Polyester manufacturer Indo Rama Synthetics has reported a 77.73 per cent decline in standalone net profit for the first quarter ended June 30, 2015, on account of lower selling price because of falling global crude oil rates. The company had posted a standalone net profit of Rs 22.05 crores in the corresponding period a year ago.
Total income from operations, on a standalone basis declined by 10.57 per cent while sales volume for the quarter increased by 4.65 per cent on a quarter to quarter basis. The continuous fall in global crude oil prices in the last few months has led to a reduction in raw material and selling prices for products.
The company expects margins would improve and production would increase in the coming quarters of the current fiscal as capacity utilisation is going to increase further from the current 65 per cent due to availability of the raw materials. Indo Rama is India’s second largest dedicated polyester manufacturer. It has collaborations with technology leaders in Japan, Germany and the US. It adheres to high quality standards and innovative business practices.
www.indoramaindia.com/
