Oct. 27: Voltas Ltd, the engineering and airconditioning services company of the Tata group, today reported a 42.81 per cent drop in its net profit for the quarter ended September 30, 2003 at Rs 4.3 crore as against Rs 7.52 crore posted in the corresponding previous quarter on account of a huge extraordinary income in the comparable quarter.
The second quarter of 2002-03 included an extraordinary income of Rs 8.87 crore due to which the current net profit, as against the comparable quarter, was lower, Voltas executive vice-president (finance) M. M. Miyajiwala told newspersons.
The net sales for the reporting quarter were higher at Rs 288.69 crore as against Rs 283.40 crore in the comparable previous period, he said.
The net profit for six months ended September rose 40.81 per cent to Rs 14.49 crore as against Rs 10.29 crore posted in the previous fiscal. Net sales during the period rose to Rs 668.7 crore as against Rs 587.87 crore during the corresponding period last fiscal.
Philips Q3 net at Rs 25 crore
Philips India Ltd, electronics goods major, has posted a higher net profit of Rs 24.9 crore for the third quarter ended September 2003 as against Rs 13.7 crore in the same period in 2002.
Total income for the reporting quarter rose to Rs 40.26 crore as against Rs 37.96 crore last year, the company informed the BSE today.
Power Trading net zooms
Power Trading Corporation (PTC) today reported a massive 127 per cent jump in its net profit at Rs 13.73 crore for the half-year ended September 30, 2003. Turnover was up at Rs 998.74 crore (Rs 900.38 crore).
PTC has said it was planning to tap the capital market with its proposed initial public offer to enhance the equity base to Rs 150 crore from the existing Rs 74.5 crore despite International Finance Corporation deferring the decision to pick up stake in the company.
Welspun Gujarat Stahl Rohren Ltd has posted a net profit of Rs 28.46 crore for the second quarter ended September 30, 2003, compared with a net loss of Rs 4.10 crore reported in the same period last fiscal.
Net sales in the period under review rose to Rs 254.03 crore as against Rs 84.1 crore last year, the Gujarat-based company said in a release.
For the first-half ended September, the company’s net profit grew to Rs 39.53 crore compared with a net loss of Rs 6.8 crore last year. It clocked a net sales of Rs 491.71 crore (Rs 136.7 crore), it added.
STC back in black
State Trading Corporation (STC) has shown a significant turnaround reporting a net profit of Rs 3.03 crore in the second quarter of this fiscal as against a loss of Rs 21 crore in the same period last year.
The company has also clocked a significant turnover of Rs 2,000 crore during the period, up from Rs 476 crore in July-September quarter last year.
STC reported a net profit of Rs 4 crore for the first half ended September as against a loss of Rs 29 crore in the corresponding period last year. Turnover increased to Rs 3,254 crore, up from Rs 996 crore last year.