Mumbai: Leading paper manufacturer Ballarpur Industries on Thursday reported a surge in net profit at Rs73.97 crore for the quarter ended September against Rs58.51 crore for the corresponding period last year. The company follows a July-June financial year. Total income of the group also rose to Rs715.49 crore for the quarter compared with Rs583.50 crore for the same quarter a year ago.
The company informed the Bombay Stock Exchange that the consolidated results are not comparable as the group had acquired Malaysia-based Sabah Forest Industries in March.
The stand-alone profit of the company also shot up to Rs69.02 crore for the first quarter. It was Rs58.26 crore in the year-ago period. The stand-alone income for the quarter stood at Rs612.54 crore against Rs580.40 crore in the year-ago quarter. Shares of the company were trading at Rs138 on BSE, up 0.25%. PTI
Honda posts record net in first half of year
Tokyo: Japan’s second largest automaker Honda Motor Co. on Thursday reported record net profit for the six months to September and revised up its full-year forecast on strong sales overseas.
Honda enjoyed net profit of 374.6 billion yen (Rs12,975 crore) over the six months—up 38.1 % from the same period a year earlier, a company statement said. The automaker said its automobile sales rose 5.8% in the first half, despite a sales drop of nearly 15% in Japan. AFP
GlaxoSmithKline Q3 net dips 12% to R249 cr
Mumbai: GlaxoSmithKline Pharmaceuticals Ltd on Thursday posted a 12.8% decline in net profit, at Rs249.01 crore for the quarter ended September, as compared to Rs285.43 crore for the corresponding period last year. The total income of the company increased marginally to Rs454.65 crore for the quarter under review, as compared with Rs424.51 crore for the same quarter in the year-ago period, the company informed the Bombay Stock Exchange. PTI
NIIT clocks 28% net rise in Q2 due to hedging
New Delhi:NIIT Technologies Ltd posted a 28% rise in net profit in the July-September quarter, aided by hedging and better geographical business spread, but said appreciating rupee was a cause of concern.
“Given the external challenges to industry on the strengthening of rupee, the spread of business coming from different currencies have helped besides sound hedging,” chief executive officer Arvind Thakur said.
The firm earns 51% of its revenue from Europe, 31% from the US and the remaining from Asia and Australia.
Net profit for July-September quarter rose to Rs34.4 crore, from Rs26.9 crore in the year-ago period. Revenue for the quarter rose 4.5% to Rs230 crore, hit by a strong rupee. Reuters
Century Textiles Q2 net falls on high costs
Mumbai: Diversified firm Century Textiles and Industries Ltd reported a marginal drop in quarterly net profit, hit by a one-time expense, high input and interest costs.
While the company’s sales grew 3.5% to Rs770 crore despite the closure of one textile unit, net profit fell 4% to Rs71.6 crore.
Analysts polled by Reuters had expected a net profit of Rs102 crore.
Century, which makes textiles, paper and cement, said total expenditure as a percentage of sales rose to 82.1% from 81.5%, hit by higher cost of raw materials. Interest expense also rose nearly three-fourths to Rs20.4 crore as the company has raised debt to expand its cement capacity to 11.3 million tonnes (mt) a year from 8mt. Century Textiles also set up a new tissue paper plant and an integrated textile mill.
The company also had to account for a voluntary retirement expense of Rs19.2 crore after it closed its loss making Mumbai textile mill citing high labour cost and taxes. Shares in the company closed at Rs1,016.85—up 1.8% in a firm Mumbai market. Reuters
Gillette India’s Q2 net falls 45% at Rs27.8 cr
Mumbai: Leading Fast Moving Consumer Goods (FMGC) company Gillette India Ltd on Thursday posted a 44.9% decrease in net profit at Rs27.82 crore for the quarter ended September, against Rs50.50 crore for the year-ago period.
The total income of the company rose 35.28% at Rs142.05 crore for the quarter, compared with Rs105 crore for the same quarter last fiscal, Gillette said in a communique to the Bombay Stock Exchange. PTI