Oct. 30: Berger Paints posted a 23 per cent growth in net profit on a sales growth of 15.42 per cent in the quarter ended September 30. The company posted a net profit of Rs 9.17 crore, on a gross sales income of Rs 187.21 crore. Berger’s net profit in the first half of the fiscal at Rs 14.75 crore was 17.6 per cent higher than last year. The company’s gross income from sales in the last six months at Rs 335.85 crore represents a 14 per cent increase compared with 2001-02.
However, Berger says demand for decorative paint is weakening and may continue. The company, however, still believes it should be able to register a “reasonable growth” — or in other words, outperform the industry — in the other half of the year.
West Coast net
West Coast Paper Mills Ltd, which is in the midst of a Rs 214.50-crore expansion programme, registered a 26 per cent growth in net profit in the quarter ended September 30. The company posted a net profit of Rs 10.36 crore in the quarter on a turnover of Rs 100.71 crore, which was 24 per cent higher than the last financial year.
Income from sales in the first half of the year at Rs 185.24 crore was 15 per cent higher, while net profit rose by the same margin to Rs 15.37 crore. This, the company said, was due to firmer prices of paper, paperboard and duplex board.
Usha Beltron profit
Usha Beltron, the Calcutta-based wire rope manufacturer, has posted a turnaround with a Rs 3.18 crore net profit in the first half of the current fiscal. In the corresponding period of last year, it had suffered a loss of Rs 6.17 crore.
In the quarter ended September 30, Usha Beltron registered a net profit of Rs 1.73 crore on a net sales turnover of Rs 186.88 crore. Net sales during the first half of the year was at Rs 390.5 crore, as against Rs 369.39 crore last year.
Sify revenue up 15%
Satyam Infoway Limited (Sify) has posted 15 per cent rise in sales revenues for the quarter ended September 30, 2002. The company’s cash loss (EBITDA) has come down $ 3.2 million, which is 24 per cent lower than last quarter.
Cash burn (net reduction in cash) reduced to $ 3.2 million, which is 26 per cent lower than last quarter. Cash burn included two one-time elements: purchase consideration paid for acquisition of Wipro’s corporate connectivity customers and the advance for procuring STM-1 fibre bandwidth paid to VSNL.
Cash and cash equivalents, as at the end of quarter, stood at $ 9.1 million. The company has also entered into definitive agreements with a Softbank Fund & VentureTech to raise a further $ 20 million.
Bhel net up 180%
Bharat Heavy Electricals (Bhel) today reported a jump of over 180 per cent in its net profit in the first half of the current fiscal at Rs 59.63 crore, from Rs 21.26 crore in the same period last year. After posting a net loss of Rs 48.91 crore in the first three months of 2002-03, Bhel’s second quarter performance with a net profit of Rs 108.54 crore improved the cumulative performance during April-September this year.
Though its turnover in the first six months fell marginally by about Rs 160 crore to Rs 2391.54 crore from Rs 2557.50 crore in the first half last year, better material productivity and reduction in material cost led to higher net profit for the period under consideration.