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Buoyed by a strong performance from its packaging films business, SRF Ltd posted a big jump in net profit at Rs. 171 crore during the third quarter of the current fiscal. This was 350 per cent higher than the corresponding period last year. The company’s revenues during the latest quarter were up 72 per cent to Rs. 844 crore.
Riding on the robust demand, SRF’s packaging films business recorded an operating profit of Rs. 146 crore during third quarter of the current financial year, as against Rs. 6 crore over the corresponding period a year ago. SRF’s other two key businesses, chemicals and technical textiles also posted an increase in segment revenue of 87 per cent and 18 per cent respectively during the period, the company said in a statement.
Mr. Ashish Bharat Ram, Managing Director, said, “The packaging films business, in particular, has given a significant boost to the bottom-line. We hope to maintain the trend in the remaining part of the current financial year”
For the first nine months of the current financial year, SRF recorded a net profit of Rs. 347 crore as against Rs. 199 crore, achieving a growth of 74 per cent over the corresponding period a year ago. The revenues during the nine months of 2010-11 were up by 46 per cent at Rs. 2211 crore.
The SRF share was up over 5 per cent to close Thursday’s trading on the BSE at Rs 354.70. The 52-week high for the stock was Rs 444.30 while the corresponding low was Rs 173.25.
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