Tata Steel Q1 net rises 315% to Rs 267 crore
Mumbai: Tata Steel has reported a 315.93-per cent rise in net profit to Rs 267.07 crore for the first quarter (Q1) ended 30 June 2003, against the previous corresponding Rs 64.21 crore. Q1 was EVA positive. Foreign currency loans approximating Rs 140 crore were prepaid. Steel production for the quarter moved up to 9,64,614 tonnes (8,74,259 tonnes) with steel sales at 8,79,909 tonnes (8,26,253 tonnes) and export turnover at Rs 367.67 crore (Rs 208.81 crore).

Q1 net sales/income from operations increased by 27.88 per cent to Rs 2257.10 crore (Rs 1,764.93 crore for year-ago period). Though total expenditure was up 11.59 per cent to Rs 1,582 crore (Rs 1,417.67 crore), operating profit gained sharply to Rs 675.10 crore (Rs 347.26 crore). Interest dipped 10.37 per cent to Rs 76.46 crore (Rs 85.31 crore). Profit before tax was up 456.83 per cent to Rs 401.09 crore (Rs 72.03 crore), provision for current taxation rising to Rs 163.57 crore (Rs 5.56 crore).
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Maruti net zooms 10-fold to Rs 123 crore in Q1
New Delhi: Maruti Udyog Ltd (MUL) has said its net profit has risen 10-fold in the first quarter ended June 30 to Rs 123.2 crore from Rs 11.5 crore a year ago, driven by increased sales, aggressive cost-cutting and enhanced productivity. This is the first quarterly result by MUL after getting listed. Its shares on the Bombay Stock Exchange were up by 6.95 per cent to close at Rs 174.75. The results are unaudited.

The total income grew by 45 per cent to touch Rs 2,109.9 crore over Rs 1,457.5 crore during the corresponding previous period. The company sold 1,04,017 vehicles, a rise of 47.4 per cent, including exports of 12,496 vehicles. MUL has improved its market share to 55 per cent in the quarter from 52 per cent earlier. While the domestic car industry grew at 28.6 per cent, MUL's car sales clocked a growth of 36.5 per cent. The total expenditure was Rs 1,853.2 crore compared to Rs 1,355.8 crore earlier. After incurring a net loss of Rs 269 crore in 2000-01, MUL has been aggressively paring costs and improving productivity by emulating Suzuki Motor Corp's practices.
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Natco Pharma gets Rs 35-crore export order
Hyderabad: Natco Pharma (NPL) says it has bagged orders worth Rs 35 crore for export of citalopram hydrobromide for regulated markets and imatinib mesylate for unregulated markets in its bulk chemical form. The company said that the supplies were expected to be completed during the current fiscal itself.

The company had earlier filed a European drug master file on citalopram hydrobromide, which is used for treatment as an anti-depressant. Imatinib myselate is used in the treatment of chronic myeloid leukaemia and the company is the market leader for this molecule in the domestic market, the release added.
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ITH witnesses 15% billing in Q1
New Delhi: International Travel House Ltd (ITH) has witnessed a 15-per cent increase in total billing at Rs 79.5 crore during the first three months ending 30 June 2003, as compared with the same period in the previous year.

ITH has said that income for the first three months of the current financial year was Rs 9.45 crore (including other income) as against Rs 8.01 crore recorded during the same period last year.
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LML plans new models, to double motorbike output
New Delhi: LML Ltd, the two-wheeler manufacturer, is planning to invest Rs 125 crore to step up production capacity for manufacturing motorcycles. The investment, which will be made in the current fiscal, will double the company's motorcycle capacity to 4,00,000. Deepak Singhania, managing director, LML, said the investment will be made on a debt-equity ratio of 1.25:1. Riding on the success of the 110 cc Freedom launched last year, the company is targeting to increase sales of its motorcycles to 2.4-3 lakh from the approximate 1.2 lakh sold last fiscal. It is also planning to introduce newer bikes models in the coming year.

"We would be introducing at least one new motorcycle model this year," Singhania said. LML is also planning to foray into the gearless scooter category next year, though the focus would remain on motorcycles as it constitutes about 80 per cent of the two-wheeler market. Singhania says the Adreno, the company's motorcycle launched earlier, will stage a comeback once the production capacity is stepped up. The present production level for bikes is catering purely to demand for the Freedom.
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Tata Engineering to go for $90-million FCCB issue
Mumbai: Tata Engineering & Locomotive Company Ltd has decided to make an issue of foreign currency convertible bonds (FCCBs) aggregating $90 million with a green-shoe option of $10 million in the international market. The bond will have a tenure of five years and is convertible into GDSs or shares at a premium over the current market price.
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Malu Financial acquires 8% stake in Padmalaya
Hyderabad: Malu Financial Securities has acquired 10.2-lakh equity shares in Padmalaya Telefilms, representing 8.16 per cent of the paid-up capital of the company.
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ITC to switch on to ECF technology
New Delhi: ITC Ltd says it has become India's first environment-friendly 100-per cent elemental chlorine free (ECF) paper producer. It has invested Rs 227 crore in its pulp mill modernisation and upgrading project in Bhadrachalam to convert to ECF technology.

