The Hindu Business Line : Better productivity boosts IPCL net by 40% in Q3

Indian Petrochemicals Corporation (IPCL), a part of the Reliance Group, posted a 40 per cent growth in net profit to Rs 405 crore for the third quarter ended December 31, 2006, against Rs 289 crore in the corresponding period last year. Turnover during the quarter was up 9.7 per cent to Rs 3,459 crore against Rs 3,153 crore in the corresponding period last year.

The company's Chairman, Mr Mukesh Ambani, in a statement, said, "Despite a challenging environment, improvement in performance was achieved primarily through better productivity and reduction in costs, thereby, enhancing the value for our shareholders".

For the nine-month ended December 31, 2006, the turnover increased by 13 per cent to Rs 10,307 crore compared with Rs 9,095 crore in the corresponding previous period. Net profit increased by 20 per cent to Rs 1,014 crore (Rs 843 crore).

During the nine-month period under review, operating rates of ethylene crackers continued to be high, globally, on account of sustained demand and lack of new capacities.

The third quarter witnessed a downward movement in polymer and MEG prices, triggered by a fall in crude prices, recovering later in the quarter.

However, polyester prices remained strong.