Indo Rama Q4 net dips 77%; FY10 profit at Rs 7 cr

Indo Rama Synthetics today said its net profit declined by 77.03 per cent to Rs 5.03 crore for the fourth quarter ended March 31, 2010.

Total income of the company stood at Rs 646.04 crore during the quarter, compared to Rs 622.17 crore in the same period last fiscal, Indo Rama said in a statement.

For the year ended March 2010, the company posted a net profit of Rs 7.13 crore, while it had a loss of 97.83 crore in the previous fiscal.

Total income of the company stood at Rs 2,548.83 crore, compared to Rs 2,456.87 crore in the previous financial year.

"Riding on the back of growth in exports as well as domestic front and stabilisation in the economy, we expect a growth of about 20 per cent in the current fiscal," Indo Rama Synthetics Chairman and Managing Director O P Lohia said.

"We expect the total income to jump to Rs 3,000 crore from the present Rs 2,548 crore in the current fiscal," he added.

Shares of Indo Rama today closed at Rs 37.60 on the BSE, up 6.52 per cent from its previous close.