As many as 28 sectors in the 110-sector classification followed by the Business Standard Research Bureau have posted a net profit growth rate of over 45 per cent in the quarter ended June 2003, over the same quarter last year.

Seven sectors returned to the black and ten others reduced their losses during the quarter.

In terms of topline growth, 47 sectors have posted growth more than the 10 per cent industry average growth.

Incidentally, the banking and refinery sectors, which were the key drivers of profit growth in the last quarter of 2002-03 (January-March), have posted lower than the 45 per cent aggregate net profit growth of the companies that have announced financial results for the quarter ended June 2003.

The eight refinery companies has posted a net profit growth of 27 per cent and 58 pharmaceuticals companies have recorded a net profit growth of 32 per cent, year-on-year, while 36 banks have reported a 38 per cent net profit growth for the quarter ended June 2003.

Among the top drivers, the steel composite and alloys sector dazzled with a turnaround, having posted a net profit of Rs 534.69 crore (Rs 5.35 billion) in the quarter ended June 2003 against a net loss of Rs 459.95 crore (Rs 4.6 billion) in the same quarter of the previous year.

The steel HR/CR manufacturing companies also turned into the black, posting a net profit of Rs 133.63 crore (Rs 1.34 billion) against a net loss of Rs 76.01 crore (Rs 760.1 million) in the quarter ended June 2002.

The shipping sector's net profit zoomed 899 per cent and the cement sector reported a 630 per cent net profit growth in the quarter ended June 2003.

Steel Authority and Jindal Vijaynagar bounced back into the black as a result of better operating efficiencies and, of course, five rounds of price hikes.

SAIL led the charge by reporting a net profit of Rs 254.69 crore (Rs 2.55 billion) against a net loss of Rs 308.86 core (Rs 3.09 billion) in the quarter ended June 2002.

Essar Steel bounced back into the black with a net profit of Rs 10.25 crore (R 102.5 million) against a net loss of Rs 138.22 crore last year and Jindal Vijaynagar Steel posted a net profit of Rs 22.92 crore (Rs 229.2 million) in the quarter ended June 2003, as against a Rs 78.40 crore (Rs 784 million) net loss in the same quarter last year. Jindal Strips and Tata Steel clocked more than 300 per cent profit growth, each.

From the shipping sector, Essar Shipping posted a 815 per cent net profit growth to Rs 30.28 crore (Rs 302.8 million), GE Shipping posted a net profit growth of 227 per cent, while the public sector behemoth Shipping Corporation managed a turnaround with a net profit of Rs 150.25 crore (Rs 1.5 billion) in the quarter ended June 2003 against a net loss of Rs 5.93 crore (Rs 59.3 million) in the same quarter last year.

Birla Corp, Century Textiles, Hindustan Zinc, Jindal Strips, Mahindra and Mahindra, Raymond and Tata Motors are among the others, which reported more than a 200 per cent growth in their bottomline during the quarter.

Other sectors at the forefront of the profit binge include the paper industry with a net profit growth of 659 per cent, cement (630 per cent), engineering (489 per cent), non-ferrous metals industry (292 per cent), fasteners (314 per cent), forgings (184 per cent) and engines (109 per cent).

But the software sector continued to report below average growth in net profits. The 43 software firms to have declared results till now have posted a net profit growth of 17 per cent.