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Indo Rama eyes Rs 100-cr net -- Promoters see no takeover threat

Our Bureau

NEW DELHI, Aug. 16

POLYESTER manufacturer Indo Rama Synthetics (India) Ltd (IRSL) hopes to return to the dividend list this year, with the company projecting a net profit of about Rs 100 crore for 2001-02. The company had reported a net profit of Rs 19.16 crore fo r the quarter ended June 30, 2001.

``We are expecting the net profit to touch three-digit figures (in crores) this year. We hope to achieve a net profit of Rs 100 crore during current fiscal. We also hope to reward our shareholders with a dividend announcement this year,'' Mr O.P.Lohia, M anaging Director, IRSL, said.

He also said that efforts would be taken to retire the long-term debt of the company so as to improve the debt-equity ratio.

``Our attempt would be to improve the debt-equity ratio towards 1:1 in the coming years. We will use our profits to retire debt,'' Mr Lohia said.

As on March 31, 2001, IRSL had a term loan outstanding (secured) of about Rs 1,190 crore, with a substantial portion of the term loans being foreign currency borrowings. The equity share capital of the company as on March 31, 2001 stood at Rs 166.27 cror e.

`No takeover threat'

Mr Lohia also maintained that there was no ``takeover threat'' as the promoters controlled nearly 50 per cent stake in the company.

As per IRSL's annual report for 2000-01, non-resident Indian (NRI) promoters (including associated overseas corporate bodies) held 33.27 per cent stake and the Indian promoter directors, relatives and associates held 16.44 per cent stake in the company a s on March 31, 2001.

While banks/financial institutions/mutual funds held 12.45 per cent, foreign financial institutions (FIIs) held 4.82 per cent in the company as on March 31, 2001.

The public (including Indian companies) holding in the company stood at 17.35 per cent and other NRIs/FIIs/GDR holders had a stake of 15.67 per cent.

Related links:
Indo Rama `forced to' scale down expansion
Indo Rama Q1 net up 133 pc
Indo Rama sees increase in export of man-made textiles
Indo Rama back in black -- Posts Rs 18.74-crore profit on higher sales

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