Financial Daily from THE HINDU group of publications
Wednesday, Oct 13, 2004
Financial Daily from THE HINDU group of publications Wednesday, Oct 13, 2004 |
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Corporate
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Performance Hyundai spare parts sales fetch more Our Bureau
Chennai , Oct. 12 DRIVEN by higher sales of cars, Hyundai Motor India Ltd earned about Rs 160 crore in 2003-04 through the sale of spare parts, against Rs 125 crore the previous year. The income from this source in the export market was also higher - Rs 11.5 crore compared to Rs 3.7 crore earlier - according to information provided in the company's 2003-04 annual report. Last year, it incurred a capital expenditure of Rs 24.2 crore on research and development. Hyundai Motor India repaid external commercial borrowings (ECB) from the Export Import Bank of Korea amounting to Rs 42 crore. Its ECBs (from a number of banks, including Sumitomo Banking Corporation) as on March 31, 2004, stood at Rs 235 crore compared to Rs 245 crore the previous year. The deferred tax credit [tax deferral on sales tax and Central Sales Tax (CST)] amounted to Rs 320 crore (Rs 152 crore as CST loan and Rs 168 crore as Tamil Nadu General Sales Tax loan) at the end of March 31compared to Rs 239 crore the previous year (Rs 110 crore as CST loan and Rs 129 crore as TN General Sales Tax loan). Hyundai Motor India reported a net profit of Rs 378 crore on sales and a service income (net of excise) of Rs 4,800.49 crore in 2003-04 compared to a profit after tax of Rs 164 crore on sales and a service income of Rs 3,078.38 crore the previous year.
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