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Tata Tea Q2 net at Rs 30.8 cr

Oct. 29: Tata Tea unveiled a net profit of Rs 30.78 crore in the second quarter of the current fiscal, 41.25 per cent lower than what it recorded last year. Half-year net profit at Rs 50.13 crore represents a near 26 per cent decline compared with last year.

The country’s leading tea company earned Rs 192.28 crore in revenues during the quarter, which takes total revenues during the first six months of the year to Rs 378.72 crore. Income in the first half was marginally lower than in 2001-02.

“We have managed to reduce staff costs on account of the continued improvement in labour productivity at our plantations,” managing director Homi Khusrokhan.

Tata Tea has implemented an early separation scheme, the cost of which is being amortised over five years.

Bombay Dyeing back in black

Bombay Dyeing and Manufacturing Company Ltd is back in the black with a net profit of Rs 2.14 crore for the second quarter ended September 30, from a net loss of Rs 4.88 crore in the September quarter last year.

Sales (net of excise) increased to Rs 220.61 crore as against Rs 199.18 crore a year ago, Bombay Dyeing informed the Bombay Stock Exchange today. The company’s other income stood at Rs 6.32 crore as against Rs 7.68 crore in the second quarter of 2001, it said.

ITC Hotels net loss up

ITC Hotels Ltd today reported a sharp jump in net loss at Rs 6.69 crore during the first half of the current fiscal, which was 298.21 per cent higher than Rs 1.68 crore in the same period of previous fiscal.

Net loss was higher mainly due to the global recession in the hospitality industry, which saw total income dip 7.64 per cent to Rs 49.75 crore (Rs 53.87 crore).

In the second quarter ended September 2002, the company’s net loss stood at Rs 4.41 crore, 77.82 per cent higher than Rs 2.48 crore a year ago. Total income in the quarter was down to Rs 24.76 crore from Rs 26.53 crore last year, whereas expenditure remained unchanged at Rs 25.92 crore (Rs 25.98 crore).

A sharp reduction in second quarter interest charges to Rs 0.44 crore (Rs 0.67 crore) due to better cash management failed to bring about any positive changes as loss before taxation stood at Rs 4.14 crore (Rs 2.59 crore last year).

Wockhardt net up 21%

Pharma major Wockhardt Ltd’s net profit has increased 21.6 per cent to Rs 36 crore for the third quarter ended September 30 compared with Rs 29.6 crore in the same period of the previous year.

The company’s income from operations for the reporting quarter were up by 19.1 per cent at Rs 205.3 crore over Rs 172.4 crore in the third quarter of 2001, Wockhardt chairman Habil Khorakiwala said in a statement here today. “Our domestic business grew by 14 per cent compared with the industry growth of six per cent during the period. The international business recorded a 56 per cent growth. We initiated export of biogenerics to south America during the period,” he said.

For the nine-month period ended September 30, the company’s net profit stood at Rs 90.6 crore (Rs 69.7 crore) while the income from operations were at Rs 564.3 crore (Rs 471.5 crore).

The domestic growth was fuelled by focus on power brands, which grew by 17 per cent during the quarter.

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