IBP set to post Rs 50 crore net profit
State-level meet to chart plan on use of infotech
Polaris Soft net profit leaps 126% at Rs 11 cr

 
 
IBP SET TO POST RS 50 CRORE NET PROFIT 
 
 
BY PALLAB BHATTACHARYA
 
Calcutta, July 14: 
IBP Ltd, the Calcutta-based public sector oil company, is set to report a net profit of Rs 50 crore for the year ended March 31, 2000 compared with previous year’s Rs 42 crore.

The IBP board is meeting on July 24 to approve the accounts of the last financial year.

A senior IBP official, on conditions of anonymity, said the company’s turnover had registered an 18 per cent growth touching Rs 7,000 crore during the same period against Rs 6,000 crore in the previous year.

IBP made an investment of Rs 145 crore last year mostly to set up new oil terminals and retail outlets.

“This year we plan to invest Rs 200 crore, majority of which will go to expand our retail network,” the official said.

In order to face competition after the oil sector is deregulated in April 2002, the company is planning to invest around Rs 50 crore during the current financial year to set up new tankages.

The official said the company is contemplating short-term borrowing to fund its investment plan.

“We are entitled to get around Rs 300 crore from the Oil Industry Development Board, which we will use to retire the short-term debt,” the official said.

The company, which tops the government’s disinvestment agenda, has set an ambitious turnover target at Rs 8000 crore for the current year with a profit range of Rs 55-60 crore.

“We have geared up our existing retail network which comprises around 1,600 outlets. Another 100 outlets will be added to the network during the current financial year,” he said.

IBP, which is the country’s only stand-alone oil marketing company, is also planning to strengthen its lubricant brand — IBP Red — to garner greater market share.

“We have plans to invest around Rs 15 crore during the current year to reposition our lubricant brand. Although there are now too many players in the country’s lubricant market, our brand is doing extremely well,” the official said.

IBP, however, is still in the dark about the government’s disinvestment exercise. “The matter is pending with the government for the last couple of years, but no decision has yet been taken. An early decision is essential for us to work out an agenda to face the competition,” the official said.    


 
 
STATE-LEVEL MEET TO CHART PLAN ON USE OF INFOTECH 
 
 
FROM OUR CORRESPONDENT
 
New Delhi, July 14: 
Prime Minister Atal Behari Vajpayee will inaugurate the first state ministers’ conference on information technology tomorrow, which will focus on harnessing infotech for socio-economic uplift.

The conference, convened by the ministry of information technology to draw up an ‘IT vision for India’, will deliberate upon strategies to be adopted by state governments to use information technology for improving the quality of life and to bridge the digital divide existing between regions.

The deliberations are expected to help finalise an integrated plan of action for uniform development and application of information technology across the country.

The conference will also chart out a common agenda for both the Central and state governments, in order to build upon the brand equity of India as a global player in the emerging knowledge-based economy.

One of the key issues likely to be discussed is the strategy to be pursued to promote information technology for the masses, uniformly across the country. It is expected that the discussion on the subject will generate inputs for an action plan to implement the strategy.    


 
 
POLARIS SOFT NET PROFIT LEAPS 126% AT RS 11 CR 
 
 
FROM OUR CORRESPONDENT
 
Mumbai, July 14: 
The Chennai-based Polaris Software Lab Ltd has posted a growth of 126 per cent in net profit for the first quarter of the current fiscal year ending June 30. Net profit increased to Rs 11.03 crore against Rs 4.89 crore in the previous corresponding period.

Turnover rose to Rs 52.80 crore over Rs 26.42 crore, representing a growth of 99.85 per cent.

In a press statement issued today, Polaris said that to meet the future growth needs of the company, the board has decided to commission one more development centre in Chennai.

The planned manpower accommodation of the new facility would be around 1,100 associates, and it is estimated to cost around Rs 33 crore.

The company added that by capitalising on its horizontal domain expertise in web technologies, it has expanded in several vertical domains. Its WebLab initiative has resulted in client orders from the US, Europe and Asia which includes a relationship with a Hong Kong-based conglomerate.

Polaris has also bagged a contract to implement the e-Card/e-Pay system for a large banking multinational in Europe. Further, it is also involved in the development of a finance portal for a US-based site, cfoweb.com.    

 

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