MUMBAI (Commodity Online): Indian polyester maker, Indo Rama Synthetics India Ltd (BOM: 500207) today announced its Q2 and H1 FY 2010 results showing a recovery from losses in the same period last year.

For H1 FY2010, company posted a net profit of Rs.2.01 crore as against a loss of Rs.82.29 crore during the corresponding period last year. However, company posted a net loss of Rs.13.25 crore as against Rs.61.48 crore for the same period last year.
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Company stocks traded at Rs.30.80 down by 4% in the afternoon trading session today. Company’s stock price has shed by close to 19% over past five trading session, from Rs.38.75 to the current levels.

Company’s sales were up 22.32% at Rs.597.37 crore for the second quarter of FY10. For H1 FY2010, the Net Sales is Rs.1284.61 crore as against Rs.1291.42 crore in H1 FY2009. While EBIDTA is up at Rs.120.15 crore as against Rs.81.90 crore, there is a Net Profit of Rs.2.01 crore as against a Loss of Rs.82.29 crore during the same period last year.

“With recovery being witnessed in our domestic economy, the demand situation has further improved during the quarter and the trend is expected to continue in the coming months. There are also indications of recovery happening in the US, EU and other global markets. Going forward it should also have its positive impact,” company said in a statement today.

The Company operates in two segments: polyester division and power division. Polyester business comprises of polyester staple fibre, polyester filament yarn and draw texturised yarn. Power division is engaged in sale of surplus power through grid. The power business continues to do well and further improved performance is expected in this business.

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