Mumbai, Oct. 21: Indo Gulf Corporation Ltd has posted a 35 per cent rise in net profit for the second quarter of the current year ended September 30. Net profit rose to Rs 102.99 crore against Rs 76.24 crore in the corresponding period of the previous year.
This growth was accompanied by a 14 per cent rise in net sales to Rs 793.72 crore from Rs 693.71 crore in the same period last year. For the half-year ended September 30, net sales were placed at Rs 1508.21 crore against Rs 1274.90 crore last year.
Speaking to newspersons here today, Indo Gulf’s managing director D. Bhattacharya said that based on the half-yearly performance, topline of the company is set to surpass the Rs 3,000-crore mark on an annualised basis.
Commenting on the prospects of the company’s copper division, Bhattacharya said that while global demand for the metal has been weak during the first half of this year, a recovery is expected in the second half.
On the company’s proposed merger of copper division with Hindalco, Bhattacharya said the restructuring process of the company is progressing according to the schedule and will be completed by December, following which Indo Gulf will be renamed as Indo Gulf Fertilisers.
During the first-half, the copper division’s turnover at Rs 1248.14 crore showed a 23 per cent growth over that of the corresponding first half of the earlier year. The period saw the company focussing on the export markets of south-east Asia and West Asia. On the other hand, turnover of its fertiliser business was at Rs 260.07 crore.
Geometric net up 45%
Geometric Software Solutions Ltd has posted a 45 per cent rise in its consolidated net profit at Rs 4.5 crore for the second quarter ended September 30, 2002 as against Rs 3.11 crore in the same period last fiscal.
The consolidated reveneues for the reporting quarter grew by 31 per cent at Rs 21.44 crore compared with Rs 16.39 crore in July-September 2001, the company said in a release here today.
“This quarter’s results reflect improvement in margins, increased contribution from the industrial customers and stabilisation of product revenues,” managing director Manu Parpia said.
The net profit and sales for the six-month period ended September 30, 2002 stood at Rs 7.59 crore and Rs 39.80 crore respectively, the release added.