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Stock Report
IPCL Q1 net profit at Rs.336 Crores
Posted On : 2007-07-29 00:19:55( TIMEZONE : IST )
Indian Petrochemicals Corporation Ltd (IPCL) has announced the following Unaudited results for the quarter ended June 30, 2007.
The Company has posted a net profit of Rs 3360 million for the quarter ended June 30, 2007 as compared to Rs 1800 million for the quarter ended June 30, 2006. Total Income (net of excise) has decreased from Rs 30800 million for the quarter ended June 30, 2006 to Rs 28700 million for the quarter ended June 30, 2007.
The company has reported an Earnings Per Share (EPS) of Rs.11.17 for the quarter ended June 30, 2007 compared to Rs.11.72 during quarter ended June 30, 2006.
The Scheme of amalgamation of the company with Reliance Industries Ltd (RIL) has been approved by the shareholders and creditors of both the companies and submitted to the Hon’ble High Court of judicature at Mumbai and Gujarat for sanction u/s 391 and 394 of the Companies Act, 1956. The Hon’ble High Court of Mumbai has sanctioned the scheme of amalgamation on June 12, 2007. The sanction of Hon’ble High Court of Gujarat is pending. In terms of the scheme, the "appointed date" for amalgamation is April 01, 2006.
The exceptional and non-recurring items of Rs 4700 million relating to Voluntary Separation Scheme and Special Separation Scheme for the employees of Vadodara unit and provision for diminution in value of investments in Gujarat Chemicals Port Terminal Company Ltd (GCPTCL) and Indian Vaccines Corporation Ltd (IVCOL) charged to the Profit and Loss Account in the quarter and year ended March 31, 2007, has been prorated equally amongst the 4 quarters of 2006-07 with consequent adjustments to deferred tax. Accordingly the previous years figures are restated to give effect to the above for comparative purposes.
The Company is a Petrochemicals manufacturing company. All other activities of the company revolve around the main business. As such, there are no separate reportable segments, as defined by AS-17 (Segment Reporting) issued by the Institute of Chartered Accountants of India. The Capital employed as on June 30, 2007 was Rs 87940 million (US $ 2,160 million).
The stock closed on Friday at Rs.369.15, down by Rs.15.30 or 3.98%. The total traded quantity was 118718 compared to 2 week average of 320925. The stock hit an intraday high of Rs.383 and low of Rs.367.05.
