Ashok Leyland increased its total income from operations to Rs.3,296.04 crore in the second quarter ended September 30, 2012, from Rs.3,114.81 crore in the same period in the previous year. The net profit after taxation has declined to Rs.142.59 crore from Rs.154.08 crore. This was partly due to a rise in finance cost to Rs.103.64 crore from Rs.65.84 crore. There was a rise in other income to Rs.23.86 crore (Rs.13.46 crore). The provision for taxation was lower at Rs.13.31 crore (Rs.38.77 crore) after taking into account the credit of Rs.44.31 crore (Rs.11.82) under minimum alternate tax (MAT).

Sundram Fasteners

Sundram Fasteners reported a 35 per cent rise in its net profit at Rs. 24.88 crore in the second quarter ended September 30, 2012, against Rs. 18.43 crore in the same period in the previous year. This was mainly due to a significant decline in loss on foreign exchange fluctuations to Rs.2.38 crore from Rs. 28.52 crore. Total income from operations stood at Rs. 506.13 crore against Rs. 545.33 crore.

However, in the half year ended September 30, 2012, revenues rose to Rs. 1,104 crore from Rs. 1,069 crore due to a 16 per cent rise in export sales at Rs. 356.22 crore against Rs. 307.93 crore in the year ago period. The net profit for the half year rose slightly to Rs. 56.13 crore (Rs. 53.36 crore). The company said the operating margin was under pressure due to higher cost of inputs and a rise in employee cost.

The directors have recommended an interim dividend of 60 paise per share (face value Re.1).

ONGC

Oil and Natural Gas Corporation (ONGC), on Thursday, reported a 32 per cent drop in profit, the biggest in almost four years, after jump in its fuel subsidy outgo, a trend the company warned will erode its cash reserves by almost two-thirds.

The net profit dropped 31.8 per cent to Rs.5,897 crore, or Rs.6.89 rupees a share, in July-September as compared to Rs.8,642 crore a year earlier, ONGC Chairman and Managing Director Sudhir Vasudeva told reporters.

“The single reason for this was jump in our subsidy outgo — from Rs.5,713 crore in the second quarter of last fiscal to Rs.12,330 crore this year,” he said.

Gross realisation in July-September was $109.85 for every barrel of crude oil but it had to give a discount of $63.05 a barrel, leading to a net realisation of $46.8 per barrel.

The net realisation is lower than $56 per barrel that the oil ministry had promised the company to help it sustain its operations.

RCom

Reliance Communications (RCom) has reported a 59.5 per cent drop in its consolidated net profit at Rs.102 crore during the quarter ended September 30, 2012, against Rs.252 crore in the corresponding period last year. During the quarter, revenue moved up by 3.2 per cent to Rs.5,202 crore from Rs.5,040 crore.

Shares of the company closed with a gain of 1.3 per cent at Rs.58.55 on the Bombay Stock Exchange.