Indo Rama Q4 net up 91 pc

By Staff
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Google Oneindia News

New Delhi, May 16 (UNI) Indo Rama Synthetics India Ltd (IRSL) today posted 91 per cent rise in its net profit at Rs 6.69 crore for the fourth quarter ended March 2007, as against Rs 3.5 crore during the same period last fiscal.

The company's total income also rose 20.49 per cent to Rs 636.23 crore from Rs 528.03 crore during the said period.

However, for the year ended March 2007 the company's net profit dropped to Rs 20.64 crore in comparison to Rs 51.83 crore for the year ended March 31, 2006 while total income increased from Rs 1,933.67 crore to Rs 2,072.46 crore.

The Earning Before Interest, Depreciation and Taxes (EBIDTA) for the year saw 7.42 per cent decrease from Rs 191.19 crore to Rs 177.02 crore.

However, compared to the corresponding quarter previous year, EBIDTA for Q407 saw a 50 per cent increase to clock Rs 53.11 crore.

''We aim a 50 per cent growth in our topline and expect to reach atleast Rs 3,100 crore by the next year,'' said IRSL Chairman and Managing Director O P Lohia.

With the new plant at Nagpur starting production the period between April-June is expected to see a 25-30 per cent growth in volumes and in May production is expected to touch 45,000 tonnes.

The company plans to achieve 18 per cent share of the three million tonne Indian market by the end of this fiscal.

However, despite the expansion, the debt equity ratio of the company remained nearly the same at 1.45 compared to 1.04.

Terming it as one of the toughest year for the company, Mr Lohia said sharp increase in oil prices had effected the profitability of the company.

'' We would like to see anomalies like National Calamity Contingency Duty (NCCD) of one per cent in synthetic yarns to go,'' he added.

UNI

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