Industry News

Un-audited Financial Results of ICI India Ltd. for the Quarter Ended 31st December 2008

Published on 2009-01-22. Author : SpecialChem

GURGAON, India -- The results for the quarter are not comparable with the previous year because of divestment of the adhesives business in early 2008 as said by the spokes person of ICI India Ltd. Sales from continuing businesses grew 5% over the corresponding quarter of the previous year. Profit from continuing businesses were at the same level as in previous year. Taken together with the interest income and income from investments, PBT from operations was Rs 33.5 cr, higher by 3% over the corresponding quarter of previous year.

Exceptional items for the quarter includes the profit of Rs 205 cr from divestment of Adhesives Business of the company's shareholding in its subsidiary polyink Ltd., net of additional contribution of Rs 11 cr towards pension liability on account of the sharp drop in market interest rates during the quarter.

The profit after tax for the quarter was Rs 174.9 cr as against the corresponding figure of Rs 6.4 cr in the previous year.

Business Segments

Paints: sales for the quarter at Rs 231 cr reflect a growth of 7% over the same period last year and Trading profit at Rs 29.3 cr grew 4% over the previous year, reflecting the difficult market conditions.

Others: Sales and Trading profit from Specialty and Natural Polymers at Rs 3.5 cr and Rs 0.5 cr, dropped significantly as compared to last year, mainly due to switch over to indent sales to some major customers.

Source: ICI India Ltd.

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