The Hindu Business Line : IPCL net up at Rs 99 cr; to pay Rs 2.50 dividend

INDIAN Petrochemicals Corporation Ltd (IPCL) has posted a net profit of Rs 99 crore for the quarter ended March 31, 2004, against Rs 90 crore registered during the corresponding quarter of last fiscal. The total income during the quarter was Rs 2,642 crore (Rs 1,424 crore).

The board of directors has recommended a dividend of Rs 2.50 per share of Rs 10 each.

For the full year, the company clocked a net profit of Rs 273 crore against Rs 204 crore in the previous fiscal, representing an increase of 34 per cent. During the year, the gross turnover touched the Rs 13,541-crore mark against Rs 9,921 crore in the previous year, up by 36 per cent.

Meanwhile, Mr Anil D. Ambani, Director, has been appointed as Vice-Chairman of the board, with effect from Tuesday.

Commenting on the results, Mr Mukesh Ambani, Chairman, said the last fiscal marked the completion of the first full year of IPCL's operations under the Reliance management.

"We are satisfied that the initiatives introduced to increase capacity utilisation, reduce operating costs, improve financial management and enhance overall productivity have resulted in improved financial and operating performance," he said.

A significant feature of the company's performance has been that export of manufactured products for the year touched the Rs 644-crore mark, against Rs 424 crore during the previous fiscal, up by 52 per cent. Also, the total production volume crossed 4.6 million tonnes, an increase of 5 per cent.