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Our Bureau

Mumbai, July 29 IPCL has reported 15.46 per cent rise in net profit to Rs 336 crore for the quarter ended June 30 from Rs 291 crore for the year-ago quarter.

According to an official release, “The exceptional and non-recurring items of Rs 470 crore relating to voluntary separation scheme and special separation scheme for the employees of Vadodara unit and provision for diminution in value of investments in Gujarat Chemicals Port Terminal Company Ltd and Indian Vaccines Corporation Ltd charged to the Profit and Loss Account in the quarter and year ended March 31, 2007, has been prorated equally amongst the four quarters of 2006-07 with consequent adjustments to deferred tax.

Accordingly the previous years figures, are restated to give effect to the above for comparative purposes”

The company has also restated its June 6 figure of net sales from Rs 2,415 crore to Rs 3,018. Consequently, there is a net decline in the sales for the current quarter at Rs 2,773 crore.

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