The company posted a rise in net profit by 109.42% to Rs 67.81 crore for the fourth quarter, FY"11 against Rs 32.38 crore in the corresponding quarter on account of low expenditure.
The net sales decreased to Rs. 976.22 crore compared to Rs 1214.29 crore in the corresponding quarter registering a fall of 19.61%. On the same lines, the total expenditure fell by 28% to Rs 773.83 crore against Rs 1075.82 crore in the same quarter last fiscal.
Surprisingly, the company"s EBIT before other income rose by 46.16% to Rs 202.39 crore compared to Rs 138.47 crore in the same quarter last fiscal. The high EBIT was on the grounds of low operating expenditure.
For the quarter under review, the interest burden was 106.03 crore compared to 89.61 crore whereas the tax expenses rose by 87.92% to Rs 31.12 crore. High interest burden brought the net profit down, inspite of high operating profit.
For the year ended March 31, 2011.....
The company reported net profit of Rs 282.45 crore for the year 2010-11, 79.8% up compared to Rs 157.17 crore in the previous financial year.
The company witnessed a minimal rise in net sales in the year 2010-11 by 1% to Rs 3723.88 crore against Rs 3693.23 crore in 2009-10. The total expenditure fell by 4.37% to Rs 2976.95 crore against Rs 3112.85 crore in the last fiscal. The company"s operating profit increased by 28.7% to Rs 746.93 crore against Rs 580.38 crore in the last fiscal.
For the year under review, the interest charges fell by 6% to Rs 327.57 crore and the tax expenses increased by 66.26% to Rs 140.77 crore compared to the previous financial year. The high interest and tax expenses brought down the profit drastically.
Meanwhile, the Board has recommended an interim dividend of Rs 0.20 per share (20%) for the year 2010-11.