Polyester manufacturer Indorama Synthetics has reported a standalone net profit of Rs 35 lakh for Q3 ended on December 31. The company had posted a net loss of Rs 58.40 crores in the corresponding period a year ago.
Net sales of the company on standalone basis during the quarter under review were Rs 585.10 crores, down 9.81 per cent, as against Rs 648.80 crores in the October-December period last fiscal. The company registered higher sales of 12 per cent in terms of volume at 83,175 tons as compared to 74,442 tons in the corresponding quarter of the previous year.
Domestic sales volume increased by 27 per cent during this period from 56,145 tons to 71,574 tons. The results for this quarter have started to fall in line with the company’s objective to make the company profitable. Cotton production is expected to remain low in this calendar year, which will help the company in improving margins. Indorama Synthetics is India’s largest dedicated polyester manufacturer. The company offers a wide range of polyester products which includes polyester staple fiber, partially oriented yarn, draw texturised yarn, fully drawn yarn and polyester chips.