IPCL profit jumps 30.35 pc

MUMBAI, JUNE 7: Backed by better product prices and strong volume growth, Indian Petrochemicals Corporation (IPCL) has reported a huge inc...

MUMBAI, JUNE 7: Backed by better product prices and strong volume growth, Indian Petrochemicals Corporation (IPCL) has reported a huge increase in net profit at Rs 188.85 crore during the year ended March 31, 2000 as compared to Rs 29.36 crore during the last year. Net sales for the year jumped 30.35 per cent to Rs 4,060.04 crore, as compared to Rs 3114.81 crore during the last year.

The company’s gross fixed assets for the year stood at Rs 8,713 crore, resulting in an increase of Rs 602 crores. The operating profit margin was achieved despite steep hike in raw material prices and impact of interest charges and depreciation on newly-created assets, according to a release.

The company has entered into toll conversion agreements with palyers having poly-iso butylene (PIB) manufacturing facilities and has emerged as the single largest PIB manufacturer in the country, says the release.

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The growth in sales and production from Nagathone and Gandhar complexes was made possible by utilising the infrastructure facilities available with the company for import of key feed stocks. The production from Nagothane and Gandhar complexes registered a growth of 19 and 35 per cent as compared to the previous year, says the release.

The thrust on supply chain management, optimisation of energy consumption, and improved capacity utilisation are the other factors contributed to the growth, the release added.