 million provided in JQ 99.

EIH Q1 net profit up by 28.53%, sales up by 10.92%

EIH Ltd. has posted an increase of 28.53% in net profits for the quarter ended June 30, 2000 as compared to the same period last year. The net profit for the quarter ended June 30, 2000 is at Rs 166.70 million as compared to Rs 129.70 million for the quarter ended June 30,99. Net Sales for the quarter ended June 30, 2000 are up by 10.92% at Rs 1065.50 million as compared to Rs 960.60 million in the quarter ended June 30, 99. Other income has grown from Rs 66.70 million in JQ 99 to Rs 77.90 million in the quarter ended June 30, 2000.Traditionally in the hotel industry the results of the first quarter are not indicative of a full years working.

Heritage foods Q1 net profit up by 13.62%, sales up by 32%

Hyderabad based Heritage foods (India) Ltd has reported a net profit of Rs 18.55 million for the quarter ended June 30, 2000 as against Rs 16.33 million reported in the same period last year. The sales for the quarter increased 32% from Rs 249.61 million in JQ 99 to Rs 328.91 million in JQ 2000. Depreciation for the quarter was 31.7% higher at Rs 6.07 million compared to Rs 4.92 million in JQ 99. Similarly tax provided was 116.67% higher at Rs 6.5 million compared to Rs 3 million in JQ 99.

Winsome Textiles Q1 net profit down by 41.36%

Winsome Textile Industries Ltd has reported a net profit of Rs 11.20 million for the quarter ended June 30, 2000 as compared to the same period last year. Net sales for the quarter ended June 30, 2000 are up by 29.25% at Rs 324.80 million as compared to Rs 251.30 million for the same period last year. Other income has risen from Rs 1.20 million in JQ 99 to Rs 1.80 million for the quarter ended June 30, 2000. The Company has undertaken expansion of Dyeing Capacity at estimated cost of Rs 84 million which is being financed by Internal Accruals and Term Loan. The project is expected to be fully completed by February 2001.

Lok Housing post Rs 6.28 million loss in JQ 99, sales down by 87.44%

Lok Housing and Constructions Ltd has incurred a net loss of Rs 6.28 million for the quarter ended June 30, 2000 as against a loss of Rs 12.18 million in JQ 99. The sales for the quarter were Rs 4.28 million compared to Rs 34.08 million in JQ 99. Other income at Rs 6.3 million is 48.82% lower compared to Rs 12.3 million in JQ 99. Interest expenditure declines 53.26% from Rs 6.82 million in JQ 99 to Rs 3.19 million in JQ 2000. Depreciation has declined from Rs 13.66 million in JQ 99 to Rs 6.39 million in JQ 2000.

Ashok Leyland Finance FY 2000 net profit rises 34.89%

Ashok Leyland Finance Ltd has posted a net profit of Rs 202.6 million for the year ended June 30, 2000 on operating income of Rs 2313.4 million. The company's profit for the previous year was Rs 150.2 million on operating income of Rs 2695.7 million. These represent a 34.89% increased in the net profits and a 14.18% decline in the operating income as compared to the previous year. The financial expenses for the year were 20.3% lower at Rs 1505.2 million as against Rs 1888.5 million in FY 99. Depreciation for the year was Rs 313.5 million as compared to Rs 348.2 million in FY 99.

Amara Raja Batteries June quarter net profit declines 5.03%, sales up by 32.28%

Amara Raja Batteries Ltd has reported a net profit of Rs 22.6 million for the quarter ended June 30, 2000 as against Rs 23.8 million it reported in the same period of the last fiscal. The sales for the quarter were Rs 200.89 million as against Rs 151.86 million in JQ 99, a growth of 32.28%. Other income at Rs 12.61 million was 6.96% lower compared to Rs 13.55 million in JQ 99. Depreciation charged for the quarter was Rs 44.26% higher at Rs 16.09 million (JQ 99 Rs 11.15 million). The tax provision for the quarter declined from Rs 10 million in JQ 99 to Rs 7.5 million in JQ 2000.

Vardhman Spinning Q1 net profit at Rs 64 million, sales rise 11.72%

Vardhman Spinnning & General Mills Ltd has reported a net profit of Rs 64 million for the quarter ended June 30, 2000 as against Rs 63.5 million in JQ 99. The sales for the quarter were Rs 1068.8 million as compared to Rs 956.7 million in JQ 99, a growth of 11.72%. Other income grew significantly during the quarter from Rs 6.7 million in JQ 99 to Rs 44.2 million in JQ 2000.

