IOL Chemicals & Pharmaceuticals Limited Posted Impressive Results- PAT Rises 170%, Total Income Goes up 89%

New Delhi, Delhi, India

Punjab based IOL Chemicals and Pharmaceuticals Limited, a leading manufacturer of industrial chemicals and bulk drugs in the country has posted an impressive performance for the period ended September 2007.

Comparison Q2 FY 2008/Q2 FY 2007

The Profit after Tax for the quarter ended September 30, 2007, went up by 169.61% to Rs.3.32 crores from Rs.1.23 crores reported in the corresponding quarter of the previous year. The Operating Profit for the quarter ended September 30, 2007, went up by 117% to Rs.9.50 crores against Rs. 4.38 crores reported in the corresponding quarter ended September 30, 2006.

The Income for the company during the quarter went up by 88.55 % to Rs.80.69 crores in comparison to Rs.42.80 crores reported in the corresponding quarter of the previous year. The cash Earning Per Share during the quarter has increased to Rs.4.95 from Rs.3.29 in the corresponding quarter.

Comparison H1 FY 2008/H1 FY 2007

The Profit after Tax for the half year ended September 30, 2007, went up by 108.69% to Rs.4.59 crores from Rs.2.20 crores reported in the corresponding half year of the previous year. The Operating Profit for the half year ended September 30, 2007 went up by 87.48% to Rs.15.43 crores against Rs.8.23 crores reported in the corresponding half year ended September 30, 2006.

The Income for the company during the half year went up by 75.02% to Rs.148.97 crores in comparison to Rs.85.12 crores reported in the corresponding half year of the previous year. The cash Earning Per Share during the half year has increased to Rs.8.32 on enhanced capital from Rs.5.73 in the corresponding half year.

The company has recently approved to issue up to 13.30 lacs Equity Shares of face value of Rs.10/- each at a premium of Rs. 65/- per share to M/s. Indiastar (Mauritius) Limited and 14 lacs unsecured fully convertible debentures (FCDs) of Rs. 100 each aggregating to Rs. 14 crores. These FCD's would be converted in one and more trenches within a period of 18 months from the date of allotment into equity shares of face value of Rs.10 each at a premium of Rs.65 per share to Indiastar (Mauritius) Limited.

The Board has also decided to issue up to 23 lacs warrants out of which 12,00,000 (twelve lacs) warrants to Mayadevi Polycot Limited, Promoter of the Company and 11 lacs (eleven lacs) warrants to Indiastar (Mauritius) Limited. Post conversion the Indiastar (Mauritius) Limited would hold close to 18.50% of the expanded equity of the company.

IOL Chemicals and Pharmaceuticals Limited based out at Ludhiana-Punjab is a leading manufacturers, exporters and suppliers of organic chemicals & bulk drugs like Glacial Acetic Acid, Ethyl Acetate, Acetic Anhydride and Ibuprofen.

The company has completed the expansion of its capacities of acetic acid to 50,000 TPA, Ethyl Acetate to 33,000 TPA, Acetic Anhydride to 12,000 TPA and Ibuprofen to 3,600 TPA. The company has also put up a 4MW cogeneration power plant for captive consumption.

The company has also undertaken further expansion of existing capacities and forward & backward integration and setting up of additional new cogeneration power plant with a Capex of Rs.180 Crores.

Source: IOL Chemicals & Pharmaceuticals Limited (Business Wire India)

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