New Delhi, Apr 17: Indo Rama Textiles Ltd (IRTL) today announced a 70 per cent increase in its profit at Rs 20.90 crore for the financial year ending 31 March, 2006, as against Rs 12.28 crore for the corresponding period last year.
The net sales of the company stood at Rs 372.98 crore for 2005-06 as against Rs 391.93 crore in the previous year. EBIDTA at Rs 48.31 crore, was higher by 21 per cent from Rs 39.90 crore in the previous year.
Indo Rama Textiles CEO Vishal Lohia said, ''The recent policy announcements by the Indian government and the reduction in duty on the raw material are going to be beneficial for the spinning industry. The future outlook of the Textile Industry and IRTL in particular, is very bright.'' For the quarter ended March 31, 2006, the operating profits (EBIDTA) grew to Rs 21.09 crore from Rs 16.24 crore, registering an increase of 29.7 per cent.
The net sales for the quarter were Rs 95.64 crore as against Rs 101.47 crore in the corresponding quarter last year.
The company is one of the largest Polyester-Cotton Blended Yarn exporters from the country with around 58 per cent of its turnover constituting of exports to high-end, discerning markets of Europe, the Middle-East, Latin America, etc.
With manufacturing facilities at both Butibori in Maharashtra as well as at Pithampur in Madhya Pradesh, it has a total capacity of around 123,000 spindles producing around 40,000 MT of Synthetic Blended Yarns.