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Cash profit at Indo Rama Synthetics climbs 57% in Q4FY15
19
May '15
Cash profit at India’s largest dedicated polyester manufacturer Indo Rama Synthetics (India) Ltd climbed 57 per cent year over year in the fourth fiscal quarter ended March 31, 2015.

Cash profit for the quarter ended March 31, 2015 soared 57 per cent to Rs 68.61 crore as compared to Rs 43.68 crore in the corresponding quarter in the previous fiscal.

However for the fiscal ended March 31, 2015, cash profit was knocked down by 24.3 per cent at Rs 83.14 crore as against Rs 109.85 crore earned during the previous fiscal of 2013-14.

According to an Indo Rama press release, the government levied anti-dumping duty on PTA, making the raw material expensive, also resulting in shortage of raw material and therefore lower capacity utilisation.

For the fourth quarter of fiscal 2014-15, the Company’s net revenue stood at Rs 650.73 crore, down 6.43 per cent from Rs 695.46 crore it achieved in the same quarter of previous fiscal.

While for the full fiscal 2014-15, net revenue grew 4.69 per cent over the same period of fiscal 2013-14 to Rs 2,761.38 crore.

Operational EBIDTA for the reporting quarter turned positive at Rs 51.40 crore as compared to a loss of Rs 0.24 crore in the corresponding quarter of fiscal 2013-14.

Operational EBIDTA for fiscal ending March 31, 2015 also surged massively to Rs 122.44 crore as against Rs 8.91 crore in the last fiscal.

Chairman OP Lohia said, “The polyester industry saw lots of up and down during the fiscal including shortage of raw material, inventory losses due to unprecedented and exceptional fall in crude oil prices.”

“This resulted in decline of raw material and finished goods prices. The fiscal also saw currency volatility and adverse situations in Europe and Central Asia, big markets for the Indian polyester sector”, he added.

“However, now with the lower raw material and finished goods price and increase in demand, we are achieving higher capacity utilisation,” he observed.

He sounded optimistic when he said, “We are quite buoyant that the overall positivity in the market sentiment and demand will help the company to be back on the growth trajectory in the current fiscal.”

Indo Rama Synthetics is India’s largest dedicated polyester manufacturer with an integrated manufacturing complex in Butibori near Nagpur in Maharashtra, with production capacity of 610,050 tons per annum.

Indorama produces many products like polyester staple fibre, filament yarn, draw texturised yarn, fully drawn yarn and textile grade chips. (AR)

Fibre2fashion News Desk - India

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