Indo Rama Synthetics tumbles after reverse turnaround in Q1

Info Rama Synthetics (India) lost 15.04% to Rs 33.05 at 15:15 IST on BSE, after the company reported net loss of Rs 16.56 crore in Q1 June 2016 as compared to net profit of Rs 5.86 crore in Q1 June 2015.

The Q1 result was announced after market hours yesterday, 31 August 2016.

Meanwhile, the S&P BSE Sensex was down 3.06 points, or 0.01%, to 28,449.11

On BSE, so far 3.60 lakh shares were traded in the counter as against average daily volume of 74,514 shares in the past one quarter. The stock hit a high of Rs 37 and a low of Rs 32.50 so far during the day. The stock had hit a 52-week high of Rs 42.35 on 25 August 2016. The stock hit a 52-week low of Rs 24.45 on 17 February 2016. The stock had outperformed the market over the past 30 days till 31 August 2016, rising 11.14% compared with Sensex's 1.68% rise. The scrip had also outperformed the market in past one quarter, gaining 29.45% as against Sensex's 5.99% rise.

The company has an equity capital of Rs 151.82 crore. Face value per share is Rs 10.

Indo Rama Synthetics (India)'s total income rose 2.44% to Rs 664.87 crore in Q1 June 2016 over Q1 June 2015.

Indo Rama Synthetics (India)'s operational earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 87.86% to Rs 3.95 crore in Q1 June 2016 over Q1 June 2015. The sales volume increased 6.81% to 84,470 tons in Q1 June 2016 over Q1 June 2015. Increase in price of cotton since April 2016 bodes well for the polyester industry, Indo Rama Synthetics (India) said.

Meanwhile, the board of directors of Indo Rama Synthetics (India) approved the scheme of amalgamation of Indo Rama Renewables (100% wholly owned subsidiary company) and its two 100% step-down subsidiary companies, i.e., Indo Rama Renewables Porbandar and Indo Rama Renewables Ramgarh with Indo Rama Synthetics (India).

Indo Rama Synthetics (India) is India's largest dedicated polyester manufacturer with an integrated manufacturing complex in Butibori near Nagpur in Maharashtra, with production capacity of 6.10 lakh tons per annum of polyester staple fiber, filament yarn, draw texturized yarn, fully drawn yarn and textile grade chips.

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