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Quarterly Results

Express Textile takes a look at how some companies have performed in the second quarter of the financial year.

Indian Rayon net doubles to Rs 37.73 crore

Aditya Birla group company Indian Rayon’s net profit more than doubled to Rs 37.73 crore for the second quarter ending September 2002 as compared to Rs 15.12 crore in Q2 of previous fiscal.

Net sales during this period rose by 12 per cent to Rs 449.15 crore as against Rs 403.84 crore in the previous fiscal, chief financial officer Adesh Gupta told newsmen here recently. Practically all of the business segments have achieved superior revenues with focussed initiatives yielding results, he said.

The viscose filament yarn, insulators and carbon black divisions had been major growth drivers while exports at Rs 108.73 crore grew by 12 per cent (Rs 96.86 crore), he added.

For the six month period, the company made a net profit of 111 per cent at Rs 52.81 crore (Rs 25.03 crore) while net sales rose by nine per cent to Rs 850.61 crore (Rs 781.15 crore).

On Madura Garments, he said the turnover at Rs 89.1 crore was lower by four per cent vis a vis Rs 93 crore attained in the corresponding quarter, Mr Gupta said adding a slew of measure have been launched to entrench its market share.

Referring to the rayon division, Mr Gupta said the outlook in the short term remained positive. High cost of water due to drought, rising wood pulp prices and imports from China remained areas for concern but tighter cost structures and leveraging the Ray One brand to attract premium customers would benefit the division, he added.

Clariant Q2 net higher at Rs 5.72 crore

Clariant (India) has recorded a higher net profit at Rs 5.72 crore for the second quarter ended September 30, 2002, compared to Rs 5.65 crore in same period of previous fiscal.

The net sales (including excise duty) in the period under review rose to Rs 84.55 crore as against Rs 75.38 crore in Q2 of last year, the company said in a release here.

For the six months ended September, net profit increased to Rs 10.83 crore (Rs 10.67 crore in H1 of last year) while the net sales rose to Rs 159.95 crore (Rs 148.34 crore), it added.

Colour-Chem Q2 net up at Rs 3.76 crore

Colour-Chem has recorded a higher net profit at Rs 3.76 crore for the second quarter ended September 30, 2002, compared to Rs 2.90 crore in same period of previous fiscal.

The net sales/income from operations in the period under review rose to Rs 87.28 crore as against Rs 77.51 crore in Q2 of last year, the company said in a release here.

For the six months ended September, net profit increased to Rs 10.03 crore (Rs 7.58 crore in H1 of last year) while the net sales/income from operations rose to Rs 185.03 crore (Rs 157.27 crore), it added.

Indo Rama Synthetics announces higher net profit

Indo Rama Synthetics has announced 163 per cent higher net profit at Rs 34.24 crore on 34 per cent increased turnover of Rs 617.38 crore for the second quarter ended September 30, 2002. For the half year ended September 30, net profit grew 194 per cent to Rs 74.73 crore on 18 per cent higher sales of Rs 1153.56 crore.

“The company will sustain its good performance and expects growth in turnover in the region of 20 per cent this year. It will continue to focus on profitable product mix to improve its return on capital employed,” managing director, Mr O P Lohia told newspersons here.

He said the board of directors, which met earlier in the day, also decided to alter the buyback scheme announced previously for the demerger of polyester and yarn businesses.

As per the new proposal, the board has decided to increase the Rs 30 per share buyback price announced earlier, besides making it possible to pay this amount in two equal instalments.

Indo Rama had earlier announced a mega expansion project which envisages capacity expansion by 500 tonnes per day and Mr Lohia said the project is expected to be commissioned by mid 2004.

Raymond Q2 net dips 15.72%

Raymond’s net profit has dipped by 15.72 per cent to Rs 34.41 crore for the second quarter ended September 30, 2002 as compared to Rs 40.83 crore in the same period of previous year.

The company’s net sales or income from operations in the reporting quarter stood marginally higher at Rs 295.59 crore as against Rs 294.99 crore in the Q2 of 2001, chairman and managing director, Mr Gautam Singhania said in a release here.

For the half year ended September 30, the company’s net profit was at Rs 38.72 crore (Rs 36.19 crore) and net sales were at Rs 462.29 crore (Rs 427.13 crore), the release said.

The company is also in the process of doubling its denim division’s capacity to 20 million metres in two phases.

The expansion of the first phase of five million metres has already been completed, and the second phase of another five million metres will be completed by end of this financial year, it added. The release said Raymond had already claimed insurance for loss of its helicopter, which met with a fatal accident last month.

“The consequential loss is adequately insured. The company does not expect any loss when the claim is finally assessed and settled”, it said.

The company has signed a memorandum of understanding (MoU) with promoters of Color Plus Fashions for acquisition of the entire equity holding in the company, which will take place after completing legal, financial and commercial due diligence.

Himatsingka Seide H1 net profit down 7.4%

Himatsingka Seide, manufacturers of silk and silk blended fabrics, has reported a 7.4 per cent drop in net profit for the first six months ended September 30, 2002 to Rs 18.51 crore from Rs 20.01 crore in the same period previous year.

During the period in reference, the company’s total revenues stood at Rs 61.69 crore as compared to Rs 63.49 crore during six month ended September 30, 2001, according to a company statement here.

For the second quarter ended September 2002, the company’s net profit was down marginally at Rs 10.02 crore from Rs 10.55 crore in the same period previous year.

During the July-September quarter, its total revenues stood at Rs 32.96 crore compared to Rs 34.23 crore in the year-ago period.

Century Textiles back in black, Q2 net at Rs 9.98 crore

Improvement in textiles segment has led Century Textiles and Industries (CTIL) back in black with a net profit at Rs 9.98 crore in the second quarter ended September 30 over a net loss of Rs 3.28 crore in the same period of the previous year.

The company’s net sales for the reporting quarter stood at Rs 517.07 crore as compared to Rs 515.76 crore in Q2 of 2001, CTIL informed the Bombay Stock Exchange here.

The other income too increased to Rs 15.93 crore over Rs 11.97 crore in the same period of the previous year, it added.

“Profitability during the current quarter is better as compared to the corresponding period of last year mainly because of improvement in textiles segment including rayon”, CTIL said.

BASF Q2 net down 5.6% at Rs 8.49 crore

Chemicals company BASF India has posted a 5.6 per cent drop in net profit of Rs 8.49 crore for the quarter ended September 30, 2002 compared to Rs 8.94 crore in the same period last fiscal.

The total net income for the period under review grew by 2.22 per cent to Rs 135.92 crore as against Rs 132.96 crore in July-September 2001 period, the company informed the Bombay Stock Exchange.