Indo Gulf Q2 Net Jumps 34% To Rs 76.24 Crore

Indo Gulf Corporation has posted a 34 per cent jump in profit after tax at Rs 76.24 crore for the second quarter on the back of a 38 per cent jump in revenues from its copper business.

The company's profits have been impacted because of it moving to the regular tax regime and coming out of minimum alternate tax (MAT). The current tax provision for the quarter is a high Rs 23.68 crore. It also made a provision for deferred tax of Rs 2.54 crore.

Profit before tax has improved 59 per cent in the second quarter over that in the same period last year, and 55 per cent in the first half, signifying an overall improvement in the quality of profits.

The company's turnover jumped 31 per cent to Rs 693.71 crore from Rs 531.55 crore in the same period last year. The contribution of the fertiliser division has now dropped to 20 per cent of turnover from 26 per cent in the second quarter last year. The division grew six per cent in revenue terms during the quarter.

Managing director Debu Bhattacharya said the outlook for the copper business continued to be weak for the current fiscal, but could improve next year.