Fiscal 2003-04 proved to be a year of turnaround for 142 companies, which posted a combined net profit of Rs 3,477 crore (Rs 34.77 billion) against a combined net loss of Rs 1,427 crore (Rs 14.27 billion) in FY03.

The turnaround came on the back of a 27 per cent rise in sales and a 89 per cent jump in other income. To top it all, total interest outgo of all the companies declined by 28 per cent during the fiscal.

Of the 142 companies, 30 turned around after five consecutive years of losses, while 21 came into the black after a gap of three years.

Steel Authority of India, CESC, Bhoruka Gases, Chowgule Steamship, Mahindra Ugine, NEPC India and Manali Petrochemicals are among the few which turned profitable in 2003-04 after losing out in the previous five consecutive years.

Mangalore Refinery Petrochemicals, Mukand, Khaitan Chemicals and Fertilisers and Modern Steels got back to black after net losses for three years.

On a sectoral basis, steel, fertiliser, mid-cap pharma and IT firms, hotel and food processing companies topped the turnaround list.

Of the list, 10 are mid-cap technology firms, nine from the steel sector, six pharmaceuticals firms, four each from fertilisers and hotel sectors and three food processing companies.

SAIL reported its highest-ever net profit of Rs 2,512 crore (Rs 25.12 billion) during FY03-04 against net loss of Rs 304.31 crore (Rs 3.04 billion) in the previous year. The company wiped out its entire accumulated losses of Rs 2,765 crore (Rs 27.65 billion) during the year.

MRPL posted net profit of Rs 459.41 crore (Rs 4.59 billion) during FY03 after more than Rs 400 crore (Rs 4 billion) net losses over the last two financial years.

During the year, company has received Rs 241.16 crore (Rs 2.41 billion) by way of other income towards incremental export benefits as per Exim Policy.

Rashtriya Chemicals and Fertilisers reported a net profit of Rs 167.79 crore (Rs 1.68 billion) against a net loss of Rs 48.07 crore (Rs 480.7 million), while VBC Ferro Alloys posted a net profit of Rs 32.47 crore (Rs 324.7 billion) against a net loss of Rs 36 lakh (Rs 3.6 million).