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Cost of oil eats into Castrol net

Mumbai, Oct. 24 (PTI): Castrol India has registered a 27 per cent fall in net profit for the third quarter ended September 30, 2003 to Rs 28.6 crore from Rs 39.17 crore posted in the same period in 2002 due to an “unprecedented” rise in base oil prices, the key raw material.

Sales and income from operations rose to Rs 333.42 crore during the quarter over Rs 322.13 crore in the corresponding period previous year, a company release said quoting managing director Naveen Kshatriya.

Though the company had focussed on efficiencies and achieved cost cutting exercises, the profit had been mainly impacted by base oil price, which touched an all-time high of $450 per tonne as against $260 in the same period last fiscal, he said.

Kshatriya said the high price of base oil, highest since last 10 years, was likely to continue for the next six months which may have a further impact on the company’s bottomline.

For the nine months ended September 30, net profit was Rs 4.42 crore compared with Rs 46 lakh in the same period in 2002, while net sales and income was slightly lower at Rs 981.03 crore as against Rs 984.36 crore last year.

Glenmark Pharma net up

Glenmark Pharmaceuticals Ltd has posted a higher net profit of Rs 14.39 crore for the second quarter ended September 30, 2003 as against Rs 11.78 crore in the same period last year.

The sales and operating income for the reporting quarter were up at Rs 105.59 crore as against Rs 100.33 crore in the July-September 2002-03, a company release said here today.

Balaji Telefilms payout

The Balaji Telefilms board has recommended an interim dividend of Rs 2 per share (100 per cent on equity share of paid up value of Rs 2) for the six-month period ended September 30, the company informed the Bombay Stock Exchange today.

The company has posted a lower net profit of Rs 14.23 crore for the quarter ended September 30, 2003, compared with Rs 15.28 crore last year.

Total income fell to Rs 43.51 crore during the reporting quarter, as against Rs 48.98 crore posted in the year-ago period, it said.

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