The Hindu Business Line : Indo Rama Q2 net profit up 30 pc

POLYESTER manufacturer Indo Rama Synthetics I Ltd, on Thursday, announced a 29.69 per cent jump in net profit to Rs 33.67 crore for the quarter ended September 30, 2005, from Rs 25.96 crore during the corresponding period last fiscal. Total income grew 1.07 per cent to Rs 478.21 crore for the second quarter in the current year (Rs 473.14 crore).

The net profit for the first half of the current fiscal was up 33.8 per cent at Rs 43.70 crore (Rs 32.67 crore). The gross turnover of the company during the first six months of the current financial year stood at Rs 1,091.75 crore, up from Rs 1,039.91 crore during the corresponding period last year.

Announcing the results of the company, Mr O.P. Lohia, the company's Chairman and Managing Director, said, "Global trends like softening to polyester intermediate prices and also the anticipated rationalisation of prices in India for all competing fibres point towards sustained growth for the polyester industry." The company plans to double its production capacity by the second quarter of the next fiscal from the existing 300,000 mt to 600,000 mt.

At the BSE, the scrip of the company closed at Rs 80.85 on Thursday. The 52-week high of the share has been Rs 99.80 and the low has been Rs 56.10.

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