The Hindu Business Line : Indian Rayon Q1 net up 47 pc

INDIAN Rayon, an Aditya Birla group company, has posted a net profit of Rs 30.75 crore for the quarter ended June 30, 2005 - a 47.3 per cent rise over Rs 20.87 crore in the corresponding previous period.

The company reported a net income of Rs 485.08 crore, reflecting a 16.6 per cent rise over Rs 416.12 crore in the first quarter last year.

The company said that while all businesses registered good growth, garments and insulators were the major contributors. Indian Rayon paid Rs 68 lakh towards a VRS at its rayon division. In the previous corresponding quarter, the company had made an exceptional profit of Rs 4.01 crore on the sale of its global export division. The performance of its garments division (Madura Garments) improved to the tune of 19.5 per cent at Rs 127.95 crore as against Rs 107.08 crore a year ago.

Operating profit was up 14.3 per cent despite higher retailing cost. Louis Philippe, Van Heusen and Allen Solly have been its mainstays while Peter England continued to maintain momentum.

Carbon Black division's revenues were up 10.5 per cent at Rs 122.26 crore (Rs 110.7 crore) even as insulators earned a revenue of Rs 34.31 crore. The company's rayon division earnings were at Rs 86.81 crore, up 15.3 per cent from Rs 75.31 crore a year ago.

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