Indo Gulf Bottomline Up 35% In 1st Quarter

Indo Gulf Corporation has reported a 35 per cent rise in net profit at Rs 68.23 crore for the first quarter ended June 30 compared with Rs 50.47 crore in the same period of last year.

The Aditya Birla group company's turnover grew by 23 per cent at Rs 714.49 crore (Rs 581.19 crore).

Exports were up 237 per cent at Rs 133.64 crore. Its debt restructuring has led to lower interest charges by 17 per cent during the quarter, resulting in a saving of Rs 5 crore.

Interest paid during the quarter was Rs 23.67 crore down from Rs 28.66 crore in the first quarter of fiscal 2001-02.

 

The company's expenses went up with that on raw materials going up to Rs 516.78 crore (Rs 335.77 crore). Staff costs were also up at Rs 14.93 crore (Rs 12.26 crore).

Its copper division has achieved a 35 per cent growth in turnover at Rs 611.9 crore. The main growth drivers were the company's foray into exports and the performance of its DAP plant. In its fertiliser division, the main focus was on cost reduction in all areas and to enhance operating efficiencies.

To ensure its sustainable growth to keep generating value to its shareholders, Indo Gulf will continue to improve utilisation of assets and operating efficiencies, while capitalising on the upturn in the global macro-economic environment, and a long-term fertiliser policy, the company said in a press release.