Telco posts Rs 28 cr net in first quarter

TATA Engineering has registered its best first quarter performance in the last five years with a net profit of Rs 28.03 crore as against a l...

TATA Engineering has registered its best first quarter performance in the last five years with a net profit of Rs 28.03 crore as against a loss of Rs 98.90 crore in the corresponding quarter of the previous fiscal.

The company has attributed the positive swing to an improvement in operating profit of Rs 75 crore and a reduction in interest cost of Rs 22 crore. Net sales for the quarter stood at Rs 2,087.24 crore, registering a 23 per cent growth as against Rs 1,697.38 crore in the June quarter 2001-02.

“The company has identified expensive debt portfolio of Rs 300 crore of which Rs 75 crore has already been pre-paid in the first quarter,” said Telco executive director (corporate affairs & finance) Praveen Kadle.

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The operating margins (net of excise) increased to 11.5 per cent as against 8.9 per cent in the same period last year, which the company has attributed to increased volumes, better product mix and continued cost reduction efforts.

Sales of commercial vehicles in the quarter increased to 21,376 units, registering an increase of 45.7 per cent over 14,694 units in the same quarter last fiscal. Passenger vehicle sales also saw an 11.5 per cent rise at 17,591 units.

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