Mumbai, July 27: Bank of Baroda has posted a 19.85 per cent rise in net profit at Rs 292.99 crore in the first quarter ended June 30, 2004 against Rs 244.47 crore in the comparable previous quarter.

Total income rose to Rs 1,923 crore from Rs 1,796.97 crore, the public sector bank said in a statement here today. Net interest income was up 14.43 per cent at Rs 674 crore compared with Rs 589 crore last fiscal, it said.

Other income rose 87.82 per cent to Rs 394.59 crore in the April-June quarter from Rs 210 crore in 2003-04. Total business increased 12.53 per cent to Rs 1,10,787.52 crore from Rs 98,450.07 crore last fiscal. Capital adequacy ratio was 13.97 per cent on June 30, up from 13.91 per cent on March 31, 2004.

Dr Reddy’s net dips

Dr Reddy’s Laboratories group’s bottomline eroded substantially during the first quarter of this fiscal. Net profit dipped 81.3 per cent at Rs 16.4 crore compared with Rs 87.72 crore in the corresponding quarter last fiscal.

Total income (net of excise) has also decreased to Rs 484.12 crore from Rs 488.07 crore in 2003-04, the company informed the Bombay Stock Exchange here today.

On a standalone basis, DRL has posted a lower net profit of Rs 30.94 crore (Rs 123.51 crore) on a total income of Rs 415.88 crore (Rs 453.06 crore), it added.

In a statement, the company said revenues outside India accounted for Rs 320 crore (Rs 310 crore), while those from the US and Europe together contributed Rs 190 crore.

Indian Rayon slips

Indian Rayon and Industries Ltd, an Aditya Birla group company, has posted a lower net profit of Rs 20.87 crore in the first quarter ended June 30 against Rs 21.56 crore in 2003-04.

Total income (net of excise) rose to Rs 416.79 crore from Rs 341.82 crore in the April-June quarter of 2003-04.

Indian Rayon’s net profit was lower as the company made provision for education cess of Rs 2.55 crore, the release said.

Tata Tea net rises 6%

Tata Tea has posted a 6.18 per cent rise in net profit at Rs 54.92 crore on a consolidated basis in the first quarter ended June 30 compared with Rs 51.72 crore last fiscal. Total income was higher at Rs 707.59 crore from Rs 689.68 crore a year earlier.