Polyester manufacturer Indo Rama Synthetics India today reported a standalone net loss of Rs 16.56 crore for the first quarter ended June 30.
The company had posted a net profit of Rs 5.86 crore in the corresponding period a year ago, Indo Rama Synthetics said in a BSE filing.
Net sales during the quarter was marginally up 0.72 percent at Rs 632.45 crore as against Rs 627.92 crore a year ago.
Meanwhile, in a separate filing, the company said its board has approved the scheme of amalgamation of Indo Rama Renewables and its two step-down subsidiary companies -- Indo Rama Renewables Porbandar and Indo Rama Renewables Ramgarh.
The proposed scheme will be subject to all necessary permissions and approvals as may be required, it added.
Stock of Indo Rama Synthetics settled at Rs 38.90 on BSE, down 0.51 percent from the previous close.
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