Indo Rama Textiles holds annual general meeting

Mumbai: Indo Rama Textiles Limited (IRTL), one of India's largest polyester-cotton blended yarn exporters, today held its second annual general meeting at Pithampur, Madhya Pradesh. On the growth trend since its conception, IRTL's run has again endorsed the management's decision of the demerger and creation of this separate company.

For the year ending March 31, 2004, IRTL has registered an increase of 17.7 per cent in net profits. The company has declared a dividend of 15 per cent. The net profits jumped to Rs9.25 crore from Rs7.86 crore (FY 2002-03). The profit before tax (PBT) for the same period registered a phenomenal increase of 434.8 per cent, rising to Rs17.81 crore from Rs3.33 crore in FY 2002-03. The operating profits (EBIDTA) grew to Rs37.37 crore from Rs22.65 crore, registering an increase of 64.3 per cent. The cash profits (PBDT) rose 86.9 per cent in FY 2003-04, rising to Rs30.78 crore from Rs16.47 crore in the last financial year. Depreciation and interest increased by 1.3 per cent and 4.9 per cent, respectively.

A growth pattern was visible in the sales, which increased by 13.2 per cent approximately for the same period. The company registered sales worth Rs373.73 crore.

Speaking on the occasion, Rajiv Agarwal, director, IRTL, said, "The phasing out of the quotas post December 2004, projects tremendous scope for the Indian textile industry. IRTL with its focus on quality products, buoyant financial results and the continuous support of the shareholders is confident of harnessing the opportunities to their optimum potential."