IPCL was spurred on by results that proved better than even the most optimistic expectations by analysts.

The scrip of the Reliance group petrochemicals company edged up 2.88% to Rs 91 by 9:58, as a result. By then, IPCL recorded volumes of over 1.19 lakh shares on BSE.

After market hours Tuesday, the petrochemicals company said that, for Q4 ended 31 March 2003, it registered a massive 76.5% rise in net profit to Rs 90 crore (Rs 51 crore) on a marginal 0.3% increase in net sales to Rs 1,373 crore (Rs 13.73 billion).

The euphoria stems from the fact that analysts had only expected the company to post a net profit in the range of Rs 62-65 crore. As for net sales, they were expected in the range of Rs 1,650-1,710 crore (Rs 16.5-17.1 billion).

But analysts don't seem overly impressed by the results, as the bottom line growth has mainly arisen due to cost cutting and interest cost saving .

For the year ended 31 March 2003, IPCL's net profit stood at Rs 204 crore (Rs 2.04 billion) on net sales of Rs 5,029 crore (Rs 50.2 billion). The company has declared a divided of Rs 2.25 per share (on face value of Rs 10 per share) for FY 2002-03.

Commenting on the results, Mukesh D Ambani, chairman, IPCL, said, "We are delighted with the complete turnaround in IPCL's performance in the very first year of acquisition by Reliance. The improved performance reflects the successful absorption of Reliance's best practices by IPCL in all areas of operations, and the positive impact of measures introduced for cost reduction and productivity and efficiency gains. We have great confidence in the capabilities of IPCL and its people, and are confident of further improvement in the company's performance in future.

BSE code: 500105