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Bajaj Auto net down

Oct. 23: Bajaj Auto Ltd (BAL) has posted a net profit of Rs 130.82 crore in the quarter ended September 30 2002, 7.8 per cent lower than Rs 142.03 crore recorded a year ago.

However, the profits are not strictly comparable with those of the September quarter last year, as the year-ago figure included an extraordinary item of Rs 117 crore received as premium income from the company’s insurance partners. Total income (net of excise) increased to Rs 1,089.77 crore, from Rs 961.51 crore in the second quarter last year.

Bajaj Auto’s focus on exports seems to have paid it rich dividends as exports have increased 129 per cent in numbers. The company said it is the largest exporter of motorcycles in the country. In the first six months of the current financial year, exports in value stood at Rs 145.5 crore as against Rs 64.4 crore in the first half last year, and Rs 159.4 crore for the entire 2001-02 financial year.

Gross profit after interest but before depreciation, taxation and extra-ordinary items for the first half stood at Rs 475.1 crore, up 50 per cent from Rs 317.10 crore.

CMC income falls

CMC Ltd reported a marginal decline in its income in the quarter ended September 30. Its income in the quarter at Rs 131.07 crore was 2.5 per cent lower than last year. CMC posted a net profit of Rs 5.2 crore during the quarter.

The company earned Rs 229.79 crore in revenues and posted a net profit at Rs 17.94 crore in the first six months of the year. The company earned Rs 565.33 crore in revenues in the 2001-02 fiscal.

The company’s managing director S. S. Ghosh said CMC was looking at restructuring its education and training business “to cater to the needs of the present market”.

R. Ramanan, CMC’s chief operating officer said the company had added over 330 new employees during the quarter in view of the business potential envisaged for the other half of the year.

Aptech net at Rs 2.34 crore

IT education company Aptech Ltd has posted a net profit at Rs 2.34 crore for the second quarter ended September 30.

The company’s income from operations for the reporting quarter stood at Rs 41.11 crore, Aptech Ltd said in a release here today.

“The general business scenario in the IT industry is showing signs of visible improvement with the levels of recruitment of IT professionals reflecting an upswing in past few months,” CEO and managing director Pramod Khera said.

PNB Gilts net up 80%

PNB Gilts today announced a 80 per cent jump in net profit at Rs 30.01 crore during the second quarter of this fiscal as against Rs 16.63 crore during July-September 2001. Total income surged by 43 per cent to Rs 60.16 crore during the second quarter from Rs 42.10 crore during the year-ago period.

“This impressive performance is the result of dropping of non-SLR yields to all time low levels, along with the increased focus on the relationship based business with mid-segment like cooperatives, banks, regional rural banks, provident funds, private sector insurance companies, corporates and trusts,” managing director Arun Kaul said.

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