Financial Daily from THE HINDU group of publications
Sunday, May 05, 2002
Financial Daily from THE HINDU group of publications Sunday, May 05, 2002 |
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Performance Corporate Results - Fertilisers Copper exports drive Indo Gulf net up 16% Our Bureau
MUMBAI, May 4 EXPORTS, volume growth and cost reduction measures have helped Indo Gulf Corporation Ltd to end 2001-2002 with a 16 per cent increase in net profit at Rs 296.2 crore (Rs 251.7 crore). Net sales for the year rose by 23 per cent to Rs 2,706.2 crore from Rs 2,198.8 crore, a significant portion coming from copper exports. The board has recommended a dividend of Rs 2.60 per share aggregating Rs 58.55 crore. The copper division recorded sales of Rs 2,238.4 crore, an increase of 32.4 per cent over the previous Rs 1,690.3 crore. Expansion of its copper smelter and exports helped improve sales despite a fall in LME prices and fall in customs duty by 3.5 per cent. The smelter's capacity has been raised to 1,50,000 tonnes from 1,00,000 tonnes. Exports rose to 42,879 tonnes from 10,271.9 tonnes in the previous year. In value terms, exports rose by 262 per cent to Rs 309.9 crore. However, the company's fertiliser business continues to be impaired on account of the Government's constraints. Fertiliser business contribution to revenue was Rs 467.78 crore. Urea is under the retention pricing scheme of the Government. "Interim upward reassessment of the urea plant capacity and the consequent reduction in retention price by the Government coupled with restriction on production have impacted the profitability of the fertiliser business," the company said. The company said the fertiliser business growth hinges on the Government's policy. During the year, other income rose to Rs 65.88 crore (Rs 49.91 crore). Interest declined to Rs 102.36 crore (Rs 145.27 crore), a fall of 29.5 per cent. During the year, the company prepaid Rs 70 crore. Overall debt has also been brought down to roughly Rs 1,100 crore of which long-term debt accounts for Rs 700 crore, Mr D. Bhattacharya, Managing Director, Indo Gulf Corporation Ltd, said. Dahej Harbour and Infrastructure Ltd, the wholly owned subsidiary of Indo Gulf which owns the jetty of Birla Copper, handled 22,96,982 tonnes (12,53,235 tonnes) of cargo. Although topline and bottomline growth has been driven by copper business, Indo Gulf maintains a cautious optimism about this segment. Exports to West Asia, South-East Asian regions, China, Korea and Taiwan would continue on account of the demand-supply gap.
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