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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.

RIL: Realisations to the rescue

Oct 31, 2002

Reliance Industries Ltd. (RIL) has reported second quarter results for FY03 on amalgamated basis. Amalgamation with refining subsidiary, Reliance Petroleum Ltd. (RPL) was approved by authorities on September 19, 2002 with effect from April 1, 2001. Pending approval, results for the first quarter were on stand alone basis. Performance at the topline, compared to the previous quarter, has improved.

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.

RIL: Industry takes toll

Jul 31, 2002

As was expected, after Indian Petrochemicals Corporation Ltd. (IPCL) declared results over the weekend, turnover of Reliance Industries Ltd. (RIL) for 1QFY03 was likely to have come in lower than expected. The industry is likely to have suffered from lower offtake, which could have been impacted by the Gujarat riots. That said, RIL has just managed to grow topline for the concerned period.

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: Can they make it work?

May 22, 2002

The acquisition of IPCL by Reliance seems to have got the street talking on the economic rationale backing the bid. Based on replacement cost, we believe the group has paid a sizable premium. However, valuations, like beauty, is a subjective issue and lies in the beholder's eyes.

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: Goliath takes a hit

Jan 31, 2002

The weaker economic environment in the domestic market has taken a significant toll on the Indian petrochemical behemoth, Reliance Industries Ltd. (RIL). The company faced a subdued demand environment, both in the domestic and international markets. Petrochemical product prices have been sliding since start of the fiscal. Finally, increased competition in key segments has put further pressure on the business.

RIL: In choppy waters

Jan 12, 2002

Reliance Industries Ltd. (RIL) is set to announce its third quarter results for FY02 on the last day of January '02. While the nature of difficulties changed over the past twelve months, the company continues to operate under a challenging business environment.

Petrochem: Cyclicality blues

Jan 12, 2002

The petrochemical industry, like other commodities, has witnessed heightened volatility in prices. With globalisation and inter-linking of markets, hiccups in one part of the world are likely to be felt across the globe.

RIL: Petering pricing power

Jan 3, 2002

The business environment for petrochemical producers, especially downstream synthetic manufacturers, remains challenging. Reliance Industries Ltd. (RIL) recently announced product prices for the month of January '02, which indicated that pricing power in the industry continues to remain weak.

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: Weakening fundamentals

Oct 31, 2001

At first glance, Reliance Industries Ltd. (RIL) seems to have reported a sharp drop in net sales of 26.1%. However, YoY effect is due to the inclusion of merchant sales in last year's numbers. Till last fiscal, RIL was exporting petroleum products for Reliance Petroleum Ltd. (RPL).


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