Indo Rama Synthetics Q4 profit after tax at Rs.6.69 crores, recommends 10% dividend

Indo Rama Synthetics India Ltd has announced the audited financial results for the quarter & year ended March 31, 2007. The results for the Quarter ended March 31, 2007 are as follows: The Company has posted a profit after tax of Rs 66.90 million for the quarter ended March 31, 2007 as compared to Rs 35.00 million for the quarter ended March 31, 2006. Total Income (net of excise) has increased from Rs 5280.30 million for the quarter ended March 31, 2006 to Rs 6362.30 million for the quarter ended March 31, 2007.

The results for the Year ended March 31, 2007 are as follows: The Company has posted a profit after tax of Rs 206.40 million for the year ended March 31, 2007 as compared to Rs 518.30 million for the year ended March 31, 2006. Total Income (net of excise) has increased from Rs 19336.70 million for the year ended March 31, 2006 to Rs 20724.60 million for the year ended March 31, 2007.

The Board of Directors of the Company at its meeting held on May 16, 2007, inter alia, has recommended a dividend of Re 1.00 per share (10%) on equity shares for the year 2006-07.

Further the Company has informed that, the Board of Directors of the Company, (as well as of Indo Rama Petrochemicals Ltd (IRPL) (an unlisted Company pursuing power / electricity business have approved a proposal of merger / amalgamation of IRPL into the Company and have decided the swap ratio for exchange of shares as 10:16 whereby for every 10 shares of IRPL, 16 shares of the Company may be allotted subject to completion of necessary formalities and approvals as envisaged under Section 391-394 of the Companies Act, 1956. For the purpose of implementing the said merger, a draft Scheme of Merger / Amalgamation of IRPL and the Company will be prepared in consultation with the legal advisors, consultants and experts.

Source : Equity Bulls

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