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State-owned Indian Oil Corporation Ltd (IOCL) on Friday (December 20) said its board has approved the investment for setting up a yarn project at Bhadrak, Odisha, in a 50:50 joint venture with MCPI Private Ltd.
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The project, estimated at ₹4,382.21 crore, includes a 900 TPD continuous polymerisation (CP) unit along with downstream units for draw textured yarn (DTY), fully drawn yarn (FDY), polyester chips, and associated facilities. Indian Oil’s equity contribution to the joint venture will amount to ₹657.33 crore.
“…it is hereby informed that the board at its meeting held today i.e. on 20th December 2024 has accorded Investment approval for setting up of a Yarn Project consisting of 900 TPD Continuous Polymerization (CP) unit with downstream units of Draw Textured Yarn (DTY), Fully Drawn Yarn (FDY), Polyester chips & associated facilities at Bhadrak (Odisha) at an estimated cost of ₹4,382.21 crore through (50:50) Joint Venture with MCPI Pvt. Ltd,” Indian Oil Corporation said in a regulatory filing.
Also Read: Indian Oil shares get another upgrade, days after their highest price target
Indian Oil Corporation reported a standalone net profit of ₹180 crore during the July-September period. The profitability figure for Indian Oil is well below the CNBC-TV18 poll estimate of ₹3,278 crore.
Revenue for the quarter for Indian Oil Corporation stood at ₹1.74 lakh crore, which was lower than the CNBC-TV18 poll of ₹1.9 lakh crore. On a sequential basis, Indian Oil’s revenue declined 10%.
Indian Oil’s Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell by more than half, declining by 56% from the June quarter to ₹3,773 crore, which was well below the CNBC-TV18 poll of ₹11,119 crore.
EBITDA margin for the quarter narrowed by 230 basis points from June to 2.2%, while the CNBC-TV18 poll had expected a margin expansion to 6%. Shares of Indian Oil Corporation Ltd ended at ₹137.25, down by ₹2.40, or 1.72%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Dec 20, 2024 5:12 PM IST
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