Indo Rama Q3 results report loss of Rs 19.21 cr

Indo Rama Synthetics, India’s largest dedicated polyester manufacturer, announced its unaudited financial results for the quarter and nine months ended December 31, 2017. For the quarter ended December 31, 2017, net revenue stood at Rs 524.27 crore as against Rs 623.92 crore in Q3 of previous year. EBIDTA for the period stood at Rs 12.01 crore as compared to Rs 13.53 crore for the same period. The company has reported a net loss of Rs 19.21 crore in this quarter as compared to net loss of Rs 37.95 crore in the corresponding quarter last year.

For the nine months ended December 31, 2017, net revenue stood at Rs 1793.78 crore as against Rs 2,099.80 crore in the previous year. The EBIDTA for the period stood at Rs 51.38 crore as compared to Rs 13.90 crore in the previous year. Net loss for the period stood at Rs 52.40 crore as compared to net loss of Rs 69.20 crore during the corresponding period of previous year.

Reflecting on the company’s performance, OP Lohia, Chairman & Managing Director, Indo Rama Synthetics said, “Representations has been made to the Ministry of Textile, Commerce, Chemical and Fertilizer for rationalising GST rates on raw material, i.e. PTA, MEG and finished product PSF to bring in line with filament and yarn. GST rates once rationalised will help boost the Man Made Fibre (MMF) industry and bring growth in the textile sector.”