IPCL Q2 net up 9.34 pc to Rs 351 crore

Mumbai, Oct 17 (UNI) Petrochemicals major Indian Petrochemicals Corporation Ltd (IPCL), a RIL Group company, has posted a net profit of Rs 351 crore for the quarter ended September 30, 2006, where as the same was at Rs 321 crore for the quarter ended September 30, 2005, up 9.34 per cent.

Announcing the results, the company said its total income is Rs 3,166 crore for the quarter ended September 30, as compared to Rs 2,622 crore a year ago.

Commenting on the results, IPCL chairman Mukesh Ambani said, ''The successful merger and integration of the six polyester companies with IPCL provides it with a new platform of growth, allowing it to further climb the value chain in its existing business and de-risk its business model to create superior and sustainable shareholder value.'' For the half-year ended September 30, the company has posted a net profit of Rs 1,164 crore for the year ended March 31 this year, where as the same was at Rs 786 crore for the year ended March 31, 2005.

Total income is Rs 11,069 crore for the year ended March 31, 2006, where as the same was at Rs 8,331 crore for the year ended March 31, 2005.

Further the company has informed that, its board of directors has considered the interim dividend of Rs 5.50 per share paid as the final dividend for the year ended March 31 this year.

The financial results included performance of the six transferor companies viz Appollo Fibres Ltd (AFL), Central India Polyesters Ltd (CIPL), India Polyfibres Ltd (IPL), Orissa Polyfibres Ltd (OPL), Recron Synthetics Ltd (RSL) and Silvassa Industries Pvt Ltd (SIPL) merged with the company pursuant to the Scheme of Amalgamation sanctioned by the High Court of Judicature of Gujarat at Ahmedabad.

The Scheme has become effective from September 27 this year and the appointed date is April 1, 2005.

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