Indian Petrochemicals Corporation (IPCL) announced its Q3 results at a board meeting. The Reliance group company has posted a hike of 130% in net profits for Q3. IPCL has posted a net profit of of Rs 189 crore for the quarter ended December 31, 2004 as compared to Rs 81 crore for the quarter ended December 31, 2003. Total income (net of excise) has decreased from Rs 2815 crore in Q3-03 to Rs 1964 crore for Q3-04.
Anil Ambani, vice chairman of Reliance Industries, stayed away from the meeting. Earlier this month, Anil Ambani had submitted his resignation to the board of IPCL. In his resignation letter, Anil had accused another IPCL director Anand Jain of hatching a "conspiracy to divide" the brothers.