Mumbai/New Delhi, April 30: Hindalco Industries has posted a lower net profit at Rs 19.6 crore for the fourth quarter ended March, 2003 as against a net profit of Rs 192.2 crore in the corresponding previous quarter.

The company’s bottomline was affected by the sale of its stake in Mangalore Refineries and Petrochemicals Ltd (MRPL).

Net sales during the quarter were at Rs 1,321.5 crore (Rs 647.6 crore) and profit before extraordinary items stood at Rs 182.9 crore.

For the year ended March 31, 2003, net profits were at Rs 582.1 crore (Rs 686 crore) while net sales were at Rs 4,975.5 crore (Rs 2331.4 crore). The directors have recommended a dividend of Rs 13.5 per share.

Nestle net at Rs 74.7cr

Nestle India today reported a 21.6 per cent rise in net profit at Rs 74.7 crore for the first quarter ended March 31, 2003, as against Rs 61.44 crore in the same period last year.

Total income was up by 14 per cent to Rs 609.15 crore during the quarter from Rs 534.65 crore a year earlier, a company release said. Domestic sales has grown by 15 per cent.

Essar Steel reduces loss

Essar Steel has pruned its losses by recording a sharply lower loss of Rs 36.35 crore for the fourth quarter ended March 31, 2003 as against a loss of Rs 186.39 crore in the corresponding previous quarter. Total income stood at Rs 929.84 crore compared with Rs 495.88 crore in the previous year.