Financial Daily from THE HINDU group of publications
Wednesday, Apr 27, 2005
Financial Daily from THE HINDU group of publications Wednesday, Apr 27, 2005 |
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Corporate Results
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Petrochemicals IPCL Q4 net more than triples Our Bureau
Mumbai , April 26 INDIAN Petrochemicals Corporation Ltd (IPCL) today kept all controversies at bay while announcing a 289 per cent jump in fourth quarter net profit. The rise in profits came mostly on the strength of higher product prices prompted by higher demand. Net profit for the quarter ended March 31, 2005 increased to Rs 336 crore or Rs 13.54 a share compared with Rs 99 crore or Rs 3.99 a share at same time last year. The turnover, however, remained flat at Rs 2,643 crore (Rs 2,620 crore). For the financial year ended March 31, 2005, IPCL's net profit rose 188 per cent to Rs 786 crore, (Rs 273 crore) while net turnover was Rs 8,199 crore (Rs 8,098 crore). IPCL's net profit for the fiscal is the highest-ever in the company's history, said a senior analyst. The net profit of Rs 603 crore recorded in 1995-96 — peak of the last upswing in the cyclical petrochemicals business — was IPCL's highest profit figure so far. Back then IPCL had only two units - Nagothane and Vadodara. Its two-lakh-tonne Gandhar unit was built thereafter. In the fourth quarter, other income — largely comprising higher export benefits — went up to Rs 39 crore (Rs 22 crore). Total expenses in the quarter amounted to Rs 2,113 crore, 9 per cent lower than Rs 2,311 crore last year. Interest payments fell to Rs 10 crore (Rs 31 crore) while depreciation increased to Rs 166 crore (Rs 121 crore). During the year, there was extraordinary expenditure to the tune of Rs 62 crore that was incurred on account of acceptance of voluntary retirement scheme (VRS) by 680 employees. Profits were higher by Rs 65 crore because IPCL had made provisions for taxes earlier in the year. According to a senior analyst at an Indian broking house, the company could cut input costs because of access to Reliance's 32-million tonne refinery. IPCL, in which Reliance Industries owns 46 per cent, saw total production grow by 13 per cent during the year to 5.18 million tonnes, the company said in a statement. The company sold products worth Rs 6,493 crore within the country; an increase of 24 per cent. Exports grew by 154 per cent to Rs 1,638 crore during the year. IPCL stock closed 6 per cent higher on BSE at Rs 170.80 a share compared to yesterday's close of Rs 160.95 a share.
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