The Hindu Business Line : IPCL net climbs to Rs 138 cr in Q2

INDIAN Petrochemicals Corporation Ltd (IPCL) saw its net profit for the quarter ended September 30 rise by 255 per cent to Rs 138 crore from Rs 54 crore in the corresponding previous quarter. Net sales of the Vadodara-based company stood at Rs 1,819 crore (Rs 1,345 crore).

The inter-divisional transfers during the period touched Rs 1,304 crore against Rs 1,190 crore in 2003-04, taking the second-quarter gross sales of IPCL to Rs 3,412 crore, up from Rs 2,762 crore. Excise duty on sales for the period was Rs 289 crore (Rs 227 crore).

During the period under review, interest cost more than halved to Rs 33 crore (Rs 67 crore), even as provision for deferred tax/liability stood at Rs 82 crore (Rs 50 crore).

Depreciation stood lower at Rs 113 crore (Rs 124 crore).

Net profit for the April-September period went up to Rs 261 crore, up from Rs 93 crore earlier, while net sales climbed to Rs 3,629 crore from Rs 2,700 crore.

Export revenues for the first six months saw a significant rise of 107 per cent at Rs 473 crore from Rs 229 crore earlier.

Mr Mukesh Ambani, Chairman, IPCL, said: "We are delighted that IPCL has reported yet another quarter of strong financial performance. The synergies between IPCL and RIL due to integration of the two companies have resulted in increased value for both the companies. The overall business environment remains healthy and we are confident that the company will continue to better its performance in the future."

Production volumes of polymers (polypropylene, polyethylene and poly-vinyl chloride) increased 11 per cent to 5,46,500 tonnes in the half-year even as polymer demand remained flat during period mainly on account of inventory corrections in the downstream industry.