IGPL registers net sales of Rs 124.89 cr
I G Petrochemicals Limited (IGPL), the world's third largest producer of phthalic anhydride (PAN) has registered net profit of Rs 5.39 crore for the quarter ended June 30, as against a loss of Rs 21.22-crore in the corresponding period last year.
By PTI |
MUMBAI: I G Petrochemicals Limited (IGPL), the world's third largest producer of phthalic anhydride (PAN) has registered net profit of Rs 5.39 crore for the quarter ended June 30, as against a loss of Rs 21.22-crore in the corresponding period last year.
The net sales of the company stood at Rs 124.89 crore for the quarter ended June 30, as against Rs 86.37 crore in the year-ago quarter.
The company's EPS stood at Rs 2.05 in the June quareter, it said in a release here on Wednesday.
The company has also restructured its Rs 683 crore debt accummulated due to a recessionary trend in the petrochemical industry to Rs 125 crore as a liability to Spinnaker Capital Group in the form of convertible debentures.
IGPL's Managing Director, Nikunj Dhanuka, said, "the commendable performance of the company was mainly because of success on financial and operational restructuring and improvement in operational efficiencies."
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He added that the demand for PAN is growing tremendously in the international and domestic markets and IGPL is geared up to cater to the growing industrial demand.Start a SIP with as low as ₹500 with ET Money App!
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