Polyester manufacturer Indo Rama Synthetics has reported over 2.5 times jump in its standalone net profit for the quarter ended March 31. The quarter’s volume was almost 17 to 18 per cent higher, although net sales on a standalone basis declined by 6.72 per cent because of lower price of raw materials.
The company’s profit jumped as input prices have come down due to falling crude oil prices. It’s getting better margins as raw materials are cheaper now. However, for the financial year ended March 2015, Indo Rama's net loss on a consolidated basis widened to Rs 20.69 crores as against a net loss of Rs 13.55 crores in the previous fiscal.
The company’s consolidated net sales were up by 4.95 per cent to Rs 2,741.41 crores in 2014-15 as against Rs 2,611.89 crores in 2013-14. During the quarter under review, the company sold 84,138 tons as against 71,563 tons in the same quarter of last fiscal.
Indo Rama hopes to continue growing between 10 to 15 per cent with turnovers going up. Moreover, prices are also expected to stabilise this year. Meanwhile, the board of Indo Rama has recommended a 10 per cent dividend of Rs 1 per share for the financial year 2014-15.
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