ITC has become the country's first paper manufacturer to implement the ECF technology for the manufacture of high quality paperboards and speciality paper. Henceforth, all the paper made by ITC will be ECF, in line with international environmental norms. Such elemental chlorine-free paperboards also conform to food grade norm of US Food and Drug Administration for packaging edibles and medicines.
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Clariant Q1 net up 15.6% to Rs 6 crore
Mumbai: Clariant India Ltd, an affiliate of Swiss International Clariant AG, has posted 15.6-per cent rise in its net profit at Rs 5.9 crore for the first quarter ended 30 June 2003 as against Rs 5.1 crore during the corresponding period the previous fiscal. Net sales has increased from Rs 70.63 crore to Rs 79.63 crore during the quarter under review. Clariant India managing director P R Rastogi said the year 2002-03 was very challenging for the economy both globally and locally. The company witnessed unprecedented pressure on margins arising from sharp increase in costs of some of the input materials and steep appreciation in European currencies.

"The company has been able to sustain the pressure created by turbulent and fast changing business environment and continued its growth momentum thereby further consolidating its market leadership in textile chemicals and leather dyes," he said. Rastogi said the company is providing value addition to its customers with focus on process cost optimisation, savings in water consumption, catering to the demand of green products with stringent pollution norms and offering innovative packages and solutions by harnessing new technology and global expertise.
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Indo Rama posts Rs 21 lakh Q1 profit
Mumbai: Indo Rama Textiles Ltd (IRTL) has announced a net profit of Rs 20.90 lakh for the first quarter ended 30 June 2003, as against a loss of Rs 54.70 lakh made in the corresponding quarter last year. IRTL's turnover during the quarter stood at Rs 88.22 crore, registering an increase of 34 per cent from Rs 66.09 crore made in the first quarter of 2002-03. Operating profit increased 64 per cent to Rs 6.46 crore as against Rs 3.95 crore made in Q1 2002-03.

These are the first results that IRTL has announced since it was listed on the National Stock Exchange and the Bombay Stock Exchange and also after its demerger. While the unorganised sector went on strike for over one and a half months, protesting its implementation, IRTL during this period increased its focus on international markets, simultaneously servicing its high volume domestic corporate customers and thereby tiding over the industry crisis.
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Dabur net profit up 36% to Rs 16 crore
New Delhi: Dabur India Ltd (DIL) has recorded a growth of 36 per cent in net profit to Rs 16 crore for the quarter ended 30 June 2003 from Rs 11.5 crore in the corresponding quarter of the previous year. Turnover grew 13 per cent to Rs 300 crore from Rs 266 crore. The net profit of its FMCG business has soared by a significant 54 per cent, from Rs 7 crore to Rs 11 crore, while the turnover has increased by 12 per cent from Rs 222 crore to Rs 247.50 crore.

"Hair care, oral care and child care segments were the key drivers of growth during the first quarter followed by the products in the digestives and the health supplement category. The company gained significantly from its revamped communication strategy and the sales and distribution strategy," Sunil Duggal, CEO, Dabur India, said. The hair care category, which accounted for 42 per cent of net sales of FMCG business in the first quarter, grew by 20 per cent in value terms with Dabur Amla Hair Oil and Vatika Hair Oil growing by 23 and 16 per cent respectively.
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Asian Paints net at Rs 29 crore
Mumbai: Asian Paints has posted a flat bottomline of Rs 28.79 crore for the first quarter ended 30 June 2003 as against Rs 28.83 crore during the corresponding period of the previous fiscal. But net sales and operating income for the company has increased by 9.9 per cent from Rs 344.81 crore to Rs 378.85 crore during the quarter under review. Ashwin Dani, vice-chairman and managing director, Asian Paints (I) Ltd, said: "Despite the sluggish demand environment, Asian Paints registered good volume growth as all product categories posted growth."

"The company posted lower profits during the quarter primarily due to lower contribution from the chemical business. Looking ahead, the company is optimistic about its performance in the remaining financial year as the economy is showing signs of improvement and a good monsoon is expected," he added. The company's net sales increased by 9.9 per cent primarily due to the good growth achieved by the company in most product categories. The exterior segment continues to perform well and new products for the company have registered impressive growth rates.
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