Polyester manufacturer Indo Rama Synthetics India today reported narrowing of standalone net loss to Rs 14.69 crore for the second quarter ended September 30, 2016, on account of increase in sales.
The company had posted a net loss of Rs 49.71 crore in the July-September period a year ago, Indo Rama Synthetics said in a statement.
Net sales were up 12.40 per cent to Rs 755.94 crore during the period under review as against Rs 672.50 crore for the corresponding quarter of the previous fiscal.
"The sales volume for the quarter increased to 93,708 tonnes as compared to 80,693 tonnes in the corresponding period of last year, reflecting an increase of 16.13 per cent," the company said.
Total expenses were up 9.82 per cent to Rs 762.69 crore as against Rs 694.43 crore.
Commenting on the results, Indo Rama Synthetics CMD O P Lohia said: "We have a good growth from the exports, which contributed 19 per cent of our sales this quarter. We expect this to come at 20 to 21 per cent, which was two years before".
However, he also added: "The coming quarter would have some impact of demonetisation as the sales are almost 30 per cent down from last five days." In the first half of 2016-17, the company's standalone loss was down to Rs 31.25 crore as against a net loss of Rs 43.85 crore in the year-ago period.
Total income in the first half of the current fiscal was up 6.29 per cent at Rs 1,450.97 crore as against Rs 1,365.03 crore in the same period last year.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
