Polyester manufacturing company Indo Rama Synthetics (India) Ltd reported a loss of ₹16.56 crore for the first quarter ended June 30, against a net profit of ₹5.86 crore in the previous year period. The company, however, hopes things will improve in the coming months as polyester prices rise in line with cotton prices.
The company’s net revenues in Q1 FY17 were slightly higher at ₹647.14 crore (₹642.48 crore). The operational EBIDTA (earnings before interest, taxes, depreciation, and amortization) for the quarter stood at ₹3.95 crore (₹32.54 crore).
The sales volume for the quarter increased to 84,470 tonne, compared to 79,088 tonne in the corresponding period of the last financial year, reflecting an increase of 6.81 per cent.