Textiles firm Indo Rama Synthetics (India) today said its net profit declined by 64.76% to Rs 35.47 crore for the fourth quarter ended March 31, 2012, primarily due to the weak rupee.
The company had posted a net profit of Rs 100.68 crore in the same period previous fiscal.
Net sales of the company for the fourth quarter stood at Rs 786.98 crore against Rs 763.93 crore in the same period previous fiscal, Indo Rama Synthetics said in a statement.
For the full year ended March 31, 2012, the company posted a net profit of Rs 31.96 crore against Rs 139.41 crore in the previous fiscal.
Net Sales of the company for FY12 stood at Rs 2,943.27 crore compared to Rs 2,796.06 crore in the corresponding financial year.
Commenting on the results Indo Rama Synthetics (India) Ltd Chairman and Managing Director OP Lohia said: "We have successfully managed a highly challenging year and delivered a modest growth. We believe that the exceptionally long down turn for the industry is set to reverse now."
The company's board, which met today, has recommended a dividend of Re 1 per share (10%) for the financial year 2011-12.
The board also approved setting up a subsidiary company for venturing into renewable energy business.
Shares of Indo Rama Indo Rama Synthetics (India) closed 3.51% up at Rs 25.10 on the BSE.
