BOC India net at Rs 344 lakh

Our Corporate Bureau
14 July 2003

Mumbai: BOC India Ltd has reported a fourfold rise in business profits at Rs 344 lakh for the quarter ended June 2003 as compared to the corresponding previous period.

The net profit after tax excluding extraordinary items at Rs 254 lakh for the quarter also grew by an impressive 280 per cent over the same period last year.

The quarter witnessed a 10-per cent increase in turnover over the corresponding quarter last year, helped by a robust performance from its project engineering division and growth in the gases business.

Says BOC India managing director Sanjiv Lamba: "The first quarter performance reflects the sustained efforts to enhance competitiveness by focusing on cost control, productivity and efficiency improvement coupled with our continued focus on cash generation to fund future growth."

Says BOC India chairman J N Sapru: "The company has put in a creditable performance for the year ended March 2003 and is focusing its attention on growth and cash generation as it goes forward."

BOC India had registered a growth of 6 per cent in sales for the year ended 31 March 2003 over the previous fiscal year. Net profits for the same period were significantly higher at Rs 16.3 crore from Rs 2.6 crore in the previous year.