I G Petrochemicals Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
February 13, 2024 at 07:29 am EST
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I G Petrochemicals Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was INR 4,880.46 million compared to INR 5,183.12 million a year ago. Revenue was INR 4,946.55 million compared to INR 5,245.26 million a year ago. Net loss was INR 152.39 million compared to net income of INR 254.92 million a year ago. Basic loss per share from continuing operations was INR 4.95 compared to basic earnings per share from continuing operations of INR 8.28 a year ago. Diluted loss per share from continuing operations was INR 4.95 compared to diluted earnings per share from continuing operations of INR 8.28 a year ago.
For the nine months, sales was INR 15,450.82 million compared to INR 17,473.57 million a year ago. Revenue was INR 15,663.87 million compared to INR 17,634.25 million a year ago. Net income was INR 304.77 million compared to INR 1,618.71 million a year ago. Basic earnings per share from continuing operations was INR 9.9 compared to INR 52.56 a year ago. Diluted earnings per share from continuing operations was INR 9.9 compared to INR 52.56 a year ago.
I G Petrochemicals Limited (IGPL) is engaged in the manufacturing of phthalic anhydride and maleic anhydride. The Company is engaged in the manufacture and sale of organic chemicals. It also produces benzoic acid and diethyl phthalate (DEP). Phthalic Anhydride is used in poly vinyl chloride (PVC) products, pipes and hoses, boxes, container, and shoes, wires, and cables; alkyd resins and paints, such as paints, lacquers, dyes insect repellents, and urethane polyester polyols, and unsaturated polyester resin, such as thermostat for manufacturing of fiberglass-reinforced plastics. Benzoic Acid is used in perfumes, dyes, topical medications, insect repellants, and food preservatives. Maleic Anhydride is used in the manufacturing of lubricating oil additives, personal care products, water treatment, detergents, insecticides and fungicides, and unsaturated polyester resins (UPR). It produces maleic anhydride through wash water generated out of the production process.