I G Petrochemicals Ltd

The year 2024 began on a note of optimism but quickly unfolded into a more complex and demanding landscape, shaped by shifting macroeconomic dynamics and sector-specific headwinds. Volatility in raw material prices, persistent disruptions in global supply chains, and subdued demand in key markets tested the agility and resilience of businesses across the world.

At IGPL, we responded to these challenges with steadfast focus, remaining aligned with our long-term strategy. By reinforcing operational discipline, enhancing our competitive edge, and continuing to invest in innovation, we stayed on course driving sustainable and profitable growth despite short-term pressures.

IGPL remains a leading name in the production of Phthalic Anhydride (PAN) and its downstream derivatives. As the largest producer of PAN in India and the second-largest globally, we continue to play a pivotal role in meeting the growing demand of industries such as paints, plasticizers, pigments, coatings, and polymers. The domestic demand for PAN currently stands at approximately 500,000 to 550,000 tons per annum and is projected to grow at a steady 5 6% annually. Our plant operations during the year were impacted by both planned and unplanned shutdowns—ranging from catalyst replacements and statutory requirement boiler inspections to essential maintenance.

Financially, IGPL maintained stable performance in FY 2024 25. Revenue stood flat at 2,234 crores, while the other segments contributed 165 crores approximately 7% of total revenue. We recorded a notable improvement in profitability, with EBITDA growing by 82% year-on-year to 248 crores. This strong performance enabled the Board to recommend a dividend @ 10 per share. We also ended the year with a net debt-free position, backed by a robust balance sheet and healthy cash flows.

Beyond PAN, we manufacture key chemicals such as Maleic Anhydride, Benzoic Acid, and Di-ethyl Phthalate at our Taloja facility products that support diverse industries, including agrochemicals, lubricants, perfumes, and plastics. In line with our commitment to product diversification and value-added integration, we have embarked on the development of a Plasticizer plant with capital investment of 165 crores, this plant will produce DOP, DINP, DPP, DIPT, etc.

At the heart of our business success lies a commitment to shared progress within a safe, inclusive, and equitable workplace. We actively promote diversity, equity, and inclusion while nurturing a culture of continuous learning and personal growth. Our impact extends beyond business—as we remain deeply dedicated to uplifting communities through meaningful skill development initiatives. By implementing innovative programmes that address skill gaps and support sustainable growth, we strive to transform both lives and livelihoods.

Further strengthening our strategic focus, we have taken bold steps towards green chemistry. Construction has commenced on a Compressed Biogas (CBG) plant—an initiative aligned with deriving contribution from sustainable businesses to our revenue. Complementing this, we are also developing a Pyrolysis Oil facility. This project will enable the conversion of plastic waste into fuel oil through chemical recycling, reinforcing our commitment to a circular economy.

Sustainability continues to be a core driver of our operational philosophy. We have integrated solar power and other renewable energy solutions across key facilities to reduce our carbon footprint and lower energy costs. In addition, the phased replacement of conventional fuels such as LSFO and diesel with natural gas has already commenced—further improving our environmental performance and operational efficiency.

Looking ahead, we remain confident in our ability to capitalise on emerging domestic and global opportunities.

Our strategic expansion into plasticizer and green chemistry, coupled with our operational excellence and sustainability focus, positions IGPL for scalable, long-term growth.

In closing, I sincerely thank our employees, customers, investors, and partners for their unwavering trust and support. Together, we will continue to build on our legacy, create enduring value, and shape a brighter and more prosperous future for all.