New Delhi, Delhi, India
IOL Chemicals & Pharmaceuticals Limited, a leading producer of Organic Chemicals & bulk Pharmaceuticals in the country, today announced their impressive financial results for the quarter and year ended March 2008.
Overview FY2008 v/s FY2007
The company recorded Income from Operation of Rs 361.35 Crores for the FY 2008 as against Rs 231.71 Crores reported in the FY2007, higher by 56 %. The company achieved the export turnover of Rs 49.86 crores during the year ended 31st March 2008 as against Rs 23.23 crores in the corresponding year 2007
The Profit after Tax for the year ended March 31, 2008 went up by 64 % to Rs 12.36 crores from Rs 7.55 crores reported the previous year. The Operating profit for the year ended March 31, 2008 went by 93 % to Rs 37.02 crores against Rs 19.15 crores reported in the previous year. The cash earning per share for the year has increased to Rs 18.38 from Rs 13.93 in the previous year.
Further the company reported that they have undertaken the Expansion-cum-Backward & Forward Integration project (Phase II) with a capex of Rs 216crores for increase the existing capacities of Acetic Acid from 50000 TPA to 75000 TPA, Ethyl Acetate from 33000 TPA to 36000 TPA, Acetic Anhydride from 12000 TPA to 18000 TPA, Ibuprofen from 3600 TPA to 6000 TPA and Co-generation Power Plant from 4 MW to 17 MW. For Backward and Forward Integration project it is envisaged to set up manufacturing facilities of Acetyl Chloride with capacity of 4800 TPA. Mono Choloro Acetic Acid with the capacity of 6600 TPA and Iso Butyl Benzene with capacity of 6000 TPA which are the raw material for the manufacture of Ibuprofen.
These expansions with a Capex of Rs 216 crores is being financed by the term loans from the financial institutions, banks , internal accruals and equity being contributed by the promoters and private placement to FII.
INDIASTAR Limited. (Mauritius), FII has already been allotted equity, debentures and warrants for an amount of Rs 32.25 crores and they have contributed Rs. 24 crores towards that.
The company has started negotiating with the major equipment suppliers for the timely delivery of equipments for timely execution of project. The expansions schemes are likely to be completed by February 2010.
Further the company is targeting to achieve the turnover of Rs 800 crores by the year 2010-11 on the full utilization of added capacities.
The major customers for the company include ITC limited , Cipla, Dr Reddy, Aristo, Avanti United Phosphorus Limited, Rallis India Limited, Ranbaxy Laboratories Limited, Nector Life Science Limited, etc. IOLCP is also exporting products to countries such as Bangladesh, Dubai, Libya, Lebanon, Thailand, Syria & Singapore.
The company was awarded with "National Energy Conservation Award" consecutively for three year 2005, 2006 & 2007 by Ministry of Power, Government of India, for its efforts made and new technology implemented to conserve the energy sources of the company.
The Board of the company has effected the amendments in the articles of association of the company which was necessitated due the buy back of shares by the promoters from PSIDC, state level financial institution .
To view the press release along with table please click on the link given below:
Press release with table
Source: IOL Chemicals & Pharmaceuticals Limited (Business Wire India)
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