Mumbai, April 29: Industrial Development Bank of India (IDBI) has reported an 18.95 per cent drop in net profit for the last financial year ended March 31, 2004 at Rs 325 crore compared with Rs 401 crore in the previous fiscal.

The board has decided to extend the accounting period for 2003-04 by six months up to September. IDBI said it has been done to avoid the closing and balancing of its books and accounts twice over — once on March 31, 2004 and again on the appointed date of conversion into a banking company.

The board has approved the fourth quarter and the full-year results and decided to treat it as an interim accounting period.

Total income was higher by 39.64 per cent at Rs 6,978 crore for the last fiscal against Rs 4,997 crore a year earlier.

For the three-month period ended March, net profit fell to Rs 102 crore as against Rs 209 crore in the corresponding previous quarter, on a total income of Rs 1,972 crore (Rs 1,903 crore).

IDBI has finally declared Dabhol Power’s 2,184-MW power project as a non-performing asset. “Following the Reserve Bank’s guidelines, we have classified both phase I and phase II as NPAs,” a senior IDBI official said.

Indian Rayon

Indian Rayon today reported a 24.6 per cent jump in net profit at Rs 131.27 crore for the year ended March 31, 2004 compared with Rs 105.34 crore in the previous fiscal. The board has approved a dividend of 40 per cent for 2003-04, the company said today.

Net sales grew by 9.1 per cent to Rs 1,573.83 crore against Rs 1,442.42 crore in the previous year.