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IOC Q1 loss at Rs.54 crore
New Delhi: Indian Oil Corporation has reported a net loss of Rs54.23 crore, in the first quarter results of 2005-06 compared with a net profit of Rs1,472 crore during the corresponding previous period.

According to S. Behuria, chairman, IOC, this will impact expansion plans of the company.

Behuria said, the losses were due to under-realisation of Rs3,194.52 crore on the sale of petrol, diesel, LPG, and kerosene during the first quarter of the current fiscal against Rs1,786 crore last year.

He said the under-realisation on four sensitive petroleum products was after ONGC and GAIL (India) had contributed with Rs1,674.67 crore as subsidy, without which IOC's losses would have been close to Rs1,000 crore.
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ITC Q1 net up 20 percent
Kolkata: ITC has registered a 20.1 per cent growth in profit after tax (PAT) at Rs558.30 crore in the first quarter ending June 30 over the corresponding period last year. This is the highest growth in profits ever achieved by the company.

The company's profit before tax (PBT) stood at Rs830.14 crore, an increase of 21.8 per cent, also the highest ever.

The company's net turnover at Rs2,266.88 crore registered a growth of 24.7 per cent. Gross income stood at Rs3,960.57 crore compared with Rs3,339.92 crore in the same period last year.

The FMCG business of the company contributed revenues of Rs3,043.39 crore compared with Rs2,643.50 crore last year while the non-FMCG business grew from Rs3,588.47 crore to Rs4,404.93 crore.

The non-cigarette business of the company accounting for 44 per cent of its net turnover grew by 39 per cent during the quarter.

In the non-FMCG business, segment revenues of hotels at Rs147 crore grew by 35.5 per cent.

Sales of value added paperboards grew 39 per cent and agri-business revenues grew by 64 per cent.

Earnings per share for the quarter stood at Rs22.38 as against Rs18.68 in the corresponding period last year.
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BPCL loss at Rs.431 crore
Mumbai: Bharat Petroleum Corporation has reported a net loss of Rs431.3-crore during the quarter ended June 30. This was against Rs177 crore net profit posted by the company during the corresponding period a year-ago.

The company's market sales fell to 5.28 million tonnes during the current first quarter against 5.38 mt in the corresponding period last year, even though crude throughput was up at 2.3 mt from 2.17 mt last year.

The net sales for the period stood at Rs16,015.7 crore, 22 per cent up from Rs13,060.8 crore in the first quarter of 2004-05.

The under-recovery on diesel, petrol, kerosene and LPG was partially compensated by the upstream oil companies as advised by the Union Government and Rs701 crore has been accounted towards discount received.
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L&T exits tractor JV
Mumbai: Larsen & Toubro has exited its tractor joint venture - L&T John Deere - by selling its entire 50 percent to its partner, the US-based Deere & Company.

Eight years ago L&T had invested Rs87.5 crore in the equal-stake joint venture. However, the company declined to reveal the consideration accruing from the sale due to a confidentiality agreement with its erstwhile partner.

Analysts expect the price to be over Rs200 crore.

L&T John Deere, which will now be wholly owned by the $20bn Deere & Company, has been readying to enter the volumes segment, mainly the 35-40 HP, to capitalise on the turnaround of the tractor industry.

The company has a 15-20 percent market share at the premium-end of the market.

L&T has been slowly exiting its non-core businesses. The company sold its cement business to the Aditya Birla group earlier and now plans to divest the glass container business another non-core operations.
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Tata Motors Q1 net up 22 per cent
Mumbai: Tata Motors has reported 22.08 per cent rise in profit after tax for the quarter ended June 30 to Rs272.67 crore from Rs223.36 crore in the corresponding previous period.

Net sales from operations for the quarter under review were up 8.56 per cent at Rs3,878.09 crore (Rs3,572.09 crore). Operating profit increased to Rs487.75 crore (Rs429.44 crore). Net interest moved up to Rs51.01 crore (Rs41.58 crore), while depreciation increased to Rs126.66 crore (Rs98.33 crore).

The company's financing of auto sales saw growth of 38 per cent with Tata Finance contributing Rs24 crore to Tata Motors's bottomline at the pre-tax level.

The company has announced greater focus on used car financing in the future.

The company also announced the appointment of Ravi Kant the executive director in charge of commercial vehicles business as managing director.
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Essar Steel net shoots up 300 percent
Mumbai: Essar Steel has reported a net profit of Rs207.71crore during the first quarter of the current fiscal, a growth of 300 per cent compared with Rs50.44 crore during the corresponding period of 2004-05.

Total income stood at Rs1652.89 crore for the quarter ended June 30, 2005 compared with Rs1,327.74 crore in the corresponding period of the previous year, representing a growth of 24.5 per cent.

Total sales during the quarter registered a growth of 9 per cent at 5.72 lakh tonne compared with 5.25 lakh tonne in the corresponding period last year.
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Alfa Laval net up at Rs 19.65 cr
Pune: Swedish multinational Alfa Laval India has reported a higher net profit of Rs19.65 crore for the quarter ended June 30 compared with a net profit of Rs16.65 crore in the corresponding period of the last year. The board of directors of the company has declared an interim dividend of 100 per cent.

The company's sales turnover at Rs146.14 crore increased by around 30 per cent, while the profit before taxation, at Rs28.92 crore, recorded a rise of around 13 per cent over the corresponding period of the previous year.

The company's total sales turnover for the half year ended June 30, at Rs274.16 crore increased by approximately 20 per cent over the corresponding period of the previous year.
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ITC forays into personal care products
Kolkata: ITC chairman YC Deveshwar at the company's annual general meeting announced a formal entry into personal care products business under the Wills brand name. ITC's range of personal care products, in addition to the existing range, would be stocked at all Wills Life Style stores.

The company has achieved the landmark of touching a market capitalisation of $10 billion.

Deveshwar also said the company would grow through acquisitions and mergers, whenever opportunities present themselves. He said ITC is keeping its resources, including free reserves, as a war chest to be used for acquisitions and mergers at times of opportunities to meet the unfolding challenges.
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