In the second fiscal quarter ending September 30, 2014, polyester producer Indo Rama Synthetics (India) Limited reported a massive decline in net loss, from a year earlier quarter.
Net loss dropped steeply to Rs 16.02 crore in the second quarter of fiscal 2014-15 from net loss of Rs 61.36 crore in the corresponding quarter of 2013-14. Higher sales and better margins helped the company, one of the biggest Indian polyester makers to narrow losses.
Revenue rose 15.61 per cent in the reporting quarter to Rs 716.81 crore compared to Rs 619.98 crore in the prior year quarter.
Operational EBIDTA at Rs.29.98 crore in the period under review was higher by 92.7 per cent vis-a-vis Rs 15.55 crore in the second fiscal quarter of 2013-14.
However, finance costs soared to Rs 11.55 crore from Rs 8.71 crore a year earlier, while net debt in the second fiscal quarter of 2014-15 amounted to Rs 190 crore, according to company sources.