BUSINESS

Spurt in Indian Rayon's net profit

MUMBAI JAN. 28. Indian Rayon has posted a net profit of Rs. 40.08 crores for the quarter ended December 31, 2002 against Rs. 3.63 crores in the corresponding period in the previous year. The company reported a turnover of Rs. 410.45 crores against Rs. 406.69 crores.

"The company registered a growth of 15.9 per cent when revenues from the insulator division are included in the results," stated a release. The insulator business has been de-merged from August 1, 2002 on a going concern basis, and the scheme was made effective on January 10, 2003.

The garments division's revenue at Rs. 92.03 crores was lower by 16.2 per cent as compared to Rs. 109.78 crores. Sales volume declined by 22.7 per cent. The VFY division has posted an improved performance in this quarter, increasing production of its first quality yarn to 65 per cent. The carbon black division's volume has increased by 15.6 per cent and revenues grew by 17 per cent. The textiles division revenues have gone up by 27.7 per cent to a record Rs. 93.92 crores.

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