Tuesday, Jun 24, 2003
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Kotak Mahindra Bank has achieved a total income of Rs. 714.84 crores for the year ended March 31, 2003 against Rs. 606 crores in 2001-02. The operating profit is lower at Rs. 165.57 crores against Rs. 172.37 crores. After making provisions and contingencies of Rs. 23.62 crores (Rs. 19.03 crores, the profit before tax was Rs. 141.96 crores against Rs. 153.34 crores. The provision for taxation is higher at Rs. 63.77 crores against Rs. 58.58 crores. The profit after tax has declined to Rs. 78.18 crores from Rs. 94.76 crores. The bank has declared a tax free dividend of 21 per cent.
The company has plan to set a up an Asset Reconstruction Company (ARC) in the next quarter to pick up non-performing assets (NPAs) from the financial sector entities and restructure them to earn value. "The asset reconstruction is a growing business and we plan to form ARC in July-September 2003, for which many players including overseas entities have approached us for a joint venture" according to Uday Kotak, Vice Chairman and Managing Director.
He, however, did not elaborate on the future plans for ARC. Kotak Mahindra group has experience in recovering bad assets of about Rs. 300 crores till date.
As per RBI guidelines Kotak Mahindra would be able to hold only upto 40 per cent stake in ARC which would provide management skills to deal with the bad assets, he said.
In spite of an increase in production and sale quantity Madras Cements has reported a reduction in turnover to Rs. 631 crores in the year ended March 31, 2003 against Rs. 709 crores in the previous year. This was due to fall in cement prices in the southern states affecting the realisation.
The operating profit was lower at Rs. 153.51 crores against Rs. 1179.12 crores. The net profit after tax has dipped to Rs. 12.96 crores from Rs. 25.66 crores in the previous year despite substantial savings in interest cost, marketing and distribution cost and in the areas of production. The income from wind farm division was Rs. 14.98 crores (Rs. 17.03 crores) while the ready mix division contributed Rs. 13.28 crores (Rs. 15.59 crores). A dividend of 60 per cent has been announced.
Ramco Industries has achieved a net profit of Rs. 25.45 crores for the year ended March 31, 2003 against Rs. 14.50 crores in 2001-02. Net sales were higher at Rs. 181.10 crores against Rs.143.24 crores. The net profit, before depreciation and taxation, was higher at Rs. 38.22 crores against Rs. 21.52 crores. The company has declared a dividend of 60 per cent against 55 per cent in the previous year.
Net sales of Rajapalayam Mills stood at Rs. 115.54 crores in the year ended March 31, 2003 against Rs. 124.54 crores while the operating profit was higher at Rs. 33.86 crores against Rs. 30.60 crores in the previous year. The net profit was Rs. 10.78 crores against Rs. 9.74 crores. The dividend has been maintained at 40 per cent.
MRO-TEK has reported a gross income of Rs. 87.02 crores in the 12 months ended March 31, 2003 against Rs. 84.87 crores in the previous year. Though the operating margin has been maintained at a level of 24 per cent, the reduction in gross contribution is due to liquidation of certain inventory at salvage value and absorption of value of inventory used in R&D activities. Consequently, the profit before taxation too registered a decline, also absorbing considerable amount by way of accounting treatment of leased assets, resetting of receivables on conservative principles as well as absorption of revenue expenditure on R&D activities, according to a company release.
The gross profit, before depreciation and interest charges, was lower at Rs. 7.80 crores against Rs. 12.67 crores. After providing Rs. 83.75 lakhs (Rs. 198.28 lakhs) towards interest charges, Rs. 111.24 lakhs (Rs. 85.99 lakhs) for depreciation and Rs. 140.14 lakhs (Rs. 277.17 lakhs) for taxation, the profit after taxation has also declined to Rs. 324.26 lakhs from Rs. 694.12 lakhs.
The board has recommended a dividend of 16 per cent for 2002-03.
``Our growth objective remains unchanged. We believe that the tough times are behind us and the future looks promising. The growth has been affected to an extent due to weakening of global economy and the events that have occurred,'' MRO-TEK Chairman and Managing Director, S. Narayanan said. He said the firm's strategy was to build on and extend the existing market strength and at the same time, be prepared to serve the rapidly growing markets worldwide
State Bank of Indore
State Bank of Indore has achieved a net profit of Rs. 200.32 crores in the year ended March 31, 2003 against Rs. 125.10 crores, an increase of 60 per cent. Earnings per share have improved to Rs. 1,144.69 from Rs. 714.85.
Deposits of the bank have increased to Rs. 9,216.81 crores from Rs. 7,918.45 crores. Net advances have risen to Rs. 5,182.95 crores from Rs. 4,284.99 crores. Gross NPA has come down to Rs. 137.84 crores from Rs. 153.46 crores.
Bank of Maharashtra
Bank of Maharashtra has achieved a net profit of Rs. 222.02 crores during the year ended March 31, 2003 against Rs. 145.41 crores in the previous year, an increase of 53 per cent.
Total income was higher at Rs. 2,442.15 crores against Rs. 2,305.58 crores. The operating profit has risen by 25.4 per cent to Rs. 520.58 crores from Rs. 415.04 crores. Non-interest income has increased by 17.23 per cent to Rs. 360.47 crores.
The bank has transferred Rs. 45 crores to the Central Government as dividend. The capital adequacy ratio has increased to 11.76 per cent from 11.16 per cent.
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