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May 30, 2000
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| Colgate registers 13% growth in net profits, sales up12%, volumes of sales up by 11% |
Colgate Palmolive recorded a net profit of Rs 518 million for the year ended March 31, 2000 as against Rs 457 million recorded in the previous year, an increase of 13.35%. The company had earned an exceptional income of Rs 35 million in the last year. Excluding that income the profits for the year are 23% higher than the previous year.
The sales for the year were Rs 11364 million, 12.40 % higher than Rs 10110 million registered in FY 99. The company reinvested a significant portion of the revenues (17% of sales) in marketing support programmes for new products and equity building. This resulted in a 11% growth in sales in terms of unit volume.
Other income for the year stood at Rs 152 million (previous year Rs128 million). During the year depreciation provision is higher by Rs 13 million on account of change in depreciation policy in accordance with the revised AS-6 issued by the Institute of Chartered of Chartered Accountants of India. Consequently the pre-tax profits are also lower by Rs 13 million. |
| BITS Ltd reports net loss of Rs 21.99 million for MQ 2000 |
BITS Ltd (formerly known as Bureau of Information Technology Services (India) Ltd) has reported a net loss of Rs 21.99 million for the quarter ended March 31, 2000 as against a profit of Rs 11.45 million earned in MQ 99. The sales for the quarter were 10.46% lower TA Rs 66.43 million as compared to Rs74.19 million in MQ 99. The Depreciation charges were significantly higher at Rs 7.80 million (1998-99 Rs 1.18 million).
For the year ended March 31, 2000 the company registered a 40.53% growth in sales whish grew from Rs 130.20 million in FY 99 to Rs 182.98 million in the current year. However the company recorded a loss of Rs 7.31 million against a profit of Rs 12.54 million in FY 99. Th gross profit (after interest but before depreciation) declined drastically from Rs 165.84 million in FY 99 to Rs 4.45 million in FY 2000.
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| Britannia Industries net profit up by 29%, turnover up 14%, PBT up 37% |
The Board of Directors of Britannia Industries Ltd approved the audited annual results of the company at its meeting held today (May 30, 2000). The results show a improved performance with sales showing 13.56% growth and profits showing a 28.79% increase. The Board had declared an interim dividend of 45% for the year 1999-2000 and the Board has not recommended any final dividend for the year.
The profits for the year are Rs 510 million as compared to Rs 396 million in the previous year. The sales were Rs 11698 million (1998-99 Rs 10301 million). The other income for the year was Rs 159 million (1998-99 Rs 131 million). The profit before tax and exceptional item (VRS) were 37.15% up at Rs 90 million (1998-99 Rs 576 million). After providing Rs 261 million (1998-99 Rs 180 million) for tax the net profit after tax stood at Rs 510 million. The Company provided Rs 19 million during the year for VRS (proportionate cost) against Rs NIL in FY 99. Excluding this extraordinary VRS expenditure the net profits would have been Rs 529 million, 33.59% higher than Rs 396 million registered in FY 99.
The company has attributed the improved performance to higher sales, costs savings and higher productivity. The sales increased mainly due to higher sale of company's Bakery and dairy products. |
| Computech International net profit up by 58%, to be de-listed from regional stock exchanges |
The Board of Directors of Computech International Ltd took on record the audited financial results for the year ending March 31, 2000. The profits were 58% higher at Rs 168.10 million as against Rs 106.30 million in FY 99. The sales were however 6.73% down at Rs 723.60 million as compared to Rs 775.80 million in the previous year. Other income was Rs 7.60 million (1998-99 Rs 5.10 million). The gross profit for the year under review is Rs 206.11 million, an increase of 50.77% over Rs 136.70 million recorded in FY 99.
The company's equity shares of Rs 10/- each have been sub-divided into two equity shares of Rs 5/- each. Computech has applied to the Delhi, Ahmedabad and Jaipur stock Exchanges to get its shares delisted from there. |
| Novartis India announces results for FY 1999-2000,Recommends spin-off of Agribusiness into separate Independent entity |
The Board of Directors of Novartis India Ltd at its meeting held today (May 30, 2000), approved the audited financial results of the company for FY 1999-2000. The results show a sales growth of 10% and a 38% growth in the net profits. The Board recommended that the interim dividend of 150% declared on March 27, 2000 be considered as the final dividend for the year.
