For the third quarter Indo Rama Synthetics’ net revenue was Rs 623.92 crores compared to Rs 663.25 crores in the third quarter of the previous year. EBIDTA for the period decreased to Rs 16.22 crores versus Rs 22.04 crores for the same period in 2015. Net loss was Rs 37.95 crores compared to Rs 7.76 crores in the corresponding quarter last year.
For the nine month period, net revenue was Rs 2,099.80 crores compared to Rs 2,065.37 crores in the previous year. EBIDTA for the period was Rs 8.80 crores versus Rs 56.56 crores in the previous year. Net loss for the period was Rs 69.20 crores compared to a net loss of Rs 51.60 crores during the corresponding period of the previous year.
The company saw a sizable drop in volumes immediately after November 8, leading to a negative financial impact, which is now slowly getting back to normal. Indo Rama Synthetics is India’s largest dedicated polyester manufacturer with a 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. The group has a strong presence in Indonesia, Thailand, US, Nepal and Sri Lanka besides India. It has focused business activities in the field of textiles, polyesters, and industrial chemicals.