Jan. 29: The net profit of Indian Oil Corporation (IOC) has more than doubled to touch the Rs 3,915-crore mark for the nine-month period ended December 2002. The net profit for the corresponding previous period was Rs 1,587 crore.
The Fortune 500 company made a net profit of Rs 777 crore for the third quarter (October-December), which represents a 36.8 per cent increase compared with the Rs 568 crore reported in the same period last year.
The board of directors has declared an interim dividend of 50 per cent for the current financial year, which works out to Rs 5 per share.
Higher price realisations on the stock of petroleum products and improvement in the refining margins are reported to have contributed to the increased profits in the first year of the dismantling of administered pricing in the hydrocarbon sector.
During the three quarters of this fiscal, IOC sold 34.97 million metric tonne (MMT) of petroleum products.
For the same period, the corporation’s seven refineries achieved a throughput of 25.96 MMT, and the 6,500-km network transported 30.60 MMT of crude oil and petroleum products.
Mahindra & Mahindra Q3 net
Mahindra and Mahindra has reported a 15.96 per cent rise in net profit at Rs 30.79 crore for the third quarter ended December 2002, as against Rs 26.55 crore in the same period last fiscal.
Net sales for the period under review grew by 4.59 per cent to Rs 960 crore compared with Rs 917.79 crore in the corresponding previous quarter, the company said today.
The net profit for the nine-month period ended December was Rs 96.86 crore, which includes Rs 38.33 crore due to sale of holding in Mahindra Sintered Products Ltd, as against a nominal profit of Rs 4.76 crore in the same period last year.
Net sales was also higher at Rs 2,609.07 crore as against Rs 2,364.02 crore for the corresponding period last year.
The company said the outlook for the fourth quarter was positive. However, recessionary conditions prevailing in the agriculture sector are expected to continue in this quarter as well.
“At the same time the tractor industry is going through a process of pipeline inventory correction. This is likely to affect tractor sales of the industry as well as the company in the fourth quarter,” it said.
The company will continue to focus on cost reductions and process improvements to mitigate the impact of such external environment, it added.
Mahindra and Mahindra’s indigenously developed utility vehicle, Scorpio, received an overwhelming market response and the demand for the vehicle continues to outstrip the supply since its launch in June 2002.