Sales recorded were Rs 8244 million as compared to previous year's sales of Rs 7471 million. Profit before tax at Rs 1602 million grew by 43% (1998-99 Rs 1117 million). Net profit after providing for tax of Rs 568 million (1998-99 Rs 370 million) stood at Rs 1034 million (1998-99 Rs 747 million).
The company has attributed the improved profitability to strong performance in both major businesses of Pharma and Crop Protection business as well as to an exceptional one time revenues from sale of major portion of the Panoli undertaking and sale of development rights of a small portion of Goregaon Plant. During the year temporary surplus fund were invested in high income yielding financial assets and interest costs were also low due to low debt level.
On December 2, 1999 the Novartis group announced plans to spin-off its agribusiness to its shareholders. Furthermore it is planned that a merger of agribusiness activities of Novartis and AstraZeneca to form Syngenta AG will follow the spin-off. The Board of Directors of Novartis India Ltd has therefore recommended to spin-off the Agribusiness of Novartis India Ltd as a separate independent entity in order to restructure its Indian operations in line with global business structure. |
| Mahindra & Mahindra net profit rises 15.27% at Rs 2634.79 million |
Mahindra & Mahindra Ltd today announced its audited financial results for the year nended March 31, 2000. The net sales and income from operations has increased to Rs 35,692 million, an increase of 3.06%.
The net sales and income from operations of the current year do not include the turnover of Intertrade division for the full year and MSL Division for the last quarter (Previous year Rs 1319.80 million) as the businesses of these divisions were divested during the current year. On a like to like basis, the net sales and income of the current year is higher by 7.14% over the previous year.
The gross profit from operations before depreciation, interest and taxation is RS 4780.60 million as against previous year's gross profit of Rs 4359.20 million, an increase of 9.67%. The operating margin rose to 13.39% in the current year from 12.59% in the previous year. The profit before tax is Rs 3504.80 million as against Rs 2800.80 million in the previous year, representing an increase of 25.14%. The profit after tax is Rs 2634.80 million as against Rs 2285.80 million in the previous year, an increase of 15.27%.
During the last quarter of the financial year, the operations of the sector were affected on account of a flash strike by the workmen at the Kandivli Tractor Plant for about a month.
During the year under review the company introduced the three new models Quadro, Rakshak and Mahindra CNG in the automotive sector and Sarpanch, Mahindra Cane Samrat, Ergo 5005-DI, and Rice Planter in the farm equipment sector.
The company also introduced new variants for the export market.
Commenting on the company's performance, the Managing Director, Mr Anand Mahindra said, "Massive efforts are on to develop and introduce new generation utility vehicles and tractors, which I firmly believe would further consolidate our position in the highly competitive markets." |
| Dena Bank FY 2000 net profit at Rs 628.70 million |
Dena Bank has reported a net profit of Rs 628.70 million for the year ended March 31, 2000 as compared to Rs 1100.90 for FY 99. The income earned by the bank for FY 2000 is up by 6.36% at Rs 15873.80 million. Other income is Rs 2117.60 million (FY 99 Rs 1531.50 million).
The provisions and contingencies for FY 2000 are up by 46.99% at Rs 1556.90million. |
| Cochin Refineries declares 38% final dividend |
The Board of Directors of Cochin Refineries Ltd at its meeting held on May 29, 2000 decided to recommend payment of final dividend of 38%(Rs 3.80 per share) for the financial year ended March 31, 2000.
The Register of Members and Share Transfer Books will remain closed from September 1, 2000 to September 27, 2000 (both days inclusive) for ascertaining the names of the shareholders for the payment of final dividend.
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| Asian Paints FY 2000 net profit up by 26.61%, declares bonus at 3:5 |
Asian Paints Ltd has declared a net profit of Rs 973.40 million for the year ended March 31, 2000 as against Rs 768.80 million for FY 99. The sales for FY 2000 are up by 19.16% at Rs 10661.7 million .The other income for FY 2000 is Rs 135.80 million as compared to Rs 149/- million for FY 99.
The Board has recommended a bonus issue in the ratio of 3:5 (Three shares for every Five shares Held).
