The country’s largest polyester manufacturer Indo Rama Synthetics posted a net profit of ₹30.84 crore for the quarter ended March 2015, but in fiscal 2014-15 it suffered a net loss of ₹21.53 crore.

The company’s annual net loss in 2014-15 was more than double the net loss of ₹8.18 crore suffered in the previous fiscal. In the fourth quarter of 2013-14, Indo Rama had posted a net loss of ₹14.17 crore.

According to the company, things are now turning around for the polyester industry which has been fighting raw material shortage, inventory losses due to fall in crude prices and an adverse global market situation for the past many months.

“With the lower prices for raw material and finished goods and [an] increase in demand, we are achieving higher capacity utilisation. We are quite buoyant that the overall positivity in the market sentiment and demand will help the company get back on the growth trajectory in the current financial year,” OP Lohia, Chairman and Managing Director, Indo Rama Synthetics (India) Ltd, said in a release.

The company’s net revenue in the fourth quarter of 2014-15 stood at ₹650.73 crore against ₹695.46 crore in the fourth quarter of the previous year. The operational EBIDTA (earnings before interest, taxes, depreciation, and amortisation) for the period stood at ₹51.40 crore compared to a loss of ₹0.24 crore for the corresponding quarter in the previous year.

The cash profit for the fourth quarter of 2014-15 was ₹68.61 crore against ₹43.68 crore in the corresponding quarter of the previous year. For the fiscal ended March 31, 2015, the net revenue was ₹2,761.38 crore against ₹2,637.45 crore in the previous year.

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