The Hindu Business Line : Indo Rama net up 37.57%, to pay 20 per cent final

AIDED by a hefty jump in `other income', polyester manufacturer Indo Rama Synthetics (India) Ltd (IRSL) has reported a 37.57-per cent increase in net profit for the year ended March 31, 2004 at Rs 171.71 crore as compared to net profit of Rs 124.82 crore recorded in the same period during the previous year.

Gross turnover of the company however, been quite flat at Rs 2,196.41 crore (Rs 2,173.05 crore). Other income stood at Rs 102.42 crore (Rs 32.54 crore) and interest outgo at Rs 46.93 crore (Rs 62.02 crore).

The board of directors has recommended a final dividend of 20 per cent on the equity shares of the company.

"Despite a bad first quarter (textile strike over the issue of completion of cenvat chain), we have been able to register a good performance for the entire 2003-04. We had flat sales because of the impact of the textile strike in the first quarter of 2003-04. This year, we expect the topline to grow by 20 per cent. Our bottomline during the current year will be better than last year," Mr O.P. Lohia, Managing Director, IRSL, told newspersons here.

Mr Lohia said that treasury income and income arising from foreign exchange fluctuations had boosted the `other income' for the year.

He also said that the company was not depending on a similar increase in `other income' to boost its bottomline during the current year.