IPCL net up 53 per cent to Rs 174 crore

Indian Petrochemicals Corporation Ltd (IPCL) has registered a gross turnover of Rs 9,568 crore for the first nine months of the year, up 34 per cent against 7,155 crore in the same period last year.

Net profit rose 53 per cent to Rs 174 crore (Rs 114 crore). Operating profit was up 15 per cent at Rs 920 crore (Rs 798 crore). Profit before tax and extraordinary items grew 95 per cent to Rs 320 crore (Rs 164 crore). The total paid up equity share capital stood at Rs 249 crore.

The EPS for the nine months ended December 31, 2003 was Rs 7.01 and cash earnings per share (CEPS) for the nine months was Rs 21.15. The company's contribution to the national exchequer in the form of various taxes was Rs 1035 crore in the first nine months of the fiscal.

The company's production during the nine month period rose 14 per cent to 3.53 mt (3.1mt). Exports of manufactured products rose 38 per cent at Rs 432 crore (Rs 313 crore). Merchant exports for the nine months were at Rs 1,189 crore.

Mukesh Ambani, chairman, IPCL, said: "We believe IPCL is poised to benefit from the forthcoming petrochemical upcycle which will see improvement in margins on the back of capacity rationalisation across the world".