July 30 (PTI): State-owned refinery major Indian Oil Corporation registered a 51.1 per cent rise in net profit to Rs 944.67 crore in the quarter ended June 30, this year from Rs 624.99 crore in the same period last year.
Turnover during the reporting period went up by 10.7 per cent to Rs 30,874 crore from Rs 27,898 crore a year ago, a company release said.
IOCís seven refineries increased their total output to 8.54 million tonnes during the reporting period from 8.46 million tonnes last year. Its pipelines network transported 10.72 million tonnes of crude oil products as against 9.72 million tonnes last year.
IOC chairman M. S. Ramachandran attributed the improved bottomline to sharp focus on customer satisfaction, product quality and technology upgradation.
VSNL net plunges 297%
Videsh Sanchar Nigam Ltdís (VSNL) net profit nose-dived 296.96 per cent to Rs 65.8 crore during the first quarter ended June 30, compared with Rs 261.2 crore in the same period last fiscal.
The companyís total income dropped sharply to Rs 926.3 crore during the quarter under review, as against Rs 1,426.2 crore posted last year, VSNL said in a release here today.
The gateway service provider cited continued pressure in tariffs and competitive international long distance environment as reasons for dip in sales in the reporting quarter.
Hind Petro net up 35%
Hindustan Petroleum Corporation Ltd (HPCL) has posted a 34.91 per cent rise in net profit at Rs 157.34 crore for the quarter ended June 30, 2003 compared with Rs 116.62 crore for the same period last fiscal.
Total income during the period under review also rose by 11.36 per cent to Rs 13,833.96 crore as against Rs 12,422.13 crore in the corresponding previous quarter.
West Coast Paper gains
West Coast Paper Mills reported a net profit of Rs 9.47 crore in the first quarter of this fiscal, 31 per cent up from Rs 7.25 crore reported in the corresponding period last year. Earnings per share for the reporting quarter went up to Rs 10.60, Rs 2.49 higher than the first quarter of 2002-03. The companyís net sales during the reporting quarter was up 16 per cent year-on-year at Rs 97.73 crore.
Srei International Finance
Srei International Finance has registered a 8.45 per cent growth in profit before tax in the quarter ended June. Srei, an infrastructure finance company, posted a pre-tax profit of Rs 4.36 crore compared with Rs 4.02 crore in the year-ago period.