Indian Petrochemicals Corporation Ltd. (IPCL) has reported net profit of Rs 303 crore for the quarter ended September 2005, as against Rs 138 crore in the year-ago period. This represents a 120% rise in net profit for the quarter.
The higher profits can be mainly attributed to strong margins despite an increase in the cost of raw materials. The surge can also be partly attributed to a Rs 120 crore write-back pertaining to a take or pay agreement with the Gujarat Chemicals Port terminal company, which ha s been rescinded with retrospective effect, as part of the restructuring of the terminal company.
IPCL's total income increased by 12.3% to Rs 2,079 crore for Q2 from Rs 1,852 crore in the same period. Net profit for H1 2005 has increased to Rs 528 crore from Rs 261 crore in the same period last year.
26-Oct-05 
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