IBP FY06 net drops 79%

IBP Company today reported a 79% decline in net profit at Rs 12.44 crore for the year ended March 31, 2006 when compared with Rs 58.87 crore in FY05.

According to a release issued by the company to the BSE today, total income increased to Rs 15,818 crore from Rs 13,663.90 crore in FY05.

The company posted a net profit of Rs 533.27 crore for the quarter ended March 31, 2006 when compared with Rs 226.42 crore in Q4FY05. Total income increased to Rs 4,563.66 crore from Rs 3,774.17 crore in Q4FY05.

The board has recommended a dividend of 20% i.e. Rs 2 per share) for FY06, the release added.

"Further, the company has informed that pursuant to the approval accorded by the board and the Government of India to the scheme of amalgamation for merger of the company with Indian Oil Corporation and recommending a swap ratio of 110 equity shares of Indian Oil Corporation for every 100 equity shares of the company, the Ministry of Company Affairs has convened a meeting of the shareholders of the company on June 16, 2006 to consider approving the aforesaid scheme," the release said.