Financial Daily from THE HINDU group of publications
Friday, Jul 23, 2004
Financial Daily from THE HINDU group of publications Friday, Jul 23, 2004 |
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Corporate Results
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Textiles SRF Q1 net falls 13% Our Bureau
New Delhi , July 22 INDUSTRIAL fabrics maker SRF Ltd on Thursday reported a 13 per cent dip in net profit during the first quarter of the current fiscal at Rs 12.1 crore, compared to a net of Rs 13.7 crore during the corresponding period last fiscal. Net revenues, however, registered an increase of 5.4 per cent to Rs 222.2 crore from Rs 210.8 crore , a company release said here. The results were, to a large extent affected by the pricing pressures from Chinese competitors in the tyre cord business, increase in raw material cost and rupee depreciation, it added. SRF makes refrigerant gases, industrial synthetic fabrics and tyre cord fabrics and has six manufacturing plants in the country and abroad. The depreciation of the rupee also led to an adverse foreign exchange charge of Rs 8.3 crore during the quarter, the release said.
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