In the aggregate, these companies posted a net profit Rs 492.41 crore (Rs 4.92 billion) in the June 2004 quarter, against a net loss of Rs 576.38 crore (Rs 5.76 billion) in the corresponding quarter last year.
Thus at the end of the June quarter, only 368 loss-making companies remained on the horizon against 1,349 companies that continued with profits. For the 193 companies that turned into profits in the quarter ended June 2004, 114 companies slipped into the red.
Driving the turnaround was a 52 per cent rise in their sales and a Rs 100 crore (Rs 1 billion) saving in interest costs. Sales of these 193 companies increased from Rs 9,047 crore (Rs 90.47 billion) in the quarter ended June 2003 to Rs 13,751 crore (Rs 137.51 billion) in the quarter ended June 2004, and interest costs declined from Rs 522 crore (Rs 5.22 billion) to Rs 424 crore (Rs 4.24 billion).
There are 10 companies each from the engineering and pharmaceuticals sectors. Among other sectors, nine companies are from the non-banking finance sector, eight from information technology, seven each from steel and sugar, six each from automobile ancillaries, hotels, and tea and coffee, four from media and three each from cement and fertilisers.
The 10 engineering companies have posted an aggregate net profit of Rs 29.39 crore (Rs 293 million) in the June 2004 quarter, against a net loss of Rs 20.68 crore (Rs 206.8 million)
The three fertiliser companies reported a total net profit of Rs 28.72 crore (Rs 287.2 million) in the June 2004 quarter against a net loss of Rs 27.46 crore (Rs 274.6 million) in the June 2003 quarter, while the six hotel companies posted a net profit of Rs 9.87 crore (Rs 98.7 million) against a net loss of Rs 20.41 crore (Rs 204.1 million).
The list also includes three public sector undertakings. Bharat Heavy Electrical Ltd posted a net profit of Rs 23.47 crore (Rs 234.7 million) in the quarter ended June 2004 against a net loss of Rs 11.05 crore (Rs 110.5 million) in the June 2003 quarter.
Bharat Earth Movers turned around with a net profit of Rs 5.19 crore (Rs 51.9 million) against a net loss of Rs 16.98 crore (Rs 169.8 million). Mangalore Refinery and Petrochemicals reported a net profit of Rs 111.89 crore (Rs 1.12 billion) against a net loss of Rs 86 crore (Rs 860 million).
Coromandel Fertilisers reported a net profit of Rs 21.01 crore (Rs 20.1 million) against a net loss of Rs 31 lakh (Rs 3.1 million).
Fertiliser company GSFC posted a net profit of Rs 7.02 crore (Rs 70.2 million) against a net loss of Rs 25.91 crore (Rs 259.1 million), as total sales increased by 59 per cent from Rs 302 crore (Rs 3.02 billion) to Rs 481 crore (Rs 4.81 billion).
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