IDBI net profit shoots 355% to Rs 115 crore in second quarter

New Delhi: Indian Oil Corporation’s has posted a net profit of Rs 3,139 crore for the first six months ending September 2002, an increase of 307 per cent over the same period last year. The second quarter net profit (July-September 2002) of IOC has jumped by 541 per cent to Rs 2,513 crore as compared to Rs 465 crore during the same period last year. It is significant to point here that the net profit during the first six months of the current fiscal is even higher than IOC’s net profit of Rs 2,885 crore during the last financial year ended March 2002. The increase in profits is mainly due to higher price realisation on stock of petroleum products, improvement in refining margins, reversal of provision for diminution in investments, reduction in borrowing costs, arrears of delivery charges for previous periods received from Government, higher dividend income, gain in exchange fluctuations, said a company’s release. For the first half of 2002-03, the Corporation’s gross turnover was marginally lower at Rs 56,663 crore as compared to Rs 59,376 crore for the same period last year. This was mainly due to lower crude sales to other marketing companies.

Indica drives Telco to profit

Mumbai: TATA group automobile firm, Telco has turned around by posting a net profit of Rs 58.80 crore in the second quarter of current fiscal as compared to a loss of Rs 61.83 crore recorded in the same period of last year. Net sales was Rs 2575.72 crore— a growth of 25.4 per cent — as compared to Rs 2054.48 crore recorded in the September quarter of last year. The operating margins (net of excise) stood at 12.08 per cent (8.42 per cent in the same period last year) which was the highest among the last fourteen quarters. Telco has attributed the improved performance to higher volumes especially sales of Indica, better product mix, continued cost reduction efforts and other financial measures. Sales of commercial vehicles in the quarter increased to 23,719 units, representing a 22.1 per cent growth. Passenger car vehicle sales stood at 28,969 units indicating a 41.8 per cent growth over the same period last year. “The Indica project has posted the first ever profit before tax performance for the quarter. It has also achieved break-even performance in the first half of FY 03,” said Telco executive director Praveen Kadle.

Tata Steel net jumps 462% in H1

Kolkata: The post-tax profit of Tata Steel has jumped 462 per cent in the first half of the financial year 2002-03. The company said in a statement issued after approval of financial results by the board on Wednesday that the net profit increased from Rs 47.90 crore in the previous first half to Rs 269.10 crore in the current H1. Net sales of the company also increased from Rs 3,544.34 crore in 2001-02 first half to Rs 4,034.30 crore, a rise of 13.8 per cent. In the second quarter of the current fiscal, net profit of the company surged 642 per cent at Rs 203.18 crore from Rs 27.36 crore in the comparable period in the previous fiscal. Second quarter net sales also increased to Rs 2,207 crore from Rs 1,932.93 crore in the same period of the previous financial year, registering a rise of 14.2 per cent.