Textile firm Indo Rama Synthetics today posted a profit after tax of Rs 103.59 crore for the second quarter ended September 30, 2012, on the back of appreciation in the rupee against the dollar.
The company had posted a net loss of Rs 22.84 crore during the same period of previous fiscal.
Net sales of the company stood at Rs 734.50 crore for the second quarter, as against Rs 771.71 crore in the corresponding period of 2011-12.
"The profitability in the quarter was boosted, primarily by strengthening of rupee and reversal of mark to market losses incurred in the previous quarter as the rupee moved up," Indo Rama Synthetics (India) Ltd said in a statement.
The net sales have been marginally lower than same quarter previous year due to weak export demand on account of disturbances in European and Middle-east markets, it added.
Commenting on the results, Indo Rama Synthetics (India) Chairman and Managing Director O P Lohia said: ".. With the polyester prices bottoming out and rupee stabilising, we expect the sentiments and performance to only improve from hereon."
Indo Rama Synthetics is one of the India's largest dedicated polyester manufacturer with an annual capacity of around 6.10 lakh tonnes per annum.
Shares of Indo Rama Synthetics today closed at Rs 26.55 on the BSE, up 19.86 per cent from its previous close.