Oct. 30: Mahindra & Mahindra (M&M) has turned around and made a profit of Rs 58.27 crore for the quarter ended September 2002, as compared with a loss of Rs 2.67 crore in the same period last year.
The net sales for the period under review was Rs 820.63 crore over Rs 761.1 crore in the same period last year, M&M said in a statement here today.
During the quarter, the company concluded the sale of its entire 51 per cent holding in Mahindra Sintered Products Ltd to its UK-based joint venture partner GKN Plc, resulting in a profit of Rs 64.82 crore, which has been included in exceptional items.
“The improvement in the operating profits of the company in the current quarter is due to increase in the sales volumes of the automotive sector and benefits accruing from the cost-reengineering and restructuring initiatives,” it added.
For the half year ended September 30, the net profit was at Rs 66.07 crore (net loss of Rs 21.79 crore) and net sales were at Rs 1,649 crore (Rs 1,446.22 crore). In the farm equipment sector, M&M said in line with the industry trends, its sales of tractors declined by 24 per cent from 13,941 units in second quarter of last year to 10,035 units in second quarter this year.
Dabur net up 25.7%
Dabur India today announced a 50 per cent interim dividend while declaring 25.7 per cent higher net profit at Rs 41.81 crore during the first six months ended September 30, 2002, on 4.17 per cent growth in sales at Rs 585.75 crore.
“The company witnessed a significant growth in the performance and profitability and considering this the board of directors have announced a 50 per cent dividend to the shareholders,” chairman V. C. Burman said. The FMCG business of Dabur, comprising personal and healthcare products, grew by 7.7 per cent during the quarter under review to post Rs 432.2 crore revenue.
Dabur’s pharmaceutical business grew 8.6 per cent to Rs 92.91 crore while the ayurvedic specialities division grew 3.1 per cent to touch Rs 17.90 crore.
George Williamson net dips
George Williamson (Assam) Limited has suffered a 18 per cent drop in its net profit at Rs 23.34 crore for the quarter ended September 30 against Rs 28.53 crore in the corresponding period of the previous year. For the six-month period, the profit has gone down by 15.25 per cent to Rs 25.06 crore against Rs 29.57 crore in the corresponding period of the previous year.
The sales of the company has gone down by a marginal 5.6 per cent to Rs 70 crore in the second quarter as against Rs 74.22 crore in the previous year. The company has been able to earn Rs 14.92 crore from domestic sales of tea and Rs 55.08 crore from the export in the second quarter.
HLCL turnover up
Hind Lever Chemicals Limited reported a turnover of Rs 301 crore for the quarter ended September 2002 (Rs 270 crore) and a profit before tax of Rs 11 crore (Rs 7.2 crore). The profit after tax before exceptional items for September quarter was significantly higher by 47 per cent at Rs 7.4 crore, compared with Rs 5 crore in the previous period.
Profit after tax, after considering exceptional items, for the first half ended September 30, 2002, has been maintained at almost the last year’s level at Rs 12 crore, despite higher tax provisions.