Mumbai: Leading polyester manufacturer Indo Rama Synthetics (India) Ltd today said its net loss has reduced to Rs 14.17 crore in the fourth quarter ended March 31, 2014.
The company had reported a net loss of Rs 38.06 crore in Q4 FY2012-13.
For the quarter ended March 31, 2014, the company's net revenue stood at Rs 693.47 crore as against Rs 706.99 crore of Q4 of previous year. The EBIDTA for the period stood at Rs 56.38 crore compared to Rs 22.19 crore for the corresponding quarter in the previous year, a company statement said.
For the financial year ended March 31, 2014, the net revenue stood at Rs 2,629.12 crore as compared to Rs 2,910.13 crore in the previous year. For full year, EBIDTA stood at Rs 145.08 crore as compared to Rs 243.19 crore in the last fiscal year.
Net loss for FY14 stood at Rs 8.18 crore as against profit of Rs 41.26 crore during last financial year. The last financial year saw slow demand for the polyester industry in India as well as overseas. The industry faced lots of economic challenges in term of squeezing of margin due to the high prices of raw material along with the interrupted supply, the release said.
The last financial year witnessed one of the worst phases for the rupee and fluctuation in the crude oil prices led to the squeezing of margins. However, these prices weren't passed to the customers, thus forcing the margins to be lower, the release said.
With the polyester prices bottoming out and rupee stabilising, we expect the sentiments and performance to improve from here, it said.
“On the back of India's burgeoning population, rapid urbanisation, enhanced industrialisation, increasing cotton prices and insignificant cotton production growth, I am hopeful that polyester consumption will increase substantially in the coming years,” Indo Rama Synthetics Chairman & Managing Director O P Lohia said.
