Riding on the back of significant growth in its paperboard/paper packaging and agri-business the tobacco giant ITC Limited today announced a more than 15 per cent growth in its gross turnover to Rs 2779 crore in the second quarter of the current fiscal. The company’s turnover during the same quarter last year was Rs 2401.50 crore.The company also posted a net profit of Rs 362.52 crore during the period under review showing a growth of 14.1 per cent during July-September period over the previous year’s net. The financial results of the company was approved by the board at its meeting here today.Though cigarettes continued to be the mainstay of ITC, total business contributing nearly 80 per cent of the total turnover during the quarter but the growth in the segment was less than 10 percent. On the other hand, the agri-business recorded a fantastic growth of 128 percent to Rs 463.27 crore as against Rs 203.13 percent in the corresponding period last year. Paperboard, paper and packaging also posted a healthy growth of nearly 13 percent to Rs 295.93 per cent from Rs 262.5 crore during 2001.INDIAN RAYON NET DOUBLES: Aditya Birla Group company Indian Rayon’s net profit more than doubled to Rs 37.73 crore for the second quarter ending September 2002 as compared to Rs 15.12 crore in Q2 of previous fiscal. Net sales during this period rose by 12 per cent to Rs 449.15 crore as against Rs 403.84 crore in the previous fiscal, chief financial officer Adesh Gupta told newsmen here today. Practically all of the business segments have achieved superior revenues with focussed initiatives yielding results, he said. The viscose filament yarn, insulators and carbon black divisions had been major growth drivers. For the six-month period, the company’s net profit rose 111 per cent at Rs 52.81 crore (Rs 25.03 crore) while net sales rose by nine per cent.Dr Reddy’s net at Rs 95.3 cr:Dr Reddy’s Labs has earned a net profit of Rs 95.3 crore during second quarter of current fiscal compared to Rs 212.8 crore in the same period last year but said the current fiscal did not take into account fluoxetine exclusivity. Total revenue fell by four per cent to Rs 492.8 crore from Rs 512.2 crore due to decrease in sales of generics. Revenues in India stood at Rs 49.5 crore witnessing a marginal growth of just three per cent during the period under consideration while sales outside India increased by 55 per cent to Rs 124.4 crore.
