Indo Rama Synthetics, a synthetic textiles player, has posted a decline of over 85 per cent in its net profit for the year ending March 31, 2008 at Rs 3.2 crore compared with Rs 20.64 crore in the previous financial year.However, during the period the company registered a rise of 26.5 per cent in its net sales at Rs 2,445.52 crore against Rs 2,011.68 crore in FY07.
O P Lohia, chairman and managing director, Indo Rama Synthetics, said, "Our performance during the year, especially in the second half of the year, was impacted by lack luster performance of the textile Industry which impacted polyester demand and margins. Inspite of that we have registered a healthy top line growth. Polyester demand has been robust over the first quarter of this fiscal, a healthy change in the environment today."
On the Bombay Stock Exchange, the company's shares closed at Rs 29.95, up 4.36 per cent.
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