Bizbits

Grasim net Rs 48 cr
MUMBAI: Grasim Industries, the Aditya Birla group flagship, has a reported a net profit of Rs 48.19 crores for the first quarter of the financial year. Despite depressed conditions in the cement, steel and textile sectors, the company clocked a sales turnover of Rs 907.50 crore. The company has been able to maintain the operating profit at Rs 155.35 crores. The interest cost and depreciation were higher at Rs 67.16 crore and Rs 44.27 crores respectively due to the commissioning of staple fibre plant at Kharach, according to a company release.

The production of viscose staple fibre (VSF) increased by 7.1 per cent to 42760 tonnes for the period April/June 1998. Rayon grade pulp production declined to 28,875 tonnes. Custic soda and sponge iron production rose by 2.7 per cent and 3.6 per cent respectively. However, the cement production dropped by 9 per cent to 1085759 tonnes.

Indo Gulf Fert
MUMBAI: Indo Gulf Fertilisers and Chemicals Corporation Ltd of the Aditya Birlagroup has posted a net profit of Rs 35.54 crore during the first quarter (Q1) of the current fiscal. It reported a turnover of Rs 298.09 crore during the period.

While net sales of the company were traditionally driven by fertilisers (Rs 150.12 crore). However, interest charges from copper were higher at Rs 10.43 crore as against Rs 1.82 crore from the fertiliser business. This takes the total interest costs to Rs 12.25 crore. During the fiscal 1997-98, the company posted net sales of Rs 638.78 crore and a net profit of Rs 141.18 crore.