The Hindu : Spurt in IPCL's net profit

Online edition of India's National Newspaper
Wednesday, Apr 23, 2003

Business

Business

Spurt in IPCL's net profit

By Our Corporate Reporter

CHENNAI APRIL 22. Indian Petrochemical Industries Corporation has posted a net profit of Rs. 204 crores for the year ended March 31, 2003 against Rs. 107 crores in the same period last year. Total Income has increased to Rs. 5,134 crores from Rs. 4,872 crores. The board has recommended a dividend of Rs. 2.25 per share of Rs. 10 each.

The company posted a net profit of Rs. 90 crores in the quarter ended March 31, 2003 against Rs. 51 crores in the corresponding quarter last year. Total income has increased to Rs. 1,424 crores from Rs. 1,414 crores.

Commenting on the results, Mukesh D. Ambani, Chairman, IPCL, said, "We are delighted with the complete turnaround in the company's performance in the very first year of acquisition by Reliance. The improved performance reflects the successful absorption of Reliance's best practices by IPCL in all areas of operations, and the positive impact of measures introduced for cost reduction and productivity and efficiency gains. We have great confidence in the capabilities of IPCL and its people, and are confident of further improving the company's performance in future."

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