I G Petrochemicals Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2022
February 02, 2023 at 06:36 pm IST
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I G Petrochemicals Limited reported earnings results for the third quarter and nine months ended December 31, 2022. For the third quarter, the company reported sales was INR 5,183.12 million compared to INR 5,069.97 million a year ago. Revenue was INR 5,245.26 million compared to INR 5,089.24 million a year ago. Net income was INR 254.92 million compared to INR 743.56 million a year ago. Basic earnings per share from continuing operations was INR 8.28 compared to INR 24.14 a year ago.
For the nine months, sales was INR 17,473.57 million compared to INR 13,655.59 million a year ago. Revenue was INR 17,634.25 million compared to INR 13,706.13 million a year ago. Net income was INR 1,618.71 million compared to INR 1,908.8 million a year ago. Basic earnings per share from continuing operations was INR 52.56 compared to INR 61.98 a year ago.
I G Petrochemicals Limited (IGPL) is engaged in the manufacturing of phthalic anhydride, maleic anhydride, and de ethyl phthalate. The Company is engaged in the manufacture and sale of organic chemicals. It also produces benzoic acid. Phthalic Anhydride is used in manufacturing plasticizers, which are most essential in making poly vinyl chloride (PVC) products, shoe soles, cables, pipes and hoses, leather cloth, films for packaging and other products. It is also used to manufacture alkyd resins used in paints and in the production of unsaturated polyester resins for building materials, plastic products, textile industries and printing inks. Maleic Anhydride is used in the manufacturing of unsaturated polyester resin, spandex (elastics), lubricating oil additives, personal care products detergents, insecticides and fungicides and water treatment. Benzoic Acid is used in perfumes, paints, dyes, and plastics as well as the manufacture of unsaturated polyester resin.