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New Delhi , April 27

INDO Rama Synthetics India Ltd (IRSL) on Wednesday reported a 69 per cent dip in net profit during the fourth quarter of 2004-05 at Rs 16.11 crore.

This comes despite a 41 per cent growth in gross turnover during the period at Rs 624.45 crore.

For the financial year ended March 31, 2005, IRSL reported a 59.1 per cent drop in its net profit at Rs 70.21 crore (Rs 171.71 crore). The dip has been attributed to a lower `other income' and higher raw material costs.

"The last year was more of an aberration and we are already witnessing the reversal of the petrochemicals upcycle and the hardening of cotton prices. Despite 2004 being one of the worst years for the industry, IRSL has been able to manage the downturn, generate enough cash to reduce long-term loans by Rs 317.8 crore," Mr O.P. Lohia, Chairman and Managing Director of IRSL, said.

The company reported a 111.76 per cent jump in exports at Rs 138.83 crore (Rs 65.56 crore). The company's board has recommended a final dividend of Rs 3 per share for the fiscal ended 2004-05.

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