Net sales has grown marginally from Rs 226.7 crore in the corresponding quarter last fiscal to Rs 227.5 crore.
While sales for the financial year 2007-08 grew by more than 5 per cent to Rs 1,062 crore, PAT showed a decline from Rs 448.42 crore last fiscal to Rs 60.21 crore in the year ended March,2008.
The PAT was not comparable to the corresponding figure last fiscal as the previous year had an exceptional income of Rs 446 crore from divestments, said Aditya Narayan, chairman, ICI India here at the company's annual general meeting today. The company's advanced refinished business was divested in March 2007.
In another significant development, ICI India Board has deferred the buy back option of shares.
The offer was running for the last two years and the company had taken the promoter's stake to 54.36 per cent from 50.83 per cent earlier.
Under the scheme, ICI India has bought back and extinguished 24.91 lakh shares till March,2008 by paying Rs 528 per share.
It spent Rs 133 crore on the buy back offer.
