Net sales from operations have moved up to Rs 244.47 crore (Rs 225 crore) in the second quarter of the current financial year. Net profit stands at Rs 17.96 crore (Rs 14.92 crore).

The company said it has reduced its borrowings substantially, bringing down the interest burden to Rs 5.4 crore or 23 per cent less than the interest in the second quarter of 1998-99.

The profit before tax figure at Rs 27.46 crore (Rs 18.92 crore) is 45 per cent higher.

Net profit for the half year to September 30, 1999, is Rs 38.01 crore (Rs 34.27 crore) on total sales of Rs 475.76 crore (Rs 428.75 crore). ICI India had recorded a profit of Rs 61.38 crore in the financial year 1998-99.

Other income during the latest half year is slightly less at Rs 3.90 crore (Rs 4.13 crore).

This was the last quarter for ICI India where the explosives business of the company has contributed to the total income. The explosives business has since been transferred to a joint venture with Orica of Australia, on September 29. The transfer has resulted in a net exceptional gain of Rs 15 crore (before taxes).

The company said sales volumes of the nitrocellulose business went up by 17 per cent during the quarter, compared to the previous year, and sales of acrylic products went up by 23 per cent. Pharmaceutical sales of (excluding discontinued products) were also higher by 13 per cent.

Speciality chemicals and explosives products have also done well in the second quarter.