Kolkata, 30 July 2002

FINANCIAL RESULTS

The continuing businesses of ICI India grew 16% to more than double their operating profit compared to the corresponding period last year. Overall sales at Rs178cr were similar to last year's results which are not comparable as they included the since divested Pharmaceuticals and Industrial Paints businesses.

Interest expenditure at Rs 1.3 cr compared to an income of Rs 1.2 cr in the previous year resulted because of the investment of over Rs 180 cr in 2001-2002.

With strong performance from the businesses, profit before tax for the quarter at Rs 12.7 cr was up 92% above previous year. Profit after tax at Rs 8.1 cr reflects an improvement of 72% over the same period in the previous year.

BUSINESS SEGMENTS

Paints

Sales grew strongly in both Decorative and Refinish segments powered by strong growth of its premium brands. The business turned in a segment profit of Rs 1.15 cr compared to a loss during the same period last year.

Industrial Specialties

Sales grew well ahead of the market at 28% compared to previous year led by strong growth in Adhesives, Textiles and Polymer business segments. Operating profit registered a growth of 38% over previous year.

Industrial Chemicals

Overall sales grew 4% and operating profit 18% primarily with robust performances in Catalysts and Nitrocellulose businesses.

For further information:

R Guha
Tel: +91 124 2540810
Fax: +91 124 2540839
E mail: r_guha@ici.com