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MUMBAI: Castrol India Ltd has reported a 13.9-per cent fall in net profit at Rs 115.67 crore (Rs 134.38 crore) for the year ended December 31, 2001.

Net sales for the year rose marginally to Rs 1,284.61 crore (Rs 1,237.81 crore) while other income fell to Rs 1,620 crore (Rs 1,870 crore).

Total expenditure was up 4.07 per cent at Rs 1,117.75 crore (Rs 1,073.98 crore). Interest payment came down to Rs 5.78 crore (Rs 7.21 crore) while depreciation was Rs 12.69 crore (Rs 11.44 crore).

Tax provisions were up to Rs 47.24 crore (Rs 29.50 crore) while deferred tax provision was Rs 1.68 crore).

The merger of Tata BP Lubricants India Ltd with the company would become effective only after the Mumbai High Court order, a news release said.

Tata BP Lubricants is estimated to have incurred a loss during the year ended December 31, 2001, the impact of which on the merged results of Castrol India is estimated to be within 10 per cent of profit before tax. Also, the company's carry forward loss of Rs 8.77 crore would be adjusted against the reserves of Castrol India Ltd, the release said.

The promoters' holding in the company went up to 71 per cent from 51 per cent after the open offer by Castrol Ltd of the UK.

The company's net profit for the fourth quarter ended December 31, 2001 is up 14.13 per cent at Rs 32.06 crore (Rs 28.09 crore). Net sales for the quarter are up marginally to Rs 339.88 crore (Rs 335.89 crore) while other income is up Rs 8.65 crore (Rs 2.65 crore).

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