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| Kanoria Chemicals FY 2000 net profit at Rs 60.98 million |
| Kanoria Chemicals & Industries Ltd has reported a net profit of Rs 60.98 million for the year ended March 31, 2000 as compared to Rs 31/- million for FY 99. The sales for FY 2000 are up by 8.19% at Rs 2903.98 million. Other income is Rs 48.50 million (FY 99 Rs 66.05 million). |
| Hoganas India Board recommends Bonus in the ratio of 1:1, one share for every share held |
| The Board of Directors of Hoganas India Ltd has recommended issue of Bonus shares in the ratio of 1:1 i.e. one share for every one share held. The issue of Bonus shares is subject to approval of shareholders at the ensuing AGM. |
| Ranbaxy clarifies on reports about Healthcare Insurance JV with US based Cigna Corporation |
Ranbaxy Laboratories Ltd has clarified on the reports appearing in a daily financial newspaper in its New Delhi edition stating that the company is planning a JV with US based Cigna Corporation in the Healthcare Insurance business.
In this context the Ranbaxy has stated in a press release that the company has no intention to enter the business of "Healthcare Insurance' in India or elsewhere. Accordingly. Ranbaxy has no plans whatsoever for any joint venture or alliance in any way with the US based Cigna Corporation or with any other insurance company or entity.
The company has clarified that the news item quoting Mr Malvinder Mohan Singh in regard to healthcare insurance is in his personal capacity, which is reported on a distorted basis, as if what he said was on behalf of Ranbaxy.
The company has further clarified that Fortis Healthcare Ltd (FHCL) is a private company promoted by late Dr Parvinder Singh in his personal capacity. Ranbaxy is only a small co-investor in the equity of FHCL and has no investment beyond this. The news item had stated FHCL as "Ranbaxy's recently launched venture". It is further understood that Infrastructure Leasing & Financial Services Ltd no longer holds any equity in FHCL. |
| Indusind Bank inducts Ex-executive Director-RBI as Additional Director |
| The Board of Directors of Indusind Bank Ltd at its meeting held on May 29, 2000 has inducted (subject to noting of Reserve Bank of India) Mr Om Prakash Sodhani, as Additional Director on the Board of the Bank. Mr Sodhani is Ex-executive Director of the Reserve Bank of India. |
| EIH Associated Hotels FY 2000 net loss at Rs 56.15 million |
| EIH Associated Hotels Ltd has incurred a net loss of Rs 56.15 million for the year ended March 31, 2000. The sales for the year were 2.5% lower at Rs 306.41 million as compared to Rs 314.27 million in FY 99. The other income was Rs 8.59 million (FY 99 Rs 6.02 million). Depreciation for the year was 27.24% higher at Rs 41.74 million as against Rs 32.80 million in FY 99. Out of 166 guest rooms at 'The Trident', Chennai, on an average 65 rooms were closed for renovation throughout the year. Thus the results for this year and those of the previous year are not strictly comparable. |
| Vinod Motwani to be MD of Sun Earth Ceramics, Suresh Motwani to look after Overseas operations |
Mr Suresh G. Motwani has resigned as the Managing Director of Sun Earth Ceramics Ltd with effect from June 1, 2000. He will now be looking after the overseas operations of the company in which the company proposes to make substantial investment. The Board of Directors of the company has accepted his resignation but he shall continue to be the Chairman of the Board.
The Board has appointed Mr Vinod Motwani as the Vice Chairman and Managing Director of the company with effect from June 1, 2000. He has resigned from the Board of Roofit Industries Ltd as a Managing Director but shall continue as a Director of Roofit.
