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Tuesday, January 23, 2001

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Indian Rayon Q3 PAT up 15 pc

Our Bureau

MUMBAI, Jan. 22

INDIAN Rayon and Industries Ltd has ended the third October-December 2000 quarter with a 15 per cent increase in profit after tax at Rs 19.1 crore against Rs 16.6 crore in the year-ago period.

Net turnover rose 51 per cent to Rs 380.3 crore (Rs 252.3 crore). Of this, the Madura Garments division contributed Rs 90 crore. Exports stood at Rs 96 crore (Rs 71 crore).

Production of viscose filament yarn (VFY) was 3,923 tonnes (3,209 tonnes); carbon black 24,976 tonnes (24,718 tonnes); insulators 7,474 tonnes (6,556 tonnes).

During the quarter, the company sold 11,44,850 shirts.

Sales of VFY were 4,050 tonnes amounting to Rs 60 crore (3,549 tonnes); carbon black 25,214 tonnes amounting to Rs 73.4 crore (24,694 tonnes); insulators 6,171 tonnes amounting to Rs 44.8 crore (6,535 tonnes).

The company would be launching superior formal wear (blazers and jackets). It has tied up with technical experts from Italy to develop new designs. ``Indian Rayon is well-poised to leverage the opportunity created by de-reservation of garments industry f rom the small-scale industry sector,'' a press release said.

In the nine-month period, the company's profit after tax was Rs 46.1 crore (Rs 36.6 crore). Net turnover was Rs 1063.1 crore (Rs 754.6 crore).

In view of the exit from sea water magnesia business, the unsold assets as on March 31, 2000 were brought down to their realisable value of Rs 43.07 crore and shown as `Assets held for disposal'. Since April 1, 2000, the company had realised Rs 19.5 cror e on sale of various assets and confirmed orders of Rs 8.6 crore in hand.

Interest charges during the third quarter were Rs 17.3 crore (Rs 15.1 crore). Depreciation was Rs 18.12 crore (Rs 15.03 crore). During the quarter, the company paid a royalty of Rs 2.3 crore to Aditya Vikram Global Trading House Ltd, the wholly-owned sub sidiary.

The company said its focus would continue to be on strengthening its market position, improving asset utilisation coupled with better control over costs and manufacturing efficiencies.

Related links:
Indian Rayon net up 9%
Indian Rayon Q2 net rises 61 pc

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