Castrol profit down 40 pc in Q3

MUMBAI, OCT 17: Castrol India Ltd has reported a decline of 40.22 per cent in its net profit at Rs 28.14 crore for the third quarter ended...

MUMBAI, OCT 17: Castrol India Ltd has reported a decline of 40.22 per cent in its net profit at Rs 28.14 crore for the third quarter ended September 30, 2000, as compared to the same period of the previous year. Net sales went up 3.60 per cent at Rs 290.07 crore in Q3 against Rs 279.97 crore registered in the corresponding period of the last year, the company said.

During the reporting quarter the interest went up to Rs 1.51 crore Rs 66 lakh in Q3 last year, it added. Sales turnover during the nine months period ended September 30, increased by 5.7 per cent at Rs 901.92 crore Rs 853.47 crore while net profit was 26.1 per cent down at Rs 106.22 crore Rs 143.72 crore.

The company8217;s performance for the nine months has been adversely affected by the decline in the lubricant market and the rise in base oil prices, it said. The lube market has declined by an estimated six per cent while base oil prices continue to rise and were more than 75 per cent higher as compared to the same period of last year. As a result the margins continue to be under pressure.

Commercial production at the Wadala plant has stopped with effect from July 1, 2000, following the acceptance of the voluntary retirement scheme by all plant employees, it said adding, the VRS saw an expenditure of Rs 2.69 crore. Tata Sons Ltd8217;s executive director R Gopalakrishnan has joined the board of directors as a non-executive independent director of the company with effect from today.

HDFC Q2 net up 19.83 pc

MUMBAI:Housing Development and Finance Corporation HDFC has recorded a 19.83 per cent rise in its net profit at Rs 116.36 crore on a 21.74 per cent increase in its income at Rs 586.18 crore during the second quarter ending September 30, 2000 over the same period last year.

The total expenditure for Q2 stood at Rs 444.1 crore Rs 362.31 crore in the corresponding period last year and includes Rs 421.1 crore as interest expense, HDFC said in a release here today.

During the six months ending September 30, the net profit was up by 16.76 per cent at Rs 207.45 crore Rs 172.68 crore, income rose by 22.05 per cent to Rs 1,138.41 crore Rs 932.73 crore while total expenditure was up by 24.03 per cent at Rs 880.87 crore Rs 710.19 crore.

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Approvals and disbursals for the six month period showed an increase of 33 per cent and 32 per cent respectively over the corresponding period of the previous year at Rs 3,165.06 crore Rs 2,371.03 crore and Rs 2,484.66 crore Rs 1,888.77 crore.

Income from operations during Q2 includes interest on loans amounting to Rs 759.88 crore, fees and other charges amounting to Rs 44.03 crore, dividend income amounting to Rs 71.75 crore, net profit on sale of investments amounting to Rs 46.30 crore, lease rental income amounts to Rs 18.92 crore and other operating income was at Rs 197.53 crore.