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Our Bureau

Petrochem prices stay strong on firm crude prices

Mumbai , July 18

Indian Petrochemicals Corporation Ltd (IPCL) has reported a 29.33 per cent increase in its net profit at Rs 291 crore for the first quarter of 2006-2007 against Rs 225 crore in the year-ago period.

Net turnover for the quarter is Rs 2,415 crore against Rs 1,983 crore for the corresponding quarter previous year, which is an increase of 21.78 per cent.

Turnover is up on account of an 8 per cent increase in selling prices and 14 per cent on account of sales volume.

IPCL said that during the quarter, petrochemical prices remained strong, primarily backed by firm crude oil and naphtha prices. Margins for majority of petrochemical products manufactured by IPCL remained stable during the quarter.

Domestic sale of products manufactured by IPCL increased by 22 per cent to Rs 1,959 crore and accounted for 81 per cent of the net turnover.

Export of manufactured products for the quarter increased by 15 per cent to Rs 419 crore (Rs 366 crore).

During the quarter, consumption of raw materials increased by 23 per cent to Rs 1,110 crore from Rs 899 crore in the corresponding period previous year, primarily on account of higher prices of gas, naphtha, propane, and c2-c3 mix. Other expenditure decreased by 13 per cent to Rs 521 crore (Rs 599 crore). The reduction is mainly on account of lower provision for excise duty on finished goods due to depletion of stock.

At the closing of the trade on BSE, the scrip was traded at Rs 254.35, down 0.57 per cent.

More Stories on : Petrochemicals | Indian Petrochemicals Corporation Ltd

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