An improved performance from its cement business saw Grasim Industries on Monday report a 48 per cent rise in its consolidated net profit at Rs. 620 crore for the second quarter of 2012-13.
Grasim’s consolidated revenue for the quarter rose 15 per cent to Rs. 6,602 crore and operating profit was up a third at Rs. 1,505 crore.Grasim’s viscose staple fibre (VSF) sales volumes rose 8 per cent in spite of difficult conditions in the global textile industry amidst economic slowdown, a company release said.
While the first phase of the VSF brownfield expansion (18,250 tonnes) was commissioned last month, the second phase of same tonnage is expected to go on stream in the fourth quarter.
Commissioning of Grasim’s VSF (120,000 tonnes per annum) and chemical (1.82 lakh tonnes) greenfield projects at Vilayat, Gujarat will start in the fourth quarter, the company said.
The board approved a capex of Rs. 223 crore to set up a 51,500 tonnes Epoxy plant at Vilayat to be commissioned in Q3 of 2013-14.
In its VSF outlook, the statement said “the environment continues to be challenging. The global economic scenario, coupled with a surplus capacity in China, will impact market conditions and margins. The cotton crop in the ensuing season will influence realisations in the short term.’’
Colgate-Palmolive India, the fast-moving consumer goods player, announced a 46 per cent increase in its net profit at Rs.145.08 crore for the second quarter ended September 30, 2012, against Rs.99.68 crore in the corresponding period in the pervious year. Net sales were higher by 18 per cent at Rs.773.77 crore against Rs. 657.24 crore.
For the half-year ended September 30, 2012, the net profit had risen by 31 per cent to Rs.262.50 crore from Rs.200.12 crore in the corresponding period in the last year. Net sales were higher by 19 per cent at Rs.1,509.85 crore against Rs.1,268.34 crore.
EID Parry (India), a leading manufacturer of sugar in India, has posted a rise of 21 per cent in its turnover to Rs. 502.66 crore in the second quarter ended September 30, 2012 from Rs. 415.10 crore in the same period in the previous your. The earnings before interest and depreciation stood at Rs. 372.61 crore against Rs. 83.19 crore. The profit after taxation has risen smartly to Rs. 325.80 crore from Rs. 49.48 crore in the year-ago period.
The sugar division crushed 14.43 lakh tonnes of sugarcane against 12.77 lakh tonnes, registering a growth of 13 per cent. As a standalone entity, the sugar division reported a profit before interest (PBIT) of Rs.27.84 crore against Rs. 5.20 crore. EID Parry exported power to the tune of 917 lakh units during the quarter under reference against 890 lakh units in the year-ago period.
Sugar operations, on a consolidated basis, resulted in a profit before interest and taxation of Rs. 2.66 crore against a loss of Rs. 20.37 crore.
Rane Brake Lining
Rane Brake Lining, a part of the Chennai-based Rane Group, registered a decline in its sales and operating income at Rs. 82.59 crore in the three months ended September 30, 2012, against Rs. 88.45 crore in the same period in the previous year. The net profit was sharply lower at Rs. 48 lakhs against Rs. 5.10 crore in the year-ago period. The company attributed the poor performance to the weakeing in the automobile market. In the original equipment manufacturing (OEM) segment, most sectors registered negative or flat growth, the company said in a press release.