India’s I.G. Petrochemicals reported fall in profit growth in the third quarter 2019 on poor Pthalic Anhydride (PAN) margins.
The company has reported net sales of Rs.276.60 crores ($38.6 million) during the period ended December 31, 2019, a decrease of 12.96% as compared to Rs.317.79 crores ($44.3 million) during the prior-year quarter.
The company has posted net profit of Rs.4.47 crores ($0.62 million) for the period ended December 31, 2019, a decrease of 74.53% as against Rs.17.55 crores ($2.4 million) for the prior-year quarter.
Decrease in profit was attributed to high Orthoxylene (OX) prices, a feedstock for PAN which also led the company to mute capacity addition.