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IPCL: Good show

Oct 13, 2003

Reliance controlled IPCL, one of the major players in the petrochemicals segment, declared its 2QFY04 results today. The company registered a 20% bottomline growth on the back of a 7% increase in topline. The results, however, are relatively subdued as compared to the last few quarters wherein IPCL managed to post impressive topline and bottomline growth.

IPCL: Reliance effect rubs off…

Apr 28, 2003

IPCL has recently declared its fourth quarter and full year performance for FY03. While the revenues have risen by 6%, the net profit has seen a heavy growth of 90%. The growth of the net profit was largely because of a significant improvement in operating margins. It seems that the Reliance effect has finally rubbed off on this former PSU.

IPCL: Small base affect

Oct 29, 2002

As mentioned in our earlier reports, with operating profits barely covering for fixed costs, pre-tax profits of Indian Petrochemical Corporation Ltd. (IPCL) tend to exhibit significant volatility with turn in operating performance and/or changes in fixed costs. Higher operating profits and lower interest expense has led to sharp jump in pre-tax profits. Having said that, the company has restated first quarter excise figures for both years leading to smaller YoY degrowth in 1HFY03 net sales.

"We have excellent relationships with EDC manufacturers from all over the world. As such supply of EDC at competitive prices is assured."

Oct 26, 2002

In an interview with Equitymaster, Mr. Dhanorkar spoke about the potential for the PVC pipe & fittings industry, fundamentals of PVC industry and current expansions at Finolex Industries.

IPCL: Unpleasant surprise

Jul 29, 2002

Initial signs of improving global petrochemical cycle, domestic industrial recovery and Indian Petrochemicals Corporation Ltd. (IPCL) reporting higher YoY sales for 4QFY02, results for first quarter of FY03 have come in as a surprise and below expectations. Although early in the day, expectations from the new management on company performance are high. Could the results be a telltale for the group flagship results?

IPCL: Cycle pains

Jun 6, 2002

After two successive down quarters, Indian Petrochemicals Corporation Ltd. (IPCL) has managed to resuscitate topline growth in the quarter ended March '02. The performance is noteworthy considering Reliance Industries (RIL) reported a 4% decline in sales for the concerned period. IPCL's topline performance has come in ahead of our expectations of 7% decline for the full year. That said, IPCL had indicated turnover of Rs 64 bn for FY02. Lower realisations is likely to have led to the variance in

Reliance: Giving it's all

May 20, 2002

Saturday's announcement by the Cabinet Committee on Disinvestments (CCD) must have yielded a sigh of relief from several participants. Privatisation of Indian Petrochemicals Corporation Ltd. (IPCL) had been hanging over the past three years with stock price plummeting after the first attempt fell through leading to many burning their fingers.

RIL faces the heat

Apr 23, 2002

Reliance Industries Ltd. (RIL), the flagship company of the Reliance group, has decalred its results for full year ending March '02. FY02 has been a tough year for RIL. The company was faced with lower realisations. Commodity prices were hit, as brakes were applied on global economic growth rates. The weakened domestic economy, which accounts for approximately 85% of sales, led to lower demand. Feedstock prices continued to remain volatile, especially in the second half of the fiscal.

RIL: Under pressure

Apr 23, 2002

Reliance Industries Ltd. (RIL), the petrochemical major, is set to declare results today along with its refining subsidiary Reliance Petroleum Ltd. (RPL). The companies are likely to declare separate results. The merger between the two companies is still pending High Court approval.

Petrochem: Improving prospects

Apr 19, 2002

Cyclicality in commodity businesses seems to have increased in the last five years. After recovering from the Asian meltdown in FY00, commodities cycle was once again hit by the economic downturn over FY02 triggered by the global stock market crash. As a result, the petrochemical cycle has exhibited similar volatility.

IPCL: Swinging with the cycle

Feb 21, 2002

With the petrochemical commodity cycle weakening over much of FY02 the financial performance of IPCL has taken another beating. The company, over FY00 and FY01, had recovered from the East Asian crisis only to be faced with the global economic downturn, which has impacted global commodity cycles. With 84% of the turnover contributed by commodity plastics and polyester intermediates, the revenues are more susceptible to downturns.

RIL: Fundamentals take back seat

Dec 7, 2001

Over the past few trading sessions, both the Reliance Industries (RIL) & Reliance Petroleum (RPL) scrips have been attracting immense interest. From the lows of September '01, the RIL scrip has bounced back by 52.4%, breaching the pre-September 11 levels this week. The BSE Sensex, over the same period, has run up by 31.1%.

RIL: Signaling entry into EPC?

Nov 20, 2001

The Reliance Industries Ltd. (RIL) scrip shot up dramatically in yesterday's trading session crossing the psychological barrier, if you will, of Rs 300. Investors took to the stock, as the management announced sale of stake in Larsen & Toubro (L&T) for Rs 306.6 per share to Grasim Industries Ltd., the A.V. Birla group major. Realisation per share was at a premium of 47% to L&T's last traded price.

IPCL: Cyclicality blues

Nov 8, 2001

The performance of Indian Petrochemicals Corporation Ltd. (IPCL), over the past three quarters, has been reflecting the steady deterioration in the health of the economy and more so that of the petrochemical sector. Performance for quarter ended September '01 has further weakened exhibiting the increased difficulty in operating environment.

RIL: Margins under pressure

Oct 31, 2001

Reliance Industries Ltd. (RIL) is set to declare second quarter and half-yearly results for fiscal '02 this evening. We expect the company to report a marginal growth in topline not including merchant sales while post-tax profits are expected to be lower by 12%.

Petrochem: Subject to Middle East dynamics

Oct 5, 2001

The Middle East region controls a significant amount of the oil & gas reserves. Besides a handful of downstream petroleum and petrochemical companies these countries have largely flourished by simply monetising the natural resource. However, few countries are now planning to better utilize the resource at hand leading to greater monetisation through value addition.

RIL: Realisations under pressure

Oct 4, 2001

Ever since the WTC attacks on September 11 the Reliance Industries Ltd. (RIL) scrip has fallen by 19.3%. Over the same period the BSE Sensex has declined by 12.6%. Although the counter was weakening prior to the attacks the volatility on the counter has increased.

Petrochem: Skids on slowdown

Sep 4, 2001

Fortunes of the petrochemical sector seem to be cursed. The sector was severly affected by the Asian meltdown followed by the global financial crisis. Over the past two years, fortunes of the sector were on an uptick till the global and domestic slowdown pounded the revival.

"Our efforts shall be to consolidate market position."

Sep 1, 2001

In an interview with Equitymaster.com, Mr. Lohia spoke on the prospects of the polyester industry and the difficulties faced by manufacturers. Also, the capital restructuring programme to reduce the heavy interest burden.

IPCL: Taking it on the chin

Aug 23, 2001

The weakening in the petrochemical cycle has led to a challenging operating environment for most of the domestic players. Indian Petrochemical Corporation Ltd. (IPCL) seems to have taken it on the chin. The scrip has lost 16.5% since start of the new fiscal (FY02) while the Sensex has lost 7.5% over the same period.


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