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Indo Rama Synthetics (India) today said its net profit surged twenty-fold to Rs 100.68 crore in the fourth quarter ended March 31, 2011, vis-a-vis the same period in the previous fiscal.
The company had reported a net profit of Rs 5.03 crore for the same period last fiscal, Indo Rama Synthetics said in a statement.
“During the year, the polyester business witnessed a better demand-supply balance, coupled with firm cotton prices, leading to increased realisations,” Indo Rama Synthetics (India) Limited Chairman and Managing Director, Mr O P Lohia said.
He further added: “Our efforts to increase internal value addition and highly focused control on cost also helped us in increasing the bottomline.”
The company’s gross sales increased to Rs 920.87 crore for the fourth quarter, compared to Rs 668.04 crore in the same period of the previous fiscal.
Keeping in view the good performance of the company, the company’s board has recommended the payment of a dividend of 10 per cent to shareholders.
The board of directors had earlier declared an interim dividend of 10 per cent in the month of February, 2011.
For the year ended March 31, 2011, the company posted a net profit of Rs 139.41 crore, compared to Rs 7.13 crore in the last fiscal.
The company’s gross sales rose to Rs 3,000.14 crore for the year ended March 31, 2011, compared to Rs 2,659.41 crore in the previous fiscal.
During FY2010-11, the company’s Draw Texturised Yarn (DTY) capacity increased from 43,800 tonnes per annum to 64,800 tonnes per annum due to the commissioning of eight new DTY machines.
Shares of Indo Rama Synthetics were trading at Rs 74.05 apiece on the Bombay Stock Exchange in the late afternoon today, up 0.27 per cent from their previous close.
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