Jan. 27: Grasim Industries Ltd has posted a 48 per cent rise in net profits for the third quarter of the current financial year ended December 31, 2002. Profits shot up to Rs 133 crore compared with Rs 89.9 crore in the corresponding period of the last financial year.
The company said this growth in bottomline was brought about by an improved performance of its entire business. Grasim achieved a turnover of Rs 1,167 crore against Rs 1,050.4 crore in the same period last year, a growth of 11 per cent.
Grasim produced 60,323 tonnes of viscose staple fibre. Cement output was up at 2.72 million tonnes as against 2.26 million tonnes in the previous year.
Tata Tea net dips 18%
The net profits of Tata Tea declined by 17.90 per cent to Rs 16.97 crore for the quarter ended December 31, 2002 as against Rs 20.67 crore in the same period last year. Sales dropped marginally 2.80 per cent to Rs 193.09 crore from Rs 198.66 crore in the previous year.
Managing director Homi Khusrokhan said, “Our results for the third quarter are encouraging, especially in the context of the Indian tea industry being severely hit by unusual weather conditions witnessed in north India.’
”The company has maintained its market share at over 16 per cent and continued to invest strongly in the promotion of its various brands, including the new campaign for Tata Tea, the company’s flagship brand,” Kusrokhan added.
Escorts reports higher sales
Escorts Ltd today said its net sales in the third quarter of 2002-03 had risen around 20 per cent to Rs 233 crore from Rs 195 crore in the year-ago period.
The firm said in a statement that net profit rose by 23.80 per cent to Rs 26 crore from Rs 21 crore in the year-ago period. The current paid-up capital stood at Rs 72.23 crore.
Revenue of auto ancillary products leapt by 60.89 per cent to Rs 30.57 crore from Rs 19 crore in the year-ago period. Revenues from agri machinery product rose marginally to Rs 146 crore from Rs 144 crore in the previous corresponding period.
Punjab National Bank net soars
Punjab National Bank has posted a net profit of Rs 189.25 crore for the third quarter ended December 2002, up 133 per cent from Rs 81.19 crore reported in the previous corresponding quarter, chairman and managing director S S Kohli said.