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

Digital textile printing sector to grow by 20% by 2020

Textiles | On 18th Jun 2018

Digital textile printing sector to grow by 20% by 2020

The digital textile printing sector is expected to have a compound...

Courtesy: Hela Clothing

Apparel/Garments | On 18th Jun 2018

Hela's latest label revolves around underwear, sleepwear

The latest collection of Sri Lanka’s Hela Clothing is revolves mostly ...

Kenya levies higher duties on mitumba import

Apparel/Garments | On 18th Jun 2018

Kenya levies higher duties on mitumba import

Kenya’s treasury secretary Henry Rotich recently raised the duty on...

Interviews View All

Top executives
Indian retail players

Walmart's acquisition of Flipkart endorses the humongous opportunities in...

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Riddhika Shah
SS Homme

'Worsted wool is the ideal fabric for menswear'

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Cigdem Akin
Cigdem Akin

She has carved a niche for herself as the national brand of Turkey. Her...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search