NOCIL (NOCIL) Q4 99/00 earnings summary

Executive summary

• FY2000 was severely pressured by input-cost inflation and soft product markets; sales including excise duty fell to Rs 995.6 crore from Rs 1,026.2 crore, while profit after tax was Rs 0.99 crore versus Rs 11.14 crore.

• No dividend was recommended; the year closed with a Rs 1.39 crore profit before tax and a Rs 0.99 crore net profit.

Financial highlights

• Sales including excise duty were Rs 995.61 crore in FY2000 versus Rs 1,026.19 crore in FY1999; other income was Rs 60.26 crore versus Rs 66.84 crore.

• Profit before tax fell to Rs 1.39 crore from Rs 13.64 crore; profit after tax declined to Rs 0.99 crore from Rs 11.14 crore.

• Profit before depreciation and tax was Rs 20.32 crore versus Rs 32.65 crore; depreciation was Rs 18.93 crore and interest expense Rs 35.41 crore.

• Turnover was Rs 996 crore versus Rs 1,026 crore; lower revenue reflected discontinued PVC and PVC compounding operations.

Outlook and guidance

• Petrochemicals complex modernization and expansion at Thane was progressing; environmental clearance from local authorities was received, with final Central Government clearance awaited.

• Management expected the modernization project to be completed after implementation of the demerger scheme; the scheme remained pending before the Mumbai High Court.

• Rubber Chemicals and Petrochemicals divisions were preparing for ISO 14000 certification, targeted for the following year.