Aug. 10: Godrej Industries today posted a 28.46 per cent growth in consolidated net profit at Rs 53.25 crore for the first quarter ended June 30, 2013, compared with Rs 41.45 crore in the corresponding period last year, driven by a strong performance in its farm subsidiary.
Income from operations on a consolidated basis grew 3.55 per cent to Rs 1,879.81 crore during the reported quarter compared with Rs 1,815.23 crore in the corresponding period of the previous fiscal.
“The bottomline grew very well because several of our businesses had excellent bottomlines, especially Godrej Agrovet. Its growth was excellent because of the good farm season on account of a good monsoon. Also, the introduction of our R&D based products have done very well,” Godrej Industries chairman Adi Godrej said.
The company plans to set up five to six plants this year in the agri division.
“We are expanding our capacities quite considerably. We are setting up a chemicals plant at Ambernath. The capex for the Ambernath plant is about Rs 300 crore. We are planning at least five or six factories for Godrej Agrovet, including in states such as Bihar and Mizoram,” Godrej said without divulging the details on the capex for the agrovet business.
Revenue from the chemicals segment decreased to Rs 288.23 crore this quarter from Rs 347.39 crore a year ago, but Godrej said the segment would fare better after October.
State-owned Neyveli Lignite Corporation today reported a 3.4 per cent dip in net profit at Rs 278.4 crore for the quarter ended June 30, 2013, owing to higher expenses.
Total expenses went up almost 17 per cent to Rs 1,157 crore from Rs 990 crore in the year-ago period.
Texmaco hit hard
Calcutta-based Texmaco Rail and Engineering has reported a 46.5 per cent dip in net profit at Rs 11.37 crore in the first quarter ended June 30, 2013, compared with Rs 21.22 crore in the corresponding quarter a year ago.
The fall in bottomline was on the back of a decline in net sales during the quarter to Rs 165.44 crore from Rs 203.35 crore in the corresponding period of the last financial year.
“The results of the quarter were impacted because of continued delay in the release of regular annual wagon orders by the Indian Railways,” chief financial officer A.K. Vijay said.