Indo Rama Synthetics Reports Financial Results For The Year Ended March 31, 2016

NEW DELHI, India — May 18, 2016 — Indo Rama Synthetics (India) Limited, India’s largest dedicated polyester manufacturer, today announced its audited results for the quarter and financial year ended March 31, 2016.

For the quarter ended March 31, 2016, the Company’s net revenue stood at Rs.657.67 crore as against Rs.650.73 crore of Q4 of the previous year. The Operational EBIDTA for the period stood at Rs.28.71 crore as compared to Rs.51.40 crore in the corresponding quarter in the previous year. The net profit for the quarter ended March 31, 2016 was Rs.94.64 crore as compared to Rs.30.84 crore in the corresponding quarter in the previous year.

For the financial year ended March 31, 2016, the net revenue stood at Rs.2,535.65 crore as compared to Rs.2,761.38 crore in the previous year. The Operational EBIDTA is Rs.93.41 crore as compared to Rs.122.44 crore in the last fiscal year. The net profit of the Company was Rs.56.00 crore for the financial year 2015-16 as against net loss of Rs.21.53 crore during the previous financial year.

The Company registered higher sales of 9.39% in term of volume at 3,36,393 tons vis-a-vis3,07,517 tons in the previous year. Domestic sales volume increased by 19.55% during this year from 2,40,083 tons to 2,87,021 tons.

The specialty products launched by the Company during the FY 2015-16 are expected to penetrate the market on a larger scale in the coming quarters. Further, the Company hived off its 30 MW wind farm business, through the sale of its step down subsidiary. The sale is in sync with the Company’s objective to focus on their core business of polyester.

Commenting on the Company’s performance, Mr. O. P. Lohia, Chairman & Managing Director, Indo Rama Synthetics (India) Ltd. said, “The polyester industry saw a comparatively better year in 2015 with the domestic market showing an upward trend in terms of higher demand. Moreover, crude oil prices were low during the year. As a result, the prices of raw materials, i.e., PTA and MEG have remained subdued. Moreover, our initiatives during the year, which include, higher capacity utilization, cost reduction measures and impetus to high value added specialty products, are expected to propel the Company on a growth trajectory from now onwards.”

Posted May 19, 2016

Source: Indo Rama Synthetics (India) Ltd.