New Delhi, Delhi, India
India Glycols Limited (IGL), country's leading petrochemicals & specialty chemical player and the largest producers of ethanol in the country announced its performance for Q3FY2008 and 9MFY2008. The company posted an impressive growth performance for the period under review.
Financial Highlights
-- Income from Operations (Q3FY2008/9MFY2008 v/s Q3FY2007/9MFY2007)
-- Q3 FY2008: Up 60.9% to Rs. 4,499.8 million as against Rs. 2,796.7 million.
-- 9M FY2008: Up 41.2% to Rs. 11,360.3 million as against Rs. 8,004.2 million.
-- Operating Profits (EBIDTA) (Q3FY2008/9MFY2008 v/s Q3FY2007/9MFY2007)
-- Q3 FY2008: Up 219.3% to Rs. 1,135.3 million as against Rs. 355.5 million.
-- 9M FY2008: Up 148.8% Rs. 2,755.4 million as against Rs. 1,107.5 million.
-- Profit After Tax (PAT) (Q3FY2008/9MFY2008 v/s Q3FY2007/9MFY2007)
-- Q3 FY2008: Up 559% to Rs. 675.0 million as against Rs. 102.4 million.
-- 9M FY2008: Up 252.6% Rs. 1,514 million as against Rs. 429.4 million.
-- EPS (Q3FY2008/9MFY2008 v/s Q3FY2007/9MFY2007)
-- Q3 FY2008: Rs. 24.21 as against Rs. 3.67 for Q3 FY2007.
-- 9M FY2008: Rs. 54.30 as against Rs. 15.40 for 9M FY2007.
Operational Highlights
-- The company acquired a majority stake in Shakumbari Sugar & Allied Industries Limited located in the state of Uttar Pradesh.
-- Enhancing MEG capacity by 20% at an investment of Rs 25 crore resulting in a very attractive pay-back.
-- Initiated entry into herbal extraction business.
Management's Comment on the performance of India Glycols Limited, for the period ended December 2008:
"The Company has delivered strong financial performance for the period under review. We have a unique business model that enables us to produce petrochemicals and specialty chemicals from renewable agro route base where we have created operating and technological excellence that will deliver sustained performance over the long term. In the fast evolving scenario, we are sensing attractive business opportunities where we are making investments to augment future growth. Given the strength of our operations and conducive operating environment, we remain positive about our performance going forward."
Business Discussions
-- Acquisition of Sugar Mill
-- During the quarter, the company acquired a controlling stake in Shakumbari Sugar & Allied Industries at a consolidated price of Rs.47 Crores. Shakumbari Sugar & Allied Industries at present has a crushing capacity of 3200 Tonnes Per Day(TCD) along with a modern distillery of 40 kilo litres per day(KLPD).
-- India Glycols is the largest producer of ethanol in the country, with this acquisition; the company would be vertically integrated to captively produce additional ethanol requirements. India Glycols would be going to further enhance the capacity of this unit from 3200 TCD to 8000 TCD whereas the distillery's capacity would be expanded to 300 KLPD from the present 40 KLPD for making ethanol from molasses /sugarcane juice.
-- Subsidiary Company in Singapore
-- The company has also established its subsidiary in Singapore to augment its activities in South Eastern Asian region and other related areas.
-- De-bottlenecking of MEG Capacity
-- Company will be further de-bottlenecking its MEG capacity by 20% with an estimated investment of Rs.25 crores. With the proposed de-bottlenecking the overall production of MEG will be increased by 20%. The expansion is being done at an extremely attractive payback period given the brownfield nature of the project.
-- Entry into Herbal Extractions
-- The company has recently diversified into the field of Herbal Extraction through 100% Export Oriented Unit (EOU) at Dehradun, Uttarakhand to meet the requirement of growing international market for high value Nutraceutical Herbal Extracts having utility in the pharmaceuticals, food and food supplements. This initiative would bring in significant increase in the margins of the company going forward. The Nutraceutical Herbal Extraction Plant will be commissioned in May, 2008.
-- Entry into Carbon Di-oxide (CO2)
-- Company is also purifying Carbon Di-oxide (CO2) a by-product produced in the distillery, both at its Kashipur and Gorakhpur units which has application in food, beverage and other industrial usage. CO2 plants at both distilleries will be commissioned in March, 2008.
About India Glycols
India Glycols Ltd. (IGL) is engaged in the manufacture of glycols, ethoxylates and performance chemicals, glycol ethers and acetates, ethyl alcohol (potable), and guar gum powder, and derivatives and industrial gases. The company's principal activity is the manufacture and sale of chemicals and it operates in three segments: Chemicals, Liquor and Others
Liquor segment includes ethyl alcohol potable and extra natural alcohol. Other segment includes high sulphur alcohol, hydro choleric acid, guar gum, industrial gases etc. The Group is in the process of further diversifying in the field of manufacturing and marketing of carbon di-oxide (CO2).
Source: India Glycols Limited (Business Wire India)
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