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| NEPC Agro Foods Q2 net loss at Rs 13.75 million |
| NEPC Agro Foods Ltd ahs declared a net loss of Rs 13.75 million for the quarter ended April 30, 2000 as compared to loss of Rs 50 million declared for the same period in the previous year. The sales were 32.4 per cent lower at Rs 12.86 million as compared to Rs 19.03 million in Q2 99. However the losses are lower mainly because the company has not provided for interest during the quarter as the company has requested the Bankers a proposal for loan restructuring. |
| Citurgia Biochemicals net profit at Rs 37.90 million, disposes immovable property |
| Citurgia Biochemicals Ltd has reported a net profit of Rs 37.90 million on a turnover of Rs 772.80 million for the year ended March 31, 2000 as against Rs 7.5 million earned on a turnover of Rs 819.50 million in the previous financial year. However the profits for the year is arrived at after taking into consideration Rs 28.70 million from sale of immovable property. Excluding this income the net profits would be Rs 9.20 million. Representing a growth of 22.67% over Rs 7.50 million earned in FY 99. The Board has recommended a dividend of Rs 2.50 per share on the equity share of Rs 10/- each. |
| Multi -Arc to allot 100,000 shares at Rs 25/- each to Jem Fiscal |
| The shareholders of Multi-Arc India Ltd had approved the preferential allotment of shares to Jem Fiscal Ltd by passing a special resolution at its EGM held on April 29, 2000. Now the company has proposed to allot 100,000 equity shares of Rs 10/- each at a premium of Rs 15/- (Total Rs 25/-) in terms of the share application monies received from Jem Fiscal. The allotment will be made on June 5, 2000. |
| Blue Information Technology net profit at Rs 353.10 million |
| Blue Infomration Technology Ltd has registered a net profit of Rs 353.10 million on a turnover of Rs 1277.30 million for the year ending March 31, 2000. This represents a 16.73 per cent rise in net profits over the same period of the last year in which the company earned a net profit of Rs 302.50 million. Gross Profit for the year is Rs 473.70 million as against Rs 381.70 million in FY 2000, a growth of 24.10%. |
| Dyna Lamps - interest expense drags net loss to Rs 255 million |
Dyna Lamps & Glass Works Ltd has reported an net loss of Rs 255 million for the year ended March 31, 2000 against a loss of Rs 195 million for the year ended March 31, 1999. The company has registered a 107% increase in operating income, which rose from Rs31.38 million in FY 99 to Rs 65.23 million in FY 2000. The Interest charges increased from Rs 195 million in FY 99 to Rs 255 million in FY 2000.
Similarly the net loss for the quarter ended was also 155% higher at Rs 113.78 million against Rs 45 million in MQ 99. The higher loss was mainly due to the increased interest charges, which rose from Rs 38.19 million in MQ 99 to Rs 109.37 million in the current quarter. |
| HPCL FY 2000 net profit by 17.33%, operating income up 41% |
Hindustan Petroleum Corporation Ltd has registered a 17.33% rise in net profits for the year ended March 31, 2000 on a 41% rise in the turnover for the year. The company recorded a net profit of Rs 10.57 billion on operating income of Rs 338.31 billion. The net profit and operating income for the previous year were Rs 9.01 billion and Rs 239.64 billion respectively. Against the 41% rise in the operating income, the expenditure has increased by 43.63% during the year. This has made a significant impact in the net profits, which could grow only by 17.33%.
The net profits for the fourth quarter ending March 31, 2000 were Rs 2.68 billion, 9% higher than Rs 2.46 billion earned in the same quarter of the previous financial year. While the sales improved 59.40% to Rs 106.58 billion (MQ 99 Rs 66.86 billion), the expenditure grew 64.84% from Rs 62.16 billion in MQ 99 to Rs 102.47 billion in the current quarter.
Including the interim dividend of 80% the company declared a total dividend of 110% on the enhanced equity share capital for FY 2000. The company's equity share capital increased by Rs 1.13 billion during the year on issue of bonus shares in the ratio of 1:2 (One share for every two shares held). |
| Gandhi Special Tubes to buy back 22.22% of its paid up share capital |
The Board of Directors of Gandhi Special Tubes Ltd has recommended to buy back 2.1 million of its equity shares representing 22.22% of its paid up share capital comprising of 9,449,237 equity shares of Rs 10/- each. The shares shall be bought back through one or more of the following methods:
1. Through Tender offer
2. From Open market through
A) Book building process
B) Stock Exchange
C) From Odd-Lot holders.
3. Any other method as may be permissible under the guidelines
The Board has recommended to buy back the shares at a maximum offer price of Rs 17-/- per share. Thus the maximum total amount required for the buy back is Rs 35.70 million. The promoters, Directors and other persons who are in control of the company do not intend to participate in the buy back.
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