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Q4 FY15 net profit jumps 207% at Indo Rama India
19
May '16
Polyester major Indo Rama Synthetics (India) reported net profit of Rs 94.64 crore in the fourth quarter of fiscal 2015, ended March 31, 2016, a rise of 207 per cent as compared to Rs 30.84 crore in the corresponding quarter last fiscal because of higher demand and lower expenses.

“The polyester industry saw a comparatively better year in 2015 with the domestic market showing an upward trend in terms of higher demand,” OP Lohia, chairman and MD of Indo Rama Synthetics (India) said.

“Moreover, crude oil prices were low during the year. As a result, the prices of raw materials, ie, PTA and MEG have remained subdued,” he added detailing the reasons for positive performance.

The company sales increased 9.39 per cent in terms of volume at 3,36,393 tons in the fiscal 2015 as compared to 3,07,517 tons in the previous year.

Domestic sales volume increased 19.55 per cent during the year from 2,40,083 tons to 2,87,021 tons.

Additionally, the company launched specialty products in the fiscal with the aim to penetrate the market on a larger scale in the coming quarters. The company hived off its wind farm business to focus on its core polyester business.

“Our initiatives during the year, which include, higher capacity utilisation, cost reduction measures and impetus to high value-added specialty products, are expected to propel the company on a growth trajectory from now onwards,” Lohia said. (MCJ)

Fibre2Fashion News Desk - India

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