Oct. 16: Asian Paints India Ltd has reported a 39.48 per cent rise in net profit at Rs 41.30 crore for the second quarter ended September 30, compared with Rs 29.61 crore a year ago.
The board has declared a 45 per cent (Rs 4.50 per share) interim dividend for the financial year ending March 31, 2002.
Net sales in the reporting quarter increased by 14.85 per cent at Rs 392.94 crore as against Rs 342.14 crore in the second quarter of the last fiscal, it said.
The company said net sales include income arising out of processing charges for products manufactured for the joint venture unit, Asian PPG Industries Ltd, and rentals for leasing tinting machines to dealers, together amounting to Rs 5.97 crore this fiscal (Rs 5.29 crore).
Other income increased from Rs 2.99 crore in September 2001, to Rs 5.53 crore this year. “Operating margins improved considerably due to better overhead management as well as benefits of cost efficiency initiatives undertaken by the company,” Asian Paints (India) vice-chairman and managing director Ashwin Dani said.
For the six months ended September, net profit surged 42 per cent to Rs 70.13 crore (Rs 49.4 crore) while net sales registered a 15.4 per cent growth at Rs 714.51 crore (Rs 619.4 crore).
Hughes Tele cuts loss
Hughes Tele.com (India) Ltd has lowered its net loss at Rs 28.8 crore for the second quarter ended September 30, from Rs 36.6 crore a year back.
Income from operations in the reporting quarter was higher by 40 per cent at Rs 86.4 crore as against Rs 61.5 crore in the second quarter of the last fiscal, HTIL said in a release today.
For the first half ended September 2002, HTIL recorded a net loss of Rs 58.5 crore (Rs 67 crore) while income from operations was higher at Rs 164.3 crore (Rs 116 crore). The total number of subscribers increased to 1.85 lakh from 1.60 lakh in March.