IPCL net profit vaults 181% to Rs 261 cr in H1

BS 200 SCORECARD

Vadodara-based Indian Petrochemicals Corporation (IPCL) has reported a 181 per cent growth in net profit at Rs 261 crore for the half year ended September 30, 2004, compared with Rs 93 crore of the corresponding previous period.

Cash profit rose 132 per cent to Rs 627 crore (Rs 270 crore). Turnover rose 34 per cent to Rs 4,194 crore (Rs 3,132 crore).

"The synergies between IPCL and Reliance Industries due to integration of the two companies have resulted in increased value for both the companies. The overall business environment remains healthy and we are confident that the company will continue to better its performance in the future," Mukesh Ambani, chairman, said in a release.

Exports jumped 107 per cent to Rs 473 crore (Rs 229 crore). Other income increased to Rs 56 crore (Rs 42 crore), mainly due to higher export benefits of Rs 38 crore. Operating profit stood at Rs 756 crore.