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Company : Business Wire 
Wednesday, July 10, 2002 12:50PM IST (7:20AM GMT)
 
Indo Gulf Reports Impressive Results in the First Quarter
Mumbai, Maharashtra, India

HIGHLIGHTS

Turnover Rs. 714.49 Crores gone up by 23%
Net Profit Rs. 68.23 Crores gone up by 35%
Export Rs. 133.64 Crores gone up by 237%

PARTICULARS Quarter ended 30th June 2002 Quarter ended 30th June 2001 % Growth 
Net Sales 714.49 581.19 23% 
PBDIT 154.84 130.28 19% 
Interest  23.67 28.66 -17% 
Depreciation 31.59 31.15  
Profit Before Tax  99.58 70.47 41% 
Provision for Current Tax 31.34 18.32 58% 
Provision for deferred Tax 0.01 1.68  
Net Profit  68.23 50.47 35% 
Equity Capital 225.2 225.2  
Basic & Diluted EPS (Rs) 3.03 2.24  


Indo Gulf Corporation Limited, an Aditya Birla Group Company has reported impressive results for the first quarter ending June'2002 . Its sales turnover of Rs.714.49 crores is up by 23% over the corresponding quarter last year.

Profit before Tax at Rs 99.58 crores is higher by 41% over the corresponding quarter last year.

Profit after Tax at Rs.68.23 crores reflects a growth of 35% over that of the corresponding quarter last year, despite increase of tax by 58%

A prudent debt restructuring undertaken by the company has led to lower interest charges by 17% during the quarter, resulting in a significant saving of Rs.5 crores.

COPPER BUSINESS

Indo Gulf's Copper Division has achieved a turnover of Rs.611.9 crores, which is a 35% growth over that of the corresponding quarter last year at Rs.454.4 crores. In the face of lower realizations consequent to falling LME prices and a reduced duty structure the Company's results are indeed commendable. The key growth drivers have been the company's foray into exports and the performance of its state-of-art DAP plant.

During the Quarter, the Company's position in the export markets of South East Asia and the Middle East countries was further strengthened. Consequently Export volumes went up to 16,754 MT compared to 5,076 MT in the corresponding quarter last year. In the domestic market Birla Copper continues to maintain its leadership.

The Smelter is currently operating in excess of its rated capacity.

Its Precious Metal Refinery has posted an output of 801 Kg of Gold and 4,663 Kg of Silver, contributing positively to the revenues, though on account of an irrational duty structure imposed on Gold/Silver, this segment continues to drag the business profitability.

The performance of its Di-ammonium Phosphate Plant (DAP) is satisfactory. Production of DAP was 91,476 tonnes - which is 250% of the production achieved in the corresponding quarter last year.

OUTLOOK :

Given the gradual economic recovery, the outlook for the copper business appears positive. With the recovery in copper prices at the London Metal Exchange, the realization from copper is also expected to improve in the second half of this year.

The outlook for DAP is also positive with good rains and a potentially favourable Kharif season.

FERTILIZER BUSINESS

The cap on production by the Government has and continues to result in under-utilization of the assets. Likewise the reduction in the retention price by the Government has severely impinged upon its fertiliser business. Given the adverse conditions, the Company has focused on improved realization, cost reduction in all areas and enhanced operating efficiencies.

OUTLOOK

With the expectations of a good monsoon, the demand for fertilizers is likely to improve. The outlook for the business remains positive, though growth hinges primarily on the Government Policy.

OVERALL OUTLOOK

Indo Gulf continues to perform exceedingly well in terms of growth in Revenues, Profits and Asset Productivity. However, to ensure its sustainable growth and to keep generating value to its shareholders, Indo Gulf will continue to improve utilization of asset and operating efficiencies, while capitalising on the upturn in the global macro-economic environment, and hopefully a rationale long-term fertilizer policy.

 
 
 
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Indo Gulf Results Q1 2003