Mumbai, Oct. 17 (PTI): Marico Industries Ltd has posted a 17 per cent rise in net profit at Rs 13 crore for the second quarter ended September 30.
The board has declared a 10 per cent interim dividend, the second by the company in the current fiscal, absorbing Rs 2.9 crore, Marico said in a release here today. Turnover at Rs 195 crore grew by 13 per cent over the second quarter last year.
For the half-year ended September, net profit rose by 19 per cent at Rs 26.5 crore while the turnover registered an increase of 16 per cent at Rs 377 crore, it said.
Marico has proposed a financial reorganisation for adjusting the book value of intangibles (about Rs 45 crore) against reserves, which would leave only tangible assets of about Rs 190 crore on its balance sheet.
The accounting statements of future years, would, therefore, reflect the profits arising out of that year’s operations with an increase in profit before tax and also an increase in profit after tax, it said, adding the financial reorganisation would be subject to shareholders’ approval.
The company has expanded its board and inducted Rajeev Bakshi, currently chairman of Pepsico India, as non-executive director. Marico chairman and managing director Harsh Mariwala said, “The thrust on new product development is expected to result in doubling of their share in the company’s turnover in two years”.
VisualSoft fares well
VisualSoft Technologies, which announced its financial results for half-year ended September 30, declared a profit of Rs 8.7 crore, while income was at Rs 30.97 crore, a growth of 9.54 per cent and 6.54 per cent respectively over last year’s performance.
Meanwhile, the software solutions and product development company today announced support for Microsoft’s .Net mobile application development.
VisualSoft offers its customers solutions for building and deploying XML web services that can be part of a mobile web application as well as be consumed by a smart client application based on Microsoft .Net compact framework. These solutions allow applications to communicate and share data over the internet using mobile devices. VisualSoft also develops mobile user controls, custom controls and web form controls based on the Microsoft .Net framework.
Chairman and managing director D. V. S. Raju said in a statement that these solutions will improve operational efficiencies while reducing costs and help “us take advantage of the emerging business opportunity”.