Monnet Ispat Q1 net profit rises 331.87%, sales down by 12.6%

Monnet Ispat Ltd has registered a 331.87% increase in the net profit for the quarter ended June 30, 2000. The company recorded a net profit of Rs 22.05 million for JQ 2000 as against Rs 5.11 million in JQ 99. The net sales at Rs 216.01 million are 12.6% lower compared to Rs 247.16 million in JQ 99.

Century Enka net profit skids 61.67%, sales up by 12.24%

Century Enka Ltd posted a net profit of Rs 47.8 million for the quarter ended June 30, 2000 as against Rs 124.7 million recorded in the same period in the previous year. The sales for the quarter were Rs 2212.2 million as against Rs 1971 million in JQ 99, a growth of 12.24%. According to the company, the decrease in gross profit is mainly due to sluggish demand, increase in raw material prices and drop in sale price of POY.

Clariant India Q1 net profit rise 12.47%, sales up by 15.42%

Clariant (India) Ltd has reported a net profit of Rs 40.6 million for the quarter ended June 30, 2000 as against Rs 36.1 million in JQ 99. The sale for the quarter was Rs 648.1 million as against Rs 561.5 million in JQ 99. The company earned other income of Rs 11.9 million for the quarter as compared to Rs 9.2 million in the same quarter of the previous year.

Pidilite Industries net profit up 5.175%, sales rise 19.26%

Pidilite Industries Ltd has reported a net profit of Rs 124.2 million for the quarter ended June 30, 2000 as against Rs 118.1 million in JQ 99. The sales for the quarter were Rs 1162.3 million compared to Rs 974.6 million in JQ 99, a growth of 19.26%. Other income for the quarter was Rs 26.1 million 36.65% higher compared to Rs 19.1 million recorded in JQ 99. Interest expenditure for the quarter increased 55.38% from Rs 13 million in JQ 99 to Rs 20.2 million in JQ 2000. Similarly the depreciation charge was also higher at Rs 36 million as against Rs 25.4 million in JQ 99.

Geojit Securities post 110.27% growth in net profits, brokerage income up by 160.41%

Geojit Securities Ltd has reported a 110.27% growth in the net profit and a 160.41% growth in the brokerage income for the quarter ended June 30, 2000. The company earned a net profit of Rs 11.28 million on a brokerage income of Rs 36.74 million for the quarter ended June 30, 2000. The company had earned a net profit of Rs 5.36 million in JQ 99 on a turnover of Rs 14.11 million in the same period of the last year. Depreciation charge for the quarter was Rs 1.18 million (Rs 0.48 million in JQ 99) and company provided Rs 5.58 million in JQ 2000 for tax against Rs 2.6 million in JQ 99.

IDBI Bank report 25.79% growth in net profit for quarter ended June 2000

IDBI Bank Ltd has reported a net profit of Rs 119 million for the quarter ended June 30, 2000 as against Rs 94.6 million reported in the same period of the previous year, a growth of 25.79%. The interest income for the quarter was Rs 1.25 billion as compared to Rs 842.2 million in JQ 99 reflecting a growth of 48.71%. The interest expenditure also correspondingly increased 45.26% to Rs 1.01 billion from Rs 694.4 million in JQ 99. The bank's deposits as on June 30, 2000 stood at Rs 38.02 billion and it had advances of Rs 16.26 billion as on that date. The corresponding figures of the previous year were Rs 29.78 billion and Rs 11.18 billion respectively.

Grasim Industries Q1 net profit at Rs 594.3 million

Grasim Industries Ltd has reported a net profit of Rs 594.3 million for the quarter ended June 30, 2000 as against Rs 589.6 million in the corresponding period of the previous year. Sales at Rs 12122.4 million are 10.41% higher compared to Rs 10979.2 million recorded in the same period last year. Other income for the quarter increased from Rs 41.4 million in JQ 99 to Rs 96.9 million in JQ 2000. Depreciation increased 6.59% from Rs 584.1 million in JQ 99 to Rs 622.6 million in JQ 2000. The company has commenced commercial production at its 0.93 million TPA capacity plant at Reddipalayam village, near Trichy, Tamilnadu in mid-April, 2000.

RISC

Tell us what you think of this feature