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ICI India Limited Announces Audited Financial Results for the year ended 31" March, 2006

Published on 2006-05-26. Author : SpecialChem

GURGAON, India --

QUARTER

Improved performance in all the continuing businesses reflected in net salestincome at Rs 21 5 cr (Rs 177 cr last year) and PBIT from operations of Rs 16.8 cr (Rs 13.9 cr last year) a 21% growth during the quarter compared to the same period last year. However, pressure on margins continued due to input cost escalations arising from crude oil price hikes and increased intensity of competition. PAT at Rs 10.6 cr is substantially higher as compared to Rs (-) 1.0 cr during the same period last year, which had a large exceptional charge.

Business Segments

Paints: Sales continued to grow ahead of market during the quarter in the key brands. Sales grew by 21% compared to the corresponding period of last year with improved sales volumes. Operating profit grew by 59% with better product mix and cost control measures, more than offsetting the price reductions in certain select products.

Chemicals: While the National Starch sales grew ahead of market with continuing strong performance in Adhesives, Uniqema sales were in line with the market. An expansion project to enhance the Alkoxylation capacity in Uniqema business is under way to meet the increasing demand for Textile chemicals.

FISCAL YEAR: 2005-06

With continuing strong growth in its core businesses, sales and operating profit grew by 20% and 35% respectively. The overall income at Rs 893 cr (Rs 766 cr last year) reflected a growth of 17%, due to the divestment of Rubber chemicals business in December 2005; however, PBT from operations at Rs 97 cr (Rs 69 cr last year) grew by 39%, reflecting the favourable impact of the divestment on the overall profitability of the company. With a lower exceptional charge at Rs 11 cr against previous year's Rs 14 cr, PAT for the year was Rs 50 cr, registered a growth of 6% compared to last year.

Dividend

In line with the current year's profitability and the company's prudent dividend policy, the Board has recommended a dividend of Rs 6.00 per share, which will be payable after the approval of the shareholders at the Annual General Meeting scheduled to be held on 26 July 2006.

Source: ICI India Limited


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