According to the unaudited results, the earning per share (EPS) is Rs 3.07 (Rs 4.88).

Nocil's net sales (including excise duty) has fallen to Rs 1,100.18 crore, against Rs 1,174.33 crore the previous year. Gross profit after interest but before depreciation and taxation has dropped to Rs 60.10 crore, versus Rs 94.19 crore the previous year. Other income has shown a marginal increase to Rs 69.23 crore from Rs 55.48 crore.

There has been a marginal fall in expenditure at Rs 1,036.15 crore (Rs 1,060.74 crore). Interest also fell to Rs 73.16 crore from Rs 74.88 crore. The company has provided Rs 4.60 crore for taxation, against Rs 18.60 crore the previous year. The paid-up equity-share capital ofthe company remains at Rs 122.61 crore.

Though there has been a spate of reports on Nocil's proposed restructuring plan, which involves a probable sale of its petrochemical division to Dutch giant Montell, the company is constantly denying it. The company's release sticks to its often-repeated statement that the plan is in an advanced stage, and no deal has been finalised as yet.

The Mafatlal group, which bought multinational Shell's stake in the company five years ago, is keen to disinvest. This is to ensure substantial funds inflow for the group, which has fallen several rungs from its once-bluechip status in the textile industry.

But crashing petrochemical prices, along with the dominance of larger players like Reliance Industries, IPCL, and Indo-Rama Synthetics, has rendered the company uncompetitive.

Nocil has three major operating divisions: petrochemical, rubber chemicals and speciality chemicals. It is believed that one of the options under consideration is to demerge the three divisions andsell them.

Negotiations with Shell are believed to be at an advanced stage. The multinational had walked out of the company five years ago.

With the south-east Asian crisis, it is unlikely smaller Indian players will be immediately rendered more competitive vis-a-vis international ones.

Analysts say although prices in India have firmed up of late, it is unlikely there will be a sufficient hike in petrochemical prices soon to warrant a major turnaround in the immediate future for the company.