Around 1,267 private companies posted a 10.8 per cent rise in sales at Rs 3,58,446 crore (Rs 3,584.46 billion) in fiscal 2002-03 while interest payments declined by 11.7 per cent at Rs 14,765 crore (Rs 147.65 billion).

Gross profits at Rs 40,439 crore (Rs 404.39 billion), recorded an increase of 16.8 per cent while post-tax profits were up by 43 per cent at Rs 20,157 crore (Rs 201.57 billion) in the period under review, according to Reserve Bank of India (October) bulletin released in Mumbai on Monday.

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The number of companies reporting post-tax profits in FY-03 was higher at 929 as compared to 878 such companies in the previous year, it said.

Return on sales improved in general during 2002-03 as against the last year. While for top companies, the return improved to 6.8 per cent (5.2 per cent in FY-02), it was in the range of 2.1 to 4.5 per cent for entities in other size classes expect for those below Rs 1 crore (Rs 10 million).

Overall, profitability tended to rise with increase in the size of companies, it added.

Total expenditure of these selected entities amounted to Rs 3,09,777 crore (Rs 3,097.77 billion) in FY-03, an increase of 10 per cent.

Depreciation provision amounting to Rs 16,763 crore (Rs 167.63 billion) was up by five per cent and tax provision at Rs 5,518 crore (Rs 55.18 billion) was higher by 45.2 per cent, the apex bank said.