Riding on higher other income and lower interest burden, 130 companies have staged a spectacular turnaround in financial year 2005-06.
Collectively, these companies have posted an aggregate net profit of Rs 834.08 crore (Rs 8.34 billion) in FY05-06 against a net loss of Rs 1,004.36 crore (Rs 10.04 billion) in FY04-05.
Total income from operations rose by 29 per cent to Rs 15,640.01 crore (Rs 156.4 billion) (Rs 12,169.23 crore or Rs 121.69 billion) during the financial year. In fact, sales income of 34 firms more than doubled last year.
The list of companies that are back in the black includes Petronet LNG, Himachal Futuristic, Entertainment Network, Sakthi Sugars, Herbertsons,Polar Pharma, Country Club India and Prism Cement.
Out of the 130 companies, 42 firms turned into the black after a gap of four years. Peninsula Land, Lok Housing, Pennar Industries, Nachmo Knitex, Nodia-Toll Bridge and Raunaq Automotive posted net profits first time in last five years.
The aggregate other income of 130 firms rose 82 per cent to Rs 504.13 crore in FY05-06 against Rs 278.25 crore (Rs 2.78 billion) in FY04-05. On the other hand, interest burden of these companies fell by 20 per cent to Rs 618.54 crore (Rs 6.18 billion) (Rs 771.65 crore or Rs 7.71 billion) during the financial year.
Twenty companies from the non-banking finance sector, nine from constructions, seven from information technology, six from cotton textiles, five each from cables and pharmaceuticals, four each from breweries and hotels and three each from engineering, non-ferrous metals and entertainment sectors have put up a good show.
Petronet LNG posted a robust net profit of Rs 194.93 crore (Rs 1.94 billion) in FY05-06 against a net loss of Rs 28.45 crore (Rs 284.5 million) in FY04-05, on the back of 97 per cent rise in sales income. Total sales of the company increased to Rs 3,837.17 crore (Rs 38.37 billion) against Rs 1,945.26 crore (Rs 19.45 billion) during the fiscal.
Similarly, Rs 176.86 crore (Rs 1.76 billion) income from other sources helped Shaw Wallace post net profit of Rs 60.01 crore (Rs 600.1 million) during FY05-06. Other income includes Rs 6.92 crore (Rs 69.2 million) accrued interest on refund of income tax. The company has posted net loss of Rs 24.88 crore (Rs 248.8 million) in FY04-05.
Lok Housing reported a net profit of Rs 22.63 crore (Rs 226.3 million) in FY05-06, after a gap of seven years against a net loss of Rs 300,000 in FY04-05. Way back in 1996-97, the company posted a net profit of Rs 1.15 crore (Rs 11.5 million).
Noida-Toll Bridge posted a net profit of Rs 2.61 crore (Rs 26.1 million) against a net loss of Rs 16.49 crore (Rs 164.9 million) and Pennar Industries reported a net profit of Rs 12.49 crore (Rs 124.9 million) against net loss of Rs 4.81 crore (Rs 48.1 million) in the previous year.
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