Leading Indian companies like Oil and Natural Gas Corporation, Bharti Airtel and Mahindra & Mahindra reported spectacular results for the quarter ended June 30, the spectre of rising interest costs notwithstanding.
State-owned ONGC, the country's most valuable company, posted a 24.10 per cent rise in net profit to Rs 4,119 crore (Rs 41.19 billion) and a 33.98 per cent rise in turnover to Rs 14,677 crore (Rs 146.77 billion) on the back of increased crude oil and natural gas prices.
ONGC's Chairman and Managing Director RS Sharma said the company was expected to improve its performance in the days to come. The company will also issue bonus shares in a 1:2 ratio.
Bharti Airtel, the country's leading mobile services provider, posted a 48 per cent rise in quarterly consolidated profit, beating forecasts, as it expanded its network coverage in the world's fastest growing wireless telephony market.
While the company's net profit grew from Rs 510 crore (Rs 5.1 billion) to Rs 755 crore (Rs 7.55 billion), the total revenues for the period under review grew by 53 per cent to Rs 3,856 crore (Rs 38.56 billion), up from Rs 2,517 crore (Rs 25.17 billion) a year before.
The strong performance came on the back of the highest ever net addition of 3.65 million customers in a single quarter by the company.
"The company has started the year well with strong operational and financial performance. We are confident that the growth momentum will be sustained," Bharti Chairman Sunil Mittal said in a statement.
Mahindra & Mahindra posted a profit after tax of Rs 204.17 crore (Rs 2.04 billion) for the quarter ended June 30, as compared with Rs 145.26 crore (Rs 1.45 billion) for the quarter ended June 30, 2005. Total income (net of excise) increased from Rs 1,832.22 crore (Rs 18.32 billion) to Rs 2281.69 crore (Rs 22.81 billion) during the period.
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