Home / Knowledge / News / Textiles / Fiscal stimulus packages to improve situation, IRSL MD
Fiscal stimulus packages to improve situation, IRSL MD
28
Jan '09
Mr. Om Prakash Lohia
Mr. Om Prakash Lohia
Indo Rama Synthetics (India) Limited the country's largest dedicated polyester manufacturer, announced its FY 2008-09 unaudited results for the Q3 and nine months ending December 31, 2008.

In the quarter ended December 31, 2008 Net Sales was recorded at Rs.536.14 crore as aginst Rs.545.06 crore in the corresponding period last year. EBIDTA was marginally lower at Rs.63.72 crore as compared to Rs.68.68 crore in the corresponding quarter. Net Loss for the quarter stood at Rs.36.36 crore as against Net Profit of Rs.7.21 crore last year.

During the quarter there has been a foreign exchange fluctuation loss to the tune of Rs.55.11 crore as against a loss of Rs.3.71 crore in the corresponding quarter previous year.

The cost of raw material came down significantly during the quarter due to softening of crude prices. Owing to lower prices the relative positioning of polyester amongst competing fibers like cotton has improved which will have a positive impact on the polyester segment.

Commenting on the Results, Mr. O. P. Lohia, Chairman and Managing Director, IRSL said, “Though the textile sector has been impacted with the economic slowdown, the government intervention with the fiscal stimulus packages will improve the situation. Measures such as reduction of 4% in central excise duties, interest subvention of 2% on export credit, restoration of DEPB rates, extension of the DEPB scheme, etc. will benefit the sector. At Indo Rama, to meet the slowdown challenges, we have implemented a range of cost cutting measures.”

“In our power business, which continues to do well, we have made arrangements for selling additional power from the current level of 22MW to 40MW. We see a major improvement in the performance of the power business of our company in the coming days” added Mr. Lohia.

Indo Rama Synthetics (India) Limited was established in India in 1992 with a commitment to quality and customer satisfaction.Indo Rama's Butibori plant has become one of the largest single-location plants in the world, producing around 6,00,000 tonnes per annum of Polyester Staple Fibers, Filament Yarns, and Textile grade Chips.

Indo Rama Synthetics (India) Limited

Must ReadView All

President Donald Trump; Courtesy: White House

Textiles | On 23rd Jan 2017

US textile industry eager to work with President Trump

The US textile industry is eager to work with President Donald Trump...

Textiles | On 23rd Jan 2017

LyondellBasel expands Texas plant ethylene capacity

US based producer of petrochemicals and speciality chemicals...

Textiles | On 23rd Jan 2017

China’s cotton imports down 39% in 2016

China’s total cotton imports declined by 39.1 per cent to ...tons in...

Interviews View All

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search