Companies

SRF Q2 net falls 36% to Rs 48 cr

PTI New Delhi | Updated on October 28, 2013 Published on October 28, 2013

SRF Ltd, a leading manufacturer of chemical based industrial intermediates, today said its net profit after tax declined by 37 per cent to Rs 48 crore during the second quarter ended September 30, 2013.

The company had reported Rs 75 crore net PAT in June-September quarter of the previous fiscal, SRF said in a statement.

However, as compared to the first quarter of the fiscal, the company’s net profit after tax grew by 9 per cent.

“The prevailing economic slowdown coupled with forex loss against forex gain of last year, caused 37 per cent decline in the company’s PAT during the second quarter of the current financial year over the corresponding period last year when it had posted a PAT of Rs 75 crore,” it said.

SRF’s net sales in the second quarter of the fiscal improved to Rs 844 crore from Rs 804 crore recorded during the year-ago period.

“In a weak economic environment, the company has managed to do well. Operations across the board performed better than expectations. Having said that the economic conditions remain extremely challenging with low visibility,” SRF Managing Director, Ashish Bharat Ram said.

The SRF board also approved an interim dividend at the rate of 30 per cent amounting to Rs 3 per share.

Further, it said that the net profit after tax of the company declined by 6 per cent at Rs 92 crore during the six-month period ending September 2013 as against Rs 97 crore posted during the same period last year.

Shares of SRF closed at Rs 174.10, up 0.49 per cent, on the BSE.

Published on October 28, 2013
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