IPCL net profit at Rs 273 cr, Anil Ambani is vice-chairman

Indian Petrochemicals Corporation Ltd has reported a 33.82 pc rise in net profit at Rs 273 crore for the fiscal ended March 31, 2004 compare...

Indian Petrochemicals Corporation Ltd has reported a 33.82 pc rise in net profit at Rs 273 crore for the fiscal ended March 31, 2004 compared to Rs 204 crore posted in the previous financial year.

The board has recommended a 25 pc dividend (Rs 2.50 per share) resulting in a total payout of Rs 70 crore, the Reliance group entity said in a release here today.

In a communication to the Bombay Stock Exchange, the firm said Anil Ambani, director of the company, has been appointed as the vice-chairman. The appointment of Ambani is with effect from today, it added.

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IPCL’s net sales for the period under review also increased to Rs 8,098 crore (Rs 5,029 crore in FY-03). For the fourth quarter ended March, net profit and net sales rose to Rs. 99 crore (Rs. 90 crore) and Rs. 2,620 crore (Rs. 1,373 crore) respectively.

Gross turnover (turnover and inter-divisional transfers) at Rs. 13,541 crore, witnessed a rise of 36 per cent in FY-04.