The company's net profit for the quarter marginally improved by 4.92 per cent to Rs 13.01 crore in the third quarter of fiscal 1999-2000 from Rs 12.40 crore in the corresponding period of the previous year. During the first nine months of the current fiscal, income from operations increased by nine per cent to Rs 702 crore over Rs 643.89 crore in the same period of the previous fiscal. ICI had made a tax provision of Rs 3.50 crore in the third quarter of 1998-99 but skipped this time. Focus, focus, focus. Its a laudable target for a highly diversified company to narrow its business portfolio.
All companies have to undergo a continuous change, considering the market dynamics.
ICI Plc is doing just that. But in its Indian subsidiary, speciality chemicals contributes just 11 per cent of its revenues, while big daddy paints contributes 34 per cent. The company is doing well financially, but strategically it needs to align with the parent company. Trying to align itself with its parent firm, the Indian arm has undertaken a series of initiatives to mirror the changes. The shift is dramatic.