Financial Daily from THE HINDU group of publications
Wednesday, Jul 28, 2004
Financial Daily from THE HINDU group of publications Wednesday, Jul 28, 2004 |
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Corporate Results
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Textiles Indian Rayon Q1 net declines 3.2 pc Our Bureau
Mumbai , July 27 INDIAN Rayon and Industries Ltd has reported a 3.2 per cent decline in its net profit at Rs 20.87 crore for the first quarter of 2004/2005 against Rs 21.56 crore in the year-ago period. The company said it has provided an additional deferred tax of Rs 2.55 crore which has led to the drop in net profit. Without the provision, its net profit is higher by 9.7 per cent at Rs 23.42 crore. Net income moved up by 22.5 per cent to Rs 415.29 crore (Rs 339.02 crore). Revenues of the rayon division moved up by 9.7 per cent to Rs 75.31 crore from Rs 68.62 crore. Realisations were impaired due to industry-wide high stock levels. Import of low priced yarns from China further impacted sales. Higher volume of caustic soda and chlorine contributed to the revenue growth. The company said that in the short-term viscose filament yarn prices would remain under pressure but overall demand may increase with the withdrawal of compulsory cenvat regime for weavers. Madura Garments increased its revenues by 20 per cent to Rs 107.08 crore. Sales volumes have rised by 18.5 per cent to 19.9 lakh pieces.
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