IPCL net jumps 87%

CORPORATE SCORECARD

Indian Petrochemicals Corp, the nation's second-biggest chemicals maker, said net income rose 87 per cent in the first quarter as it didn't have to incur additional costs that it bore in the same quarter last year.

Profit climbed to Rs 336 crore ($83 million) in the three months to June 30 from Rs 180 crore a year earlier, Vadodara-based IPCL said in an e-mailed statement. Last year, the company incurred a one-time expenditure of Rs 118 crore on an early retirement plan for employees. Sales fell to Rs 3,175 crore from Rs 3,371 crore a year earlier.

IPCL is majority controlled by Reliance Industries.