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Polyester manufacturer Indo Rama Synthetics (India) Ltd has posted a net profit of Rs 22.05 crore in the first quarter of 2014-15 compared to a loss of Rs 30.03 crore in the comparable period of the previous fiscal.
There was a marginal drop in net sales during the April-June 2014 period to ₹705.27 crore from ₹706.26 crore in the same period last fiscal.
Provisional anti-dumping duty on imports of PTA, a raw material for the industry, imposed recently will have a huge impact on the margins of the Polyester Industry, which is already reeling under thin margins, said OP Lohia, Chairman and Managing Director, Indo Rama Synthetics.
“The downstream industry will have to become more alert as there is no anti dumping duty on fabrics which would become expensive and the garment would also become dearer,” he said in an official release.
The company’s EBIDTA (earnings before interest, taxes, depreciation, and amortisation) in the first quarter this fiscal was at ₹58.10 crore compared to ₹35.32 crore in the same period last year.
Correction
The headline and first para of this story have been modified as a previous version incorrectly stated that Indo Rama Synthetics posted a 26.5 per cent fall in Q1 net profit. In the same period of the previous year, the company reported a loss and, hence, the figures are not comparable.
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