Mumbai: Indo Rama Synthetics on 16 May posted a 60% drop in net profit for the year ended 31 March 2007 to Rs20.64 crore against Rs51.83 crore in the previous fiscal.
However, the polyester manufacturing company’s total income rose 7.17% to Rs2,072.46 crore during the year as against Rs1,933.67 crore for 2005-06.
The net profit for the fourth quarter ended 31 March grew 91% to Rs6.69 crore from Rs3.5 crore in the same period a year ago.
Total income rose 20.49% to Rs636.23 crore for the last quarter of 2006-07 from Rs528.03 crore registered in the corresponding period of previous fiscal, the company informed the Bombay Stock Exchange.
Indo Rama Synthetics recently launched its second plant at its integrated complex at Butibori near Nagpur, taking the annual production capacity of polyester staple fibres, filament yarns and textile grade chips from 300,000 metric tonnes to 600,000 metric tonnes.
The expansion was completed at a project cost of Rs900 crore over a period of two-and-a-half years.