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Indiian Indorama Synthetics posts net profit of US17.6 mln for Q4 FY20-21 versus net loss a year earlier

May 20/2021

MOSCOW (MRC) -- Indorama Synthetics (India) Limited, one of Indias major polyester manufacturer, has announced its results for the quarter and financial year ended March 31, 2021, according to Kemicalinfo.

The company reported a net profit of Rs 128.65 crores (USD17.6 million) for the quarter ended March 31, 2021, against a net loss of Rs 50.08 crores (USD6.8 million) in the prior-year quarter.

The companys net revenue increased 74% to Rs 835.93 crores (USD114.3 million) for the quarter ended March 31, 2021, as against Rs 480.65 crores (USD65.7 million) in the prior-year quarter.

For the year ending March 31, 2021, Indo Rama reported a net profit of Rs 113.38 crores (USD15.5 million) as against a net loss of Rs 316.54 crores (USD43.3 million) during the last financial year.

Net sales for the financial year ended March 31, 2021 dropped 3% to Rs 2063.71 crores (USD282.2 million) as compared to Rs 2127.95 crores (USD291 million) in the previous year.
The Board of Indorama Synthetics (India) at its meeting held on 19 May 2021 has approved capex plan up to Rs 600 crore (USD82 million) in the company and its wholly owned subsidiarie(s) at Butibori, Nagpur towards addition of balancing equipment for value addition, manufacture of specialty yarns including recycled filament yarns and also to install a 700 TPD PET Resin manufacturing facility to diversify the product portfolio of the company.

We remind that, as MRC informed before, Indorama Ventures Public Company Limited (IVL), a global chemical producer, has announced its third quarter 2020 financial results. Reported net profit is THB 380 million in 3Q20 and THB 1,104 million for 9M20.

According to MRC's ScanPlast report, Russia's total estimated consumption of polyethylene terephthalate (PET) reached 64,750 tonnes in March 2021, which corresponds to the the previous year's figure (64,520 tonnes). The estimated PET consumption decreased in Russia year on year by 5% in January-March 2021 to 182,300 tonnes.

Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the worlds leading petrochemicals producers, with a global manufacturing footprint across Africa, Asia Pacific, Europe and Americas. The companys portfolio comprises Integrated PET, Olefins, Fibers, Packaging and Specialty Chemicals. Indorama Ventures products serve major FMCG and automotive sectors, i.e. beverages, hygiene, personal care, tire and safety segments. Indorama Ventures has approx. 24,000 employees worldwide and consolidated revenue of US$ 11.4 billion in 2019. The Company is listed in the Dow Jones Emerging Markets and World Sustainability Indices (DJSI).
Author:Margaret Volkova
Tags:polyether, PET-granulate, fibers/filaments, Indorama Synthetics, Indorama Ventures PLC, Russia, Thailand.
Category:General News
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