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Tata Tea gains

Calcutta, Oct. 31: Tea major Tata Tea Limited has clocked a 13.58 per cent growth in net profit to Rs 34.96 crore for the second quarter ended September 30, 2003 compared with Rs 30.78 crore in the corresponding period last year.

The net sales of the company has shown a marginal increase of 6.92 per cent in the reporting quarter to Rs 203.76 crore compared with Rs 190.57 crore in the corresponding period last fiscal. The total income from operations stood at Rs 205.20 crore as against Rs 192.28 crore in the year-ago period.

Tea has contributed Rs 195.19 crore to the net sales of the company, while others contributed Rs 8.39 crore.

The interest cost at Rs 2.28 crore declined sharply by 32 per cent in the second quarter compared with the same period last year, due to proactive treasury management and continued tightening of working capital.

The operating profit of the company stands at Rs 52.67 crore as against Rs 50.61 crore last year. The gross profit of the company stands at Rs 50.39 crore in the quarter under review as against Rs 47.26 crore in the year-ago period. The rise in profit has improved the earnings per share of the company to Rs 6.22 as against Rs 5.47 in the same period last year.

The results of the Tetley group for the quarter under review have also been encouraging. It has reported a profit after tax of sterling £ 2.92 million, registering a growth of 252 per cent.

Eveready net inches up

The tea-to-battery major Eveready Industries India Limited has registered a marginal 6 per cent rise in net profit to Rs 38.81 crore in the second quarter ended September 30 as against Rs 36.61 crore in the corresponding period previous year.

The gross sales of the company have come down marginally in the reporting quarter to Rs 277.37 crore as against Rs 280.49 crore in the corresponding period last fiscal.

The interest burden of the company has gone down substantially to Rs 14.93 crore as against Rs 20.70 crore year-on-year, following a debt restructuring exercise.

The FMCG division has contributed Rs 158.44 crore towards the sales while the tea division has contributed Rs 98.33 crore.

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