Indo Rama Synthetics shares touched a day high of Rs 101.30 on 16 October after consolidated Q2 profit more than tripled to Rs 74.08 crore.

The polyester maker shared its July to September numbers after a board meeting on Friday.

On a consolidated basis, which adds up the parent company and its subsidiaries, profit rose from Rs 24.55 crore a year ago to Rs 74.08 crore.

Sales grew far more slowly. Consolidated revenue came in at Rs 1,340.64 crore, up 9.8% from Rs 1,220.64 crore.

The profit race ahead because the standalone figures, which cover only the parent company, show it.

Standalone profit jumped 139% to Rs 55.05 crore, while revenue rose 7% to Rs 1,248.33 crore.

The bill for raw materials hardly moved, at Rs 942.04 crore against Rs 938.30 crore last year. Sales went up, but that cost stayed put.

Operating profit before depreciation and interest climbed to Rs 93.14 crore from Rs 71.20 crore. Interest costs also eased, from Rs 28.74 crore to Rs 25.65 crore.

Shareholders gained too. Earnings per share, which is the profit attached to each share, rose to Rs 2.84 from Rs 0.94 on a consolidated basis.

The results are unaudited. The company runs one business, making and trading polyester goods.

Statutory auditors S S Kothari Mehta & Co. LLP carried out a limited review before the board approved the numbers.

The April to June quarter had also been a good one, with profit up 20.8%, according to a 30 July report. There was a promoter move in September too.

In a filing on 10 September, the company said promoter Urmila Lohia had bought 4,14,796 shares on the NSE on 8 and 9 September for about Rs 3.14 crore.

She held 20.76% of the company before those purchases and 5,46,24,726 shares after them.

The stock closed at Rs 97.56 on the NSE on Friday, up Rs 3.00 or 3.17% from the previous close of Rs 94.56.

It opened at Rs 94.90 and dipped to a low of Rs 92.68 before reaching its high of Rs 101.30.

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