State-run MMTC Ltd said its net profit for the September quarter fell 16.2% to Rs40.7 crore from Rs48.9 crore a year ago, despite robust revenues.
During the quarter to end-September its total revenues grew 78.2% to Rs1685.5 crore from Rs945.6 crore. The decline in net profit was mainly due to a fall in other incomes which came down to Rs4.3 crore in the September 2010 quarter from Rs 16.4 crore same period last year, the company said in a regulatory filing.
On Friday, MMTC shares fell 2.2% at Rs1,263 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.1% to 20,156 points.
Apollo Tyres Ltd said its net profit in the second quarter fell 58.8% to Rs53.3 crore from Rs129.2 crore last year, due to high input costs, especially that of rubber prices hurting margins.
"It's been a very difficult six months managing the unprecedented rise in natural rubber prices. Even when international natural rubber prices were significantly lower than Indian prices, we were unable to import in large quantities due to the duty policy of the government," Onkar S Kanwar, chairman, Apollo Tyres said in a statement.
During the September quarter, the company's net sales witnessed a decline of 4.7% to Rs1,948.9 crore from Rs2,046.2 crore.
The company had hiked prices due to the high natural rubber prices. "We have had no option but to pass on price increases to our customers, though it is impossible to pass on a near 50% increase in the course of one year," Mr Kanwar said, adding the natural rubber constitutes 60% of the raw material costs.
On Friday, Apollo Tyres shares shed 7% at Rs65 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.1% to 20,156 points.
Lanco Infratech Ltd has reported a 42.5% fall in its second quarter net profit to Rs70.5 crore from Rs122.6 crore despite earning higher revenues.
However, the company's total revenues increased to Rs2,114.2 crore during the September quarter from Rs1,943.3 crore same period last fiscal, the company said in a regulatory filing.
On Friday, Lanco Infratech shares fell 4% at Rs61 on the Bombay Stock Exchange, while the benchmark Sensex declined 2.1% to 20,156 points.