Indo Rama Synthetics swings into black with Rs 35 lakh profit

NEW DELHI: Polyester manufacturer Indo Rama Synthetics India today reported a standalone net profit of Rs 35 lakh for the third quarter ended on December 31.

The company had posted a net loss of Rs 58.40 crore in the corresponding period a year ago, Indo Rama Synthetics said in a statement.

Net sales of the company on standalone basis during the quarter under review were Rs 585.10 crore, down 9.81 per cent, as against Rs 648.80 crore in the October-December period last fiscal.

"The company registered higher sales of 12 per cent in terms of volume at 83,175 tonnes as compared to 74,442 tonnes in the corresponding quarter of the previous year. Domestic sales volume increased by 27 per cent during this period from 56,145 tonnes to 71,574 tonnes," the company said.

Commenting on the results, Indo Rama Synthetics Chairman and Managing Director O P Lohia said: "Our results for this quarter have started to fall in-line with our objective to make the company profitable."

Over the outlook, he said, "The cotton production is expected to remain low in this calendar year, which will help us in improving our margins."

Indo Rama Synthetics shares today closed 3.57 per cent up at Rs 30.45 apiece on BSE.