The Hindu : Business : Indian Rayon net up 56 p.c. in Q2

Online edition of India's National Newspaper
Friday, Oct 28, 2005

Business

Business

Indian Rayon net up 56 p.c. in Q2

Staff Correspondent

MUMBAI: Indian Rayon has announced a net profit (on a standalone basis) of Rs. 38.60 crore for the quarter ended September 2005 against Rs. 24.70 crore in the year-ago period, a jump of 56 per cent. The company's income from operations was at Rs. 599.08 crore (Rs. 497.33 crore) and its operating profit was at Rs. 86.67 crore (Rs. 66.3 crore).

The company is taking steps to complete its corporate restructuring scheme to merge Birla Global Finance and Indo Gulf Fertilisers with Indian Rayon. The merger will be effective September 1 and the court approved meeting of Indian Rayon's shareholders will be held on November 16. Birla Global and Indo Gulf shareholders will meet on November 24, and November 28 respectively for necessary approvals. On a consolidated basis, the company's net profit for the quarter has risen manifold to Rs. 37.56 crore (Rs. 6.95 crore) on a net income of Rs. 945.08 crore (Rs. 754.84 crore).

Strong retail presence

The opening of new stores bolstered its strong retail presence in garments. The company's carbon black division will push volumes in the domestic market and the expansion at Gummidipoondi near Chennai by 50,000 tonnes annually is being expedited.

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