Indo Rama Synthetics (India) Limited, one of India’s major polyester manufacturer, announced its results for the quarter and financial year ended March 31, 2021.
Q4 Results
The company reported a net profit of Rs 128.65 crores ($17.6 million) for the quarter ended March 31, 2021, against a net loss of Rs 50.08 crores ($6.8 million) in the prior-year quarter.
The company’s net revenue increased 74% to Rs 835.93 crores ($114.3 million) for the quarter ended March 31, 2021, as against Rs 480.65 crores ($65.7 million) in the prior-year quarter.
Full-Year Results
For the year ending March 31, 2021, Indo Rama reported a net profit of Rs 113.38 crores ($15.5 million) as against a net loss of Rs 316.54 crores ($43.3 million) during the last financial year.
Net sales for the financial year ended March 31, 2021 dropped 3% to Rs 2063.71 crores ($282.2 million) as compared to Rs 2127.95 crores ($291 million) in the previous year.
Board Approves Capex Plan up to Rs 600 Crore ($82 million)
The Board of Indo Rama Synthetics (India) at its meeting held on 19 May 2021 has approved capex plan up to Rs 600 crore ($82 million) in the company and its wholly owned subsidiarie(s) at Butibori, Nagpur towards addition of balancing equipment for value addition, manufacture of specialty yarns including recycled filament yarns and also to install a 700 TPD PET Resin manufacturing facility to diversify the product portfolio of the Company.