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SRF posts 29% profit growth in Q1; sales up 35%

Commenting on the results, SRF's Managing Director Ashish Bharat Ram said, “On an overall basis, the company has witnessed strong revenue and margin performance in this quarter."


PTI Last Updated at 07 Aug 2018, 22:08 IST India
SRF posts 29% profit growth in Q1; sales up 35%

Specialty chemicals major SRF Limited today reported a 29 percent growth in profit after tax at Rs 134 crore for the first quarter ended June 30, 2018, on strong performance across various businesses.

The company saw its consolidated gross sales rise to Rs 1,718 crore in the quarter, up by 35 percent from the year-ago period, the company said in a statement.

Commenting on the results, SRF's Managing Director Ashish Bharat Ram said, "On an overall basis, the company has witnessed strong revenue and margin performance in this quarter."

Expressing confidence about specialty chemicals business rebounding in the second half of the current financial year, Ram said a healthy performance being seen in other businesses signal a healthy performance for the year.

The technical textiles business reported a marginal dip of 1 percent in revenues to Rs 501 crore in the quarter, while the operating profit rose 22 percent to Rs 72 crore. This business continued to maintain its market leadership position on account of better volumes and operational cost savings.

The chemicals business reported 34 percent increase in revenue to Rs 477 crore in the first quarter, while operating profit rose by 32 percent to Rs 79 crore, despite a weak summer that impacted the company's fluorochemicals business to some extent.

The packaging films business reported revenue growth of 52 percent to Rs 632 crore while operating profit more than doubled to Rs 97 crore on higher volumes and better margins.

At a meeting, the company's board also approved an interim dividend at the rate of 60 percent, amounting to Rs 6 per share.

SRF said it has applied for 145 patents as of June 30, with ten patents applied during the quarter itself. The company has been granted nineteen patients at the end of the first quarter.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

COUNTRY :
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