IPCL Q3 net zooms to Rs 405cr

Indian Petrochemicals Corporation (IPCL) today reported a net profit of Rs 405 crore for the third quarter ended December 31, 2006 as against Rs 289 crore in Q3FY06.

According to a release issued by the comapny to BSE today, total income has increased to Rs 3,130 crore for the quarter as compared to Rs 2, 836 crore in Q3FY06. The results are not comparable due to the merger of six companies during the quarter.

Commenting on the results, Mukesh Ambani, chairman, IPCL said: "I am pleased with the company's performance in the third quarter. Despite a challenging environment, improvement in performance was achieved primarily through better productivity and reduction in costs."