IBP Co Ltd(merged)
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BSE Code:
500198
NSE Code:
IBP
Business Profile
Business Profile
IBP Company (IBP), a Kolkata-based subsidiary of Indian Oil Corporation (IOC) group, had started its operations in 1909 in Rangoon, then a part of undivided India. A public sector undertaking, IOC holds 53.6% stake in IBP. The Union Government at present has a 26% stake. IBP also has a 61.8% stake in Balmer Lawrie & Company. The company has merged with Indian Oil Corporation.
IBP Company is a competent player in the area of marketing and distribution of petroleum products besides storage of the same, and is also engaged in the manufacture and sale of industrial explosives, cryocontainers, liquified petroleum gas (LPG) regulators, freeze drying plants, LPG valves and other engineering products.
Primarily a marketing company, IBP at present has a good retail network spread across the country although with larger presence in Northern and Eastern India. The company in the current year started 76 new retail outlets including 25 jubilee outlets (outlets with multiple associated facilities) and 28 company-owned and operated outlets plus eight new LPG distributorship. It commissioned two new terminals at Sangrur in Punjab and Kondapally in Andhra Pradesh. Besides, the IBP Red brand, the company has launched a brake fluid IBP Dot 3 and a coolant IBP Cool. The company has added about 50 new grades of lubes taking the total to 133.
In case of its subsidiary, Numaligarh Refineries and Indian Oil Tanking, IBP has divested its stake in favor of BPCL and Indian Oil Corporation.
Financials
IBP Company registered a profit of Rs 7,323.6 million for the quarter ended December 2006.
Net sales rose 37.68% to Rs 54,389.7 million for the quarter ended December 2006 from Rs 39,503 million for the quarter ended December 2005.
Total income rose 37.71% to Rs 54,549.3 million for the quarter ended December 2006 from Rs 39,612.5 million for the quarter ended December 2005.
The earnings per share (EPS) of the company stood at Rs 330.64 for the quarter ended December 2006.
Recent Developments
02-MAY-07
The Ministry of Company Affairs sanctioned the scheme of amalgamation for merger of the company (a subsidiary of IndianOil) with Indian Oil Corporation. The scheme of amalgamation provides for a swap ratio of 110 equity shares of Rs 10 each of IndianOil as fully paid for every 100 equity shares of Rs 10 each of the company. Consequent upon filing of the order of amalgamation with the Registrar of Companies in Mumbai and Kolkata, the company stands dissolved effective May 2, 2007.