SHINING BRIGHT
Article Abstract:
After recording a stagnant growth in 1996-97, Hindalco Ltd (HL) improved its performance in 1997-98, with the increase in the customs duty on aluminium from 10 percent to 20 percent and then to 25 percent. This helped HL to have a level playing field with the importers, hike its prices and yet remain in the market and also clear its backlog. The aluminium prices also stabilised in the international market during 1997-98. HL's sales turnover rose by 27.3 percent and the net profit by 27 percent in 1997-98. It produced over 2 lakh tonnes of primary metal (1.66 lakh tonnes in 1996-97), up by 20.5 percent. The average price realisation in the primary metal increased to Rs67,000 per tonne from Rs62,000 per tonne in 1996-97. HL's alumina production rose by 8 percent to 3.65 lakh tonnes in 1997-98 (3.39 lakh tonnes in 1996-97). HL increased its production capacity from 3.5 lakh tonnes per annum to 4.5 lakh tonnes per annum. Its aluminium smelter capacity also was increased to 2.42 lakh tonnes per annum and the power generating capacity to 575 mw from 425 mw. (gsh) ------------------------------------------------------------ Financial results of Hindalco Ltd (Rs in crore) ------------------------------------------------------------ Particulars 1997-98 1996-97 H1 1998 ------------------------------------------------------------ Income 1,473.3 1,157.1 417.8 ------------------------------------------------------------ Operating expenditure 867.6 730.9 234.0 ------------------------------------------------------------ Operating profit 605.7 426.2 21.9 ------------------------------------------------------------ Interest 72.3 48.9 22.6 ------------------------------------------------------------ Gross profit 660.8 552.8 191.3 ------------------------------------------------------------ Depreciation 77.6 42.3 29.3 ------------------------------------------------------------ Net profit 496.2 390.3 125.0 ------------------------------------------------------------
Comment:
Posts net profit of Rs496.2 crore for fiscal year 1997-1998
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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AUTO FINANCE: DRIVING INTERESTS CRAZY
Article Abstract:
An interest rate war is being waged in the auto finance sector in India now. Many companies like the Industrial Credit and Investment Corporation of India (ICICI), HDFC Bank, ICICI Bank and Hongkong Bank have forayed into this market. Now, this segment has 6 non-banking finance companies (NBFCs) and 5 banks (400 NBFCs and the Citibank about 4 years ago). Each company is adopting a new method for marketing its auto loans. This has resulted in a fall of 10 percentage points in the rates of interest. (ag)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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