Floods in Gujarat affect ethylene production – IPCL

18 Oct '06

3 min read

The Board of Directors (BOD) of Indian Petrochemicals Corporation Limited (IPCL) approved the audited results for the year ended 31st March 2006 and unaudited results for the half-year ended 30th September 2006, on a post-merger basis.

The Hon'ble High Court of Judicature of Gujarat, at Ahmedabad by its Order dated August 18, 2006, has sanctioned the scheme of amalgamation of six polyester manufacturing companies. The scheme has become effective from the September 27, 2006 and the Appointed Date is April 01, 2005.

BOD considered the interim dividend of Rs 5.5 per share paid as the final dividend for the year ended 31st March 2006. The financial highlights of IPCL for the year ended 31st March 2006 are:

- Turnover increased by 32% to Rs 12,362 crore (US$ 2,692 million) as compared to Rs 9,385 crore in the corresponding previous year.
- Operating Profit (PBDIT) increased by 24% to Rs 2,171 crore (US$ 473 million) as compared to Rs 1,756 crore in the corresponding previous year.
- Net Profit increased by 48% to Rs 1,164 crore (US$ 253 million) as compared to Rs. 786 crore in the corresponding previous year.

Click here to read financial highlights of IPCL for H1 ended 30th September 2006:

Management's Discussion & Analysis for the first half of FY 2006-07
Overall summary:

During the first half of the year, polymer and fibre intermediate prices remained strong, while polyester product prices were lower, compared to corresponding period of the previous year. The second quarter of the year saw a decline in crude oil prices, which resulted in softening of polymer prices.

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