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Indo Rama Synthetics inks turnaround in Q1FY15 net
09
Aug '14
India-based polyester-fibre producer - Indo Rama Synthetics India Ltd has inked a turnaround in net profits in the first fiscal quarter ending June 30, 2104, after posting a net loss in the corresponding period of last fiscal year.

Indo Rama Synthetics India Ltd reported a net profit of Rs 22.05 crore for Q1FY15 compared with a net loss of Rs 30.03 crore in Q1FY14, Indo Rama said in a press release.

Net sales fell marginally to Rs 705.27 crore against Rs 706.26 crore in first quarter Q1FY14.

EBIDTA too surged to 58.10 crore in Q1FY15 compared to 35.32 crore in Q1FY14.

OP Lohia – CMD at Indo Rama Synthetics said, CMD "With polyester prices bottoming out and rupee stabilising, we expect the sentiments and performance to improve from here.”.

He added, "The recent government announcement of levying provisional anti-dumping duty on imports of PTA will have a huge impact on the margins of the polyester industry, which is already reeling under thin margins”.

Indo Rama said it has taken some cost improvement initiatives, which will further add to its competitiveness.

Indo Rama expects improvement in the overall economic environment to help it perform better in the coming quarters. It said, “With demand looking up in the coming year, we project that the following quarters will be better”.

Indo Rama Synthetics has an integrated manufacturing complex in Butibori near Nagpur in Maharashtra, which has a production capacity of 610,050 tons per annum to produce polyester staple fibre, filament yarn, draw texturized yarn, fully drawn yarn and textile grade chips.

Fibre2fashion News Desk - India

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