Calcutta, Jan. 27 (PTI): The B.K. Birla flagship Kesoram Industries Ltd today reported over 60 per cent increase in net profit during the third quarter ended December 2003 at Rs 10.50 crore compared with Rs 6.36 crore in the corresponding quarter of the previous fiscal.

An improved realisation from cement business contributed to the increase in profit, official sources said after a board meeting to consider the unaudited financial results.

Revenue from tyres business increased to Rs 183.26 crore during the third quarter of 2003-04 from Rs 170.39 crore last year while that from cement business surged to Rs 132.92 crore from Rs 111.37 crore, officials said.

Profit from cement business during the quarter increased to Rs 8.29 crore as against a loss of Rs 0.13 crore in the same quarter of the previous fiscal.

Total sales during the quarter increased to Rs 388.99 crore from Rs 363.86 crore last year while interest charges came down to Rs 7.81 crore from Rs 11.15 crore.

Profit before depreciation stood up at Rs 26.08 crore from Rs 20.52 crore last year while profit before tax at Rs 12.50 crore was up by 90.57 per cent from Rs 6.56 crore reported in the corresponding quarter of previous fiscal.

The official said the result for the quarter included that of the amalgamation of the company’s wholly-owned subsidiary KICM Investment Ltd from April 2003.

Total sales and net profit during the nine-month period of the current fiscal at Rs 1183.15 crore and Rs 21.15 crore was up by 11.81 per cent and 165.20 per cent respectively.

Hexaware Tech

Hexaware Technologies has posted a substantial jump in its consolidated net profit at Rs 32.88 crore for the year ended December 31, 2003 as against Rs 5.75 crore in the last fiscal. The board has proposed a dividend of Rs 2 per share for the year 2002-03.