Friday, Oct 31, 2003
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By Our Staff Correspondent
The rise was aided by the exceptional profit arising out of the disposal of the edible oils and fats business during the quarter. The company completed the transfer of its domestic edible oils and fats business in India and Nepal to Bunge in August.
Sales were up 6.8 per cent at Rs. 2,467.49 crores against Rs. 2,367.46 crores. The gross profit has declined to Rs. 556.55 crores from Rs. 566.48 crores.
The company provided Rs. 29.61 crores (Rs. 31.34 crore) for depreciation, Rs. 31.3 crores (Rs. 1.76 crores) for interest charges, Rs. 96.9 crores (Rs. 120.4 crores) for current tax, Rs. 21.89 crores (Rs. 5.4 crores) for deferred tax.
For the nine months ended September 2003, the net profit was lower at Rs. 1,277.07 crores against Rs. 1,289.17 crores on net sales of Rs. 7,528.41 crores against Rs. 7,320.35 crores.
While sales of power brands were up 10 per cent, HPC Power brands grew by 7.7 per cent and foods Power brands by 19.9 per cent.
The beverages business has revived with a strong 9 per cent growth, with the recently relaunched Brooke Bond master brand posting a 22.3 per cent growth.
The processed foods business grew at 21 per cent sustaining the growth momentum of the previous two quarters. HLL's HPC categories too kept up their pace, with skin care growing by 42.5 per cent, toothpastes by 10.8 per cent and colour cosmetics by 33.7 per cent.
Commenting on the performance, M. S. Banga, Chairman, HLL, said, "As expected, the power brand strategy is accelerating HLL's growth even in the face of low-price competition. The impact of this strategy is being witnessed across the range of company's categories".
Further, he said, "The beverages business has been revived, processed foods has sustained high growth and HPC continues to perform well. This accelerating growth across categories is being achieved through innovations, marketplace activity, superior advertising coupled with judicious pricing. Good monsoons and the resultant feel-good factor augur well for the growth in the coming months, particularly in rural markets".
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