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SRF reports PAT of Rs 75 cr in Q2 of 2012-13

SRF Limited, a multi-business entity engaged in the manufacture of chemical based industrial intermediates, reported a net profit after tax (PAT) of Rs 75 crore during the second quarter of 2012-13 against Rs 22 crore recorded during the previous quarter ended June 2012.

Impacted by the prevailing economic slowdown, the company’s Q2 PAT this year, however, dropped by 30 per cent over the corresponding period last year (CPLY) when it had posted a PAT of Rs 107 crore. SRF’s revenue declined from Rs. 914 crore to Rs. 804 crore, a fall of 12 per cent during the same period year-on-year. The unaudited financial results of SRF were taken on record by SRF’s Board in a meeting held on Friday.

As in the previous years, the Board approved an interim dividend at the rate of 50 per cent amounting to Rs. 5 per share. Reflecting on the financial performance of the company, Mr. Ashish Bharat Ram.

Managing Director, SRF Limited, commented: “As I had mentioned before, the economic slowdown continues to hamper both volumes and margins and the situation does not appear to be improving any time soon. We are, however, optimistic about our long-term strategies and our ability to withstand the pressure on the margin through continuous improvements in internal efficiencies.”

While the segment revenue for the Technical Textiles Business grew by 4% from Rs. 420 crore to Rs. 435 crore, its operating profit increased by 10% from Rs. 30 crore to 33 crore during the quarter ended September 2012. The Packaging Films Businesses recorded a decline of 45% in its operating profit at Rs. 6 crore at revenue of Rs. 164 crore. The operating profit of the Chemicals & Polymers Business reduced by 77% from Rs. 186 crore to Rs. 42 crore.
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