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Thursday, Oct 16, 2003

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BSES net jumps to Rs 88.83 cr in Q2

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Mr Anil D. Ambani, Chairman & Managing Director, BSES, at a press conference to announce the company's half yearly results in Mumbai on Wednesday. — Shashi Ashiwal

Mumbai , Oct. 15

HIGHER revenues from the EPC business and a steep rise in other income have enabled BSES Ltd to report a 134 per cent jump in net profit at Rs 88.83 crore (Rs 37.97 crore) for the quarter ended September 30, 2003, despite a marginal fall in net sales of energy, the company's core business.

Net sales of energy dipped to Rs 619.98 crore (Rs 646.96 crore), but total income increased by 8.6 per cent to Rs 808.50 crore (Rs 744.35 crore) during the quarter.

Mr Anil Ambani, Chairman and Managing Director, BSES Ltd, attributed the reason for fall in sales to "seasonal fluctuations".

The company has announced a dividend of Rs 13.78 per share for the quarter. For the half-year ended September 30, 2003, the dividend amount is Rs 27.66 per share.

The company's total expenses for the quarter stood at Rs 636.75 crore (Rs 617.66 crore). Interest costs fell to Rs 10.98 crore compared to Rs 16.93 crore last year.

Depreciation reduced to Rs 65.01 crore (Rs 89.68 crore). Tax provisions were higher at Rs 6.93 crore (Rs 2 crore).

During the quarter BSES has allotted 49,336 equity shares underlying the Global Depository Receipts issued on conversion of foreign currency convertible bonds.

The company has provided Rs 29 crore for "certain future contingencies". The company has approved amalgamation of Reliance Salgaoncar Power Company Ltd and is also pursuing the amalgamation of BSES Andhra Power Ltd with BSES Ltd.

Announcing the results, Mr Ambani said the company has reached a wage revision agreement with its 3,900 non-executive employees and 300 workmen. The new agreement has increased remuneration to employees and has reduced working days from 21 days to 11 days a year. The number of work hours has also been increased in a bid to prepare the company to meet competition.

For the half-year ended September 30, 2003, BSES Ltd reported a net profit of Rs 173.43 crore (Rs 122.66 crore), while net sales was at Rs 1,612.54 crore (Rs 1,449.22 crore).

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