Videocon net profit at Rs 245 crore

Improved margins helped consumer durable major Videocon Industries register a net profit increase of 10 per cent at Rs 245.11 crore during the quarter ended June 30, 2007, compared with Rs 222.87 crore during the same period last year. The company's turnover jumped 14.22 per cent to Rs 2,204.7 crore from Rs 1930.2 crore for the corresponding quarter previous year.

Operating profit margins improved by 191 basis points to 18.48 per cent in the quarter under review compared with 16.57 per cent in the comparable quarter. During the quarter, the company allotted around 1.07 lakh equity shares aggregating $1.09 million.

On conversion of foreign currency convertible bonds. Videocon Industries has renamed Videocon Communications to Trend Electronics with effect from May 1, 2007. The company is planning to diversify into power generation and mining sectors in order to derisk its business model.