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Polyester major Indo Rama Synthetics (India) Ltd has posted a net loss of ₹ 37.95 crore for the third quarter (ended December 31) of the ongoing fiscal, which is higher than the loss of ₹ 7.76 crore in the corresponding quarter last year.
Net loss for the first nine months of 2016-17 stood at ₹ 69.20 crore compared with ₹ 51.60 crore during the corresponding period of the previous year, according to a company release.
The company has attributed part of the losses to the demonetisation exercise carried out by the government in November.
“The industry witnessed increase in oil prices in the last 3 months and consequent increase in raw material prices i.e. PTA and MEG, but because of demonisation impact the increase in prices of raw material could not be passed on to customers in the same line,” said O P Lohia, Chairman & Managing Director, Indo Rama Synthetics (India) Ltd.
For the quarter ended December 31, 2016, net revenue stood at ₹ 623.92 crore against ₹ 663.25 crore in the third quarter of the previous year. Operational EBIDTA (earnings before interest, taxes, depreciation, and amortisation) for the quarter was a negative ₹16.22 crore compared with ₹ 22.04 crore for the same period.
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