Feb 1, 2000|
Disastrous results from IPCL
"IPCL is the second largest polymer company, has a strong distribution network and has added capacities (a 160,000 tonne polyethylene plant, a gas cracker unit and a mono-ethylene glycol plant at Gandhar) as well as import facilities."
|Profit before Tax
|Profit after Tax/(Loss)
|Net profit margin (%)
The company has reported disastrous results in the third quarter. The company's net profit has crashed by 70% despite a 4.6% jump in the turnover. While the overall volumes have gone up to 866,000 during the first nine months of the current year from 766,000 tonnes during the first nine months of the last year, the fact remains that the sluggish market in the third quarter has led to lower realisations. Besides, the fact that the feedstock prices have been continuously rising, courtesy the rising crude oil prices have put pressure on the margins. Also, there was a fire during the commissioning of the Gandhar complex and this affected volume sales further. These results are also expected to adversely affect IPCL's valuation during the disinvestment bidding.
While IPCL’s business fundamentals remain weak, a change in management is expected to result in a sharp re-rating of the stock.
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