IDBI, Glaxo net falls, SBI profit zooms 71%

SBI NET UP 71%: The net profit of State Bank of India (SBI) has shot up by 71 per cent to Rs 605.70 crore as compared to Rs 354.60 crore recorded in the same quarter of last fiscal. Interest income during the quarter was up 14.35 per cent Rs 6,203.75 crore as compared to Rs 5,425.16 crore. Other income rose to Rs 904.89 crore from Rs 781.12 crore in the same quarter last year.

SBI Chairman G G Vaidya said the bank is expected to achieve a net profit of Rs 2,400-2,500 crore during the current fiscal year considering the present trend in the growth of overall portfolios. Total expenditure in Q2 was up by 11 per cent to Rs 6,502.94 crore (Rs 5,851.68 crore).

The bank recorded a 52 per cent increase in its net profit at Rs 1,067.40 crore for the first half ended September 30, even after making larger provisions of Rs 1,206.14 crore during the period. The provisions included Rs 700 crore towards non-performing assets (NPAs) as against Rs 560 crore NPA provision made in the corresponding period last year.

GLAXO NET FALLS: INDIA’s largest pharmaceutical firm by market share, Glaxo India, on Monday reported a four per cent fall in third quarter profits. The net profit in the third quarter ended September fell to Rs 15.33 crore ($3.3 million), down from the Rs 15.98 crore in the year-ago period.

Analysts had predicted net profit to rise 15 per cent and sales to grow by around 10 per cent. Net sales fell to Rs 236 crore from Rs 248 crore in the same period in 1999. Ahead of the results, Glaxo shares closed 6 per cent down at Rs 430.50 on Monday while the benchmark index fell 1.06 percent to end at 3,689.43 points.

BPCL NET UP 73%: Bharat Petroleum Corporation (BPCL) has reported a 73.54 per cent rise in net profit at Rs 358.9 crore for the second quarter ended September 30 as against Rs 206.8 crore in the corresponding period last year. Net sales were up by 43.37 per cent at Rs 10,896.8 crore in the reporting quarter (Rs. 7,600.1 crore) while the purchase of products for resale stood at Rs. 7,157.7 crore.

BPCL attributed the above increase to the marketing of Chennai Petroleum Corp Ltd’s products to other oil companies and increase in the prices of petro products itself.

GULF OIL NET DOWN 48.6%: Gulf Oil India (GOIL) has recorded a 48.6 per cent lower net profit at Rs 2.21 crore in the second quarter ended September 2000 as against Rs 4.3 crore in the same period last year.

The company’s net sales too dipped by four per cent at Rs 64.74 crore in Q2 as against Rs 67.47 crore in corresponding quarter last year, it said. For the six months ended September 2000, GOIL’s net profit was down by 39.8 per cent at Rs 3.02 crore as against Rs 5.02 crore in the same period last year, while the sales for the H1 up by 2.62 per cent to Rs 116.03 crore as against Rs. 113.02 crore, the release added.

RPL NET AT RS 402 CR: Reliance Petroleum Ltd (RPL) has reported a Rs 402 crore net profit over net sales of Rs 8,325 crore for its maiden second quarter ended September 2000. For the maiden six months ended September 2000, the company has recorded a net profit at Rs 726 crore while net sales stood at Rs 14,308 crore,

“We are encouraged by RPL’s strong performance in the very first six months of its operations. This has been achieved as a result of the company’s superior global competitiveness,” managing director, Anil Ambani said in a release here today. The company said after providing for interest of Rs 456 crore, the cash profit was Rs 1,023 crore.

SSI NET UP: Chennai-based SSI today reported a huge jump in its net profit at Rs 27.57 crore for the quarter ending September against Rs 6.75 crore for the same period last year. The quartely results showed a huge increase in its income from operations to Rs 101.53 crore from Rs 34.43 crore same period last year.

HINDALCO NET UP: The Aditya Birla group flag ship, Hindalco Industries, has reported a nine per cent increase in its net profit to Rs 175 crore in the second quarter ended September 30 as against Rs 161 crore posted in the same period last year. Sales were higher by seven per cent to Rs 551 crore in July-September 2000 as compared to Rs 516 crore in the corresponding peirod of the previous year, a company statement said here.

BHEL PROFIT FALLS: Bharat Heavy Electricals reported a sharp 90 per cent decline in net profit to Rs 11.90 crore in the second quarter ended September 30 as against Rs 127.95 crore profits in the same period last year. Sales fell by about six per cent to Rs 1,266.62 crore in July-September as compared to Rs 1,346.53 crore sales in the corresponding period the previous year. BHEL posted over 90 per cent drop in net profits to Rs 13.92 crore in the first six months of the current fiscal when compared to Rs 144.20 crore profits posted during April-September 1999-2000.

INDO GULF’s NET UP 20%: Indo Gulf Corporation, has reported a 20 per cent rise in net profit at Rs 58.65 crore in the second quarter ended September 30, compared to Rs 48.92 crore in the same period of the previous year. Sales turnover at Rs 531.55 crore in Q2, was marginally lower by 0.75 per cent, as against Rs 535.60 crore recorded in the same period of last year.