IPCL profit falls 95% to Rs 18 crore

Indian Petrochemicals Corporation Ltd (IPCL) has recorded 94.39 per cent fall in net profit to Rs 18 crore in the quarter ended March 2007 as compared with Rs 321 crore in the corresponding quarter of the last financial year.

The sharp fall in net profit is primariliy due to Rs 470 crore extraordinary expenses that the company incurred during the quarter. These include a voluntary separation scheme and special separation scheme that the company announced for its employees at the Vadodara unit. An amount of Rs 376 crore has been provided for for the schemes. It has also provided Rs 94 crore as erosion of value of its shares in Gujarat Chemicals Port Terminal and Indian Vaccines Co.