Indian chemicals concern, ICI India Ltd (ICI) has reported a net profit of INR 69.12 crore for the year ended 31 March 2001 versus a net profit of INR 64.15 crore in fiscal 2000.
Net sales of the com…
Indian chemicals concern, ICI India Ltd (ICI) has reported a net profit of INR 69.12 crore for the year ended 31 March 2001 versus a net profit of INR 64.15 crore in fiscal 2000. Net sales of the company for the period under review stood at INR 835.55 crore (INR 896.13 crore). The board of directors has recommended a dividend of 55% (INR 5.50 per equity share) for the financial year ended 31 March 2001. A statement issued by the company said that the exceptional net income of INR 46.41 crore for fiscal 2001 consisted mainly of the profit of INR 41.90 crore made from the divestment of the polyurethane business and INR 21.3 crore from the disposal of surplus properties. The profit from divestment of polyurethane business and disposal of surplus properties has been offset by provision for voluntary retirement payouts amounting to INR 8.40 crore and write-down and restructuring expenses for the rubber chemicals business at Rishra amounting to INR 7.3 crore. The polyurethane business of the company was transferred to Huntsmann International (India) Pvt Ltd. on the midnight of 31 March 2001 for a gross consideration of INR 82.50 crore. The motor and industrial paints business of the company was transferred to Berger Auto & Industrial Coatings Ltd., a joint venture with Berger Paints Ltd., subsequent to the year end, on 1 May 2001.