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Indo Rama Synthetics posts profit in Q1
19 Jul '11
2 min read
Indo Rama Synthetics (India) Ltd, the Nagpur-based textile company has posted a profit after tax of Rs. 514.4 million for the first quarter of fiscal 2011-12, which ended on June 30.
The company's performance is much better compared to the net loss of Rs. 125.3 million that it posted in the first quarter of fiscal 2010-11.
The firm clocked net sales of Rs. 6.67 billion in the quarter ended June 30, as against Rs. 6.22 billion in the corresponding period of the previous fiscal, an increase of 7.2 percent.
“The company has been able to deliver on key cost-reduction projects, and this has helped it to stop the decline in margins,” said OP Lohia, CMD of the company.
“We are optimistic about the prospects of the polyester business, as newer and greater applications of the fibre are currently taking place worldwide,” he added.
The company is commissioning a plan to replace the existing heat treatment media based on furnace oil at a cost of Rs. 730 million. The introduction of coal technology for the purpose would help the company improve its cost-efficiency.
In addition, Indo Rama Synthetics is installing eight new machines, which is expected to take its production capacity of Draw Texturised Yarn (DTY), its value-added product, to 84,000 tonnes per annum from the current 64,800 tonnes per annum.
The company's performance is much better compared to the net loss of Rs. 125.3 million that it posted in the first quarter of fiscal 2010-11.
The firm clocked net sales of Rs. 6.67 billion in the quarter ended June 30, as against Rs. 6.22 billion in the corresponding period of the previous fiscal, an increase of 7.2 percent.
“The company has been able to deliver on key cost-reduction projects, and this has helped it to stop the decline in margins,” said OP Lohia, CMD of the company.
“We are optimistic about the prospects of the polyester business, as newer and greater applications of the fibre are currently taking place worldwide,” he added.
The company is commissioning a plan to replace the existing heat treatment media based on furnace oil at a cost of Rs. 730 million. The introduction of coal technology for the purpose would help the company improve its cost-efficiency.
In addition, Indo Rama Synthetics is installing eight new machines, which is expected to take its production capacity of Draw Texturised Yarn (DTY), its value-added product, to 84,000 tonnes per annum from the current 64,800 tonnes per annum.
Fibre2fashion News Desk - India
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