ICI India Q1 net profit up 26% to Rs.22.88 Crores

ICI India Ltd has announced the unaudited financial Results for the quarter ended June 30, 2007.

The Company has posted a net profit after taxation of Rs 228.80 million for the quarter ended June 30, 2007 where as the same was at Rs 181.60 million for the quarter ended June 30, 2006. Total Income (net of excise) is Rs 2398.70 million for the quarter ended June 30, 2007 where as the same was at Rs 2367.20 million for the quarter ended June 30, 2006.

The figures for the quarter are not directly comparable with those for the corresponding period of the previous year mainly in view of divestment of Uniqema business in August 2006. During the quarter, sales from continuing businesses were up by 15%, and segment profit increased by 29%.

The company has reported an Earnings Per Share (EPS) of Rs.5.6 during Quarter ended June 30, 2007 compared to Rs.4.44 during Quarter ending June 30, 2006.

The figures for the quarter are not directly comparable with those for the corresponding period of the previous year mainly in view of divestment of Uniqema business in August 2006. During the quarter, sales from continuing businesses were up by 15%, and segment profit increased by 29%.

The shareholders have approved on July 12, 2007, through postal ballot a proposal of the Company to buy back its own shares in accordance with applicable regulations, at a price not exceeding Rs 575 per share. This, once implemented, will supersede the current buy back scheme. No shares were bought during the quarter, against the scheme presently open.

The stock was trading at Rs.499, down by Rs.1.40 or 0.28%. The stock hit an intraday high of Rs.510.05 and low of Rs.495. The total traded quantity was 1450 compared to 2 week average of 16562.

Source : Equity Bulls

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