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New Delhi, July 21 SRF Ltd has reported a profit after tax of Rs 56 crore for the first quarter of 2007-08 lower by 31 per cent compared to the same quarter last fiscal.

The company’s total revenues for the quarter stood at Rs 405 crore, down 11.5 per cent, against Rs 457 crore in the corresponding period last year

The lower profits were because of the pressure on margins, higher depreciation charges due to additional impact of change in depreciation policy and reduction in the sales of carbon credits, the company said in a release.

Commenting on the results, the Managing Director, Mr Ashish Bharat Ram, said: “The strengthening of the rupee has adversely impacted all our businesses with lower revenues and lower margins. In spite of seeing the lowest margins historically, we managed to generate a marginal profit.”

The company on Friday also approved four expansion proposals involving a total capital expenditure of around Rs 270 crore.

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SRF Q1 profit down at Rs 56 cr

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