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Indo Rama Synthetics massively narrows Q2FY15 net loss
14
Nov '14
In the second fiscal quarter ending September 30, 2014, polyester producer Indo Rama Synthetics (India) Limited reported a massive decline in net loss, from a year earlier quarter.

Net loss dropped steeply to Rs 16.02 crore in the second quarter of fiscal 2014-15 from net loss of Rs 61.36 crore in the corresponding quarter of 2013-14.

Higher sales and better margins helped Indo Rama Synthetics, one of the biggest Indian polyester makers to narrow losses.

Revenue rose 15.61 per cent in the reporting quarter to Rs 716.81 crore compared to Rs 619.98 crore in the prior year quarter.

Operational EBIDTA at Rs.29.98 crore in the period under review was higher by 92.7 per cent vis-a-vis Rs 15.55 crore in the second fiscal quarter of 2013-14.

However, finance costs soared to Rs 11.55 crore from Rs 8.71 crore a year earlier, while net debt in the second fiscal quarter of 2014-15 amounted to Rs 190 crore.

OP Lohia, CMD said, “While the sentiment around business environment is showing signs of improvement, PTA duty structure is hampering growth of the polyester industry.”

He expects positive policy framework under the Make-In-India campaign and policy support in order to help the polyester sector showcase its capability and prowess.

Indo Rama Synthetics is India’s largest dedicated polyester manufacturer with an integrated manufacturing complex in Butibori near Nagpur in Maharashtra.

The complex has a production capacity of 610,050 tons per annum of polyester staple fibre, filament yarn, draw texturised yarn, fully drawn yarn and textile grade chips. (AR)

Fibre2fashion News Desk - India

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