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1st September 2016, New Delhi

Q1 loss for Indo Rama Synthetics

Indo Rama Synthetics (India) Limited, India’s largest dedicated polyester manufacturer, has announced its unaudited results for the quarter ended June 30, 2016, showing a loss for the quarter.

For the quarter ended June 30, 2016, the company’s net revenues stood at Rs.647.14 crore as against Rs.642.48 crore in the corresponding quarter of the previous year. The operational EBIDTA for the quarter stood at Rs.3.95 crore as compared to Rs.32.54 crore for the corresponding quarter in the previous year. The company has reported a loss of Rs.16.56 crore during the quarter ended June 30, 2016 as compared to net profit of Rs.5.86 crore in corresponding quarter of the previous year.

Sales volume for the quarter increased to 84,470 tons as compared to 79,088 tons in the corresponding period of the last financial year, reflecting an increase of 6.81% on quarter on quarter basis. Moreover, increase in price of cotton since April 2016 bodes well for the Polyester industry.

Reflecting on the Company’s performance, Mr. O. P. Lohia, Chairman & Managing Director, Indo Rama Synthetics (India) Ltd. Said: “The government’s recent initiatives for the textile sector places us in a better position and will provide a growth to our business.”

“Prices of Man Made Fiber (MMF) move in line with the cotton yarn prices. While cotton prices have started to move upwards from May 2016 onwards, the polyester prices are yet to see the corresponding rise, which is expected in near future. This escalation in the cotton prices has opened opportunities for MMF producers”.

Indo Rama Synthetics (India) Ltd. is India’s largest dedicated polyester manufacturer with an Integrated Manufacturing Complex in Butibori near Nagpur in Maharashtra, with production capacity of 6,10,050 tons per annum of polyester staple fiber, filament yarn, draw texturized yarn, fully drawn yarn and textile grade chips.

www.indoramaindia.com

 

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