Indo Gulf's turnover stood at Rs 686.38 crore during the period, against Rs 558.50 crore last year, representing a rise of 23 per cent. Gross profit for the third quarter was up 13 per cent to Rs 140.10 crore, against Rs 124.06 crore last year.

Net profit for the nine months ended December 31, 2000, was up 19.6 per cent to Rs 172.07 crore, against Rs 143.87 crore for the same period last year.

Sales for the period stood at Rs 1,664.62 crore, up 7.73 per cent from Rs 1,559.53 crore last year. Gross profit for the period was up 8.65 per cent to Rs 382.10 crore against a gross profit of Rs 351.65 crore in the three quarters last year.

The company has attributed its sustained growth in profits to its copper business. Sales of the copper division soared to Rs 507.02 crore, a 67 per cent increase over that of Rs 303.30 crore in the corresponding period of the previous year. Capacity utilisation was up 15 per cent at 119 per cent capacity utilisation.

The company exported 4,700 MT of cathodes this quarter. The precious metal refinery (PMR) has stabilised, resulting in an enhanced turnover of Rs 79 crore from the refinery.

Indo Gulf's urea production for the third quarter was lower at Rs 7.22 lakh mt, against 7.91 lakh mt in the same quarter last year. The company has attributed this to the Centre's restriction on production. Urea sales at 7.37 lakh mt has been lower against 8.12 lakh mt in the same period last year.