Tisco profit up 76%, Bajaj Auto down 61%

MUMBAI, OCT 18: Tata Steel today recorded a 75.91 per cent jump in its net profit at Rs 115.03 crore on a 9.5 per cent rise in income from...

MUMBAI, OCT 18: Tata Steel today recorded a 75.91 per cent jump in its net profit at Rs 115.03 crore on a 9.5 per cent rise in income from operations at Rs 1,870.34 crore in the second quarter ended September 2000 over the same period last year. In the second quarter of last year, the company reported a net profit of Rs 65.39 crore on an income of Rs 1,707.45 crore.

For the six-month period ending September 30, the net profit zoomed by nearly 140 per cent to Rs 216.43 crore (Rs 90.18 crore), as per the unaudited financial results released here today.

There was a marginal increase in expenditure in Q2 at Rs 1,441.40 crore as against Rs. 1,432.65 crore in the same quarter last year. Exports in Q2 have increased to Rs. 226.64 crore (Rs.193.25 crore).

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Production was higher at 8,75,046 tonnes (8,40,026 tonnes) in Q2 while sales were 8,37,742 tonnes (8,37,200 tonnes). The production and sales for the six month period were 17,09,952 tonnes (15,88,279 tonnes) and 15,79,966 tonnes (14,93,862 tonnes) respectively.

The company said provision for power cost relating to previous years from 1995-96 of Rs 94.37 crore represents additional provision made consequent on revised fuel cost surcharge rates notified by the Bihar State Electricity Board in terms of decisions of the Patna High court and was net of recoveries from consumers.

Bajaj Auto profit dips 60.81 pc: Bajaj Auto Ltd has reported a drop of 60.81 per cent in its net profit at Rs. 53.83 crore on a mere 4.79 per cent rise in total sales and income of Rs 1,057.83 crore for the second quarter ending September 2000.

For the six month period ending September 30, the Pune-based company reported a 31.5 per cent fall in net profit at Rs 170.15 crore as against Rs 248.48 crore in the same period last year, the company said releasing its unaudited results here today.

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Total sale and other income was Rs 2,075.79 crore during the six month period against Rs 1,885.42 crore, the company said. During the six month period, the company produced a total of 6,38,917 two and three wheelers, a meagre 1.2 per cent growth compared to the corresponding period last year.

The company said it had received offers for 2.81 crore shares in response to the offer for buy back of 1.8 crore shares, resulting in an acceptance level of 64.15 per cent against each application.