Indian Petrochemicals Corporation Ltd has posted a 20 per cent increase in net profit at Rs 54 crore (Rs 540 million) in the second quarter ended September 30, 2003, compared to Rs 45 crore (Rs 450 million) posted during the same period of the previous fiscal.

The company's net turnover increased to Rs 1,345 crore (Rs 13.45 billion) during the reporting quarter from Rs 1,252 crore (Rs 12.52 billion) posted during the same period of the previous fiscal, IPCL said in a release in Mumbai on Monday.

Meanwhile, for the half-year ended September 30, the Reliance group-owned company posted a quantum leap in net profit at Rs 93 crore (Rs 930 million), compared to Rs 39 crore (Rs 390 million) for the corresponding period of the previous financial year, it said.

IPCL posted a gross turnover of Rs 5,395 crore (Rs 53.95 billion) during the period under review, compared to Rs 4,375 crore (Rs 43.75 billion) posted during the same period of the previous financial year, it said, adding, the company's turnover rose to Rs 3,132 crore (Rs 31.32 billion) from Rs 2,438 crore (Rs 24.38 billion) posted a year ago.

The petrochemical major's production rose 10 per cent during the half year under review to 2.29 million tonnes as against 2.09 million tonnes registered during the same period of the previous fiscal, it said.

The company's exports of manufactured products posted a 44 per cent increase at Rs 229 crore (Rs 2.29 billion), compared to Rs 159 crore (Rs 1.59 billion) registered a year ago.

On the outlook for the future, IPCL chairman Mukesh Ambani said, "Petrochemical cycle is looking up and we are confident of achieving an improved performance in the future."