The net profit of 321 firms increased 800 per cent to Rs 10,370 crore in the first half of 2006-07, compared with Rs 6,157 crore in 2005-06.
The rise in net profit was 13 per cent in the first half of 2005-06.
Of the 321 firms, the net profit of 114 has more than doubled in the first half. Sales of 321 firms increased 44 per cent in the period, compared with 24 per cent in 2005-06.
"With the economy on a roll, we expect more companies to put up a better show. Firms that have been in the red will stage a turnaround, and those posting profits will substantially improve their bottom line," said the chief financial officer of a manufacturing company.
Of the 321 firms, 34 are non-banking finance companies, 27 infotech firms, 13 cement firms, 12 steel firms, 11 cotton textile firms, 10 pharmaceutical firms and eight each from the organic chemicals and the mini steel sector.
Other sectors to have participated in the profit boom are tea, construction, sugar, diversified, biotechnology and hotels.
Firms that have reported spectacular performances include Bharat Petroleum Corporation Ltd, Hindustan Petroleum Corporation Ltd, Hindustan Zinc, Hinduja TMT, Dr Reddy's Laboratories, UltraTech Cement, India Cement, Madras Cement, Shree Cement, Birla Corporation, Kirloskar Brothers, Tata Tea, Raymond and Century Textile.
HPCL posted a profit of Rs 1,222 crore in the second quarter ended September 2006, compared with a loss of Rs 608 crore in the first quarter ended June 2006.
The company posted a profit of Rs 406 crore for 2005-06. BPCL, too, reported a profit of Rs 1,259 crore in the second quarter, against a net loss of Rs 677 crore in the first. The company posted a profit of Rs 292 crore in 2005-06.