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Dr Reddy’s net income in third quarter falls 47%

Jan. 28: Passing through difficult times, pharma major, Dr Reddy’s Laboratories’ (DRL) net income fell by 47 per cent to Rs 69.20 crore in the third quarter ended December 31, 2002 from Rs 131.3 crore in the corresponding previous quarter.

The total revenue fell from Rs 457.60 crore to Rs 434.80 crore and operating income slided to Rs 62.8 crore from Rs 149.00 crore, it said.

Fall in revenue was attributed to the one-time research and development licence fee of Rs 117.70 crore from Fluoxetine received during the previous fiscal, the release said.

CESC reduces loss

CESC Ltd, the power utility controlled by RPG group, has reduced losses to Rs 31 crore in the third quarter ended December, 2002 compared with a Rs 70-crore loss incurred during the corresponding period of last year. Loss during the nine-month period ended December 31, 2002 has also fallen significantly — from Rs 203 crore last year to Rs 47 crore in 2002-03.

Net sales of the company increased marginally to Rs 488 crore from Rs 446 crore in the third quarter of last year. Net sales of the company had been computed on the basis on the net tariff provisionally allowed by the West Bengal Electricity Regulatory Commission in its order dated December 16, 2002.

Indian Rayon net soars

Indian Rayon and Industries Ltd has reported a net profit of Rs 40.08 crore for the third quarter ended December 31, 2002, compared with Rs 3.63 crore in the same period last year.

Sales during the period under review increased to Rs 410.45 crore as against Rs 406.69 crore in the third quarter of last year, the Aditya Birla group company said in release.

For the nine months ended December, net profit was at Rs 87.54 crore (Rs 28.66 crore) while sales stood at Rs 1,224.50 crore (Rs 1,187.84 crore), it added.

The corresponding figures of the previous fiscal are strictly not comparable for several reasons, which includes the de-merger of the company’s insulator business from August 2002 on a going concern basis. The scheme was made effective on January 10, 2003.

Zee Tele Q3 net dips

Zee Telefilms has reported a decline of 7.19 per cent in net profit to Rs 22.19 crore for the third quarter ended December 2002 compared with Rs 23.91 crore in the same period last fiscal.

Total income during the period under review has, however, increased to Rs 141.13 crore as against Rs 101.83 crore last year, the company said today.

On consolidated basis, Zee Tele group has posted a net profit of Rs 70.88 crore (Rs 52.11 crore) while total income rose to Rs 325.02 crore (Rs 295.76 crore).

Nirma Q3 net up 21%

Nirma Ltd has reported a 20.95 per cent rise in net profit at Rs 64.31 crore for the third quarter ended December 31, 2002, compared with Rs 53.17 crore in the same period last year.

Total income increased to Rs 539.1 crore as against Rs 494.95 crore last year, the company informed the Bombay Stock Exchange.

Apollo Tyres’ net leaps

Apollo Tyres’ net profit has soared by 326.6 per cent to Rs 25.47 crore for the quarter ended December 2002 from Rs 5.97 crore in the same period last year. Net sales rose by 32 per cent to Rs 514.48 crore during the quarter from Rs 390.02 crore in the year-ago period, a company statement said.

Century back in black

Century Textiles and Industries Ltd is back in black with a profit of Rs 18.71 crore for the third quarter ended December over a net loss of Rs 4.4 crore in the same period last year.

Net sales in the reporting quarter stood at Rs 563.83 crore compared with Rs 534.01 crore in the same period of 2001-02, Century Textiles said in a release.

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