SRF EBIT flat at Rs 295 crore, revenue drops 12 pc

Source :ANI
Author :ANI
Last Updated: Thu, Jul 30th, 2020, 16:28:20hrs
The company will set up additional facility to produce 1 lakh tonnes of chloromethanes annually at Dahej in Gujarat

Gurugram (Haryana) [India], July 30 (ANI): SRF Ltd on Thursday reported 1 per cent increase in its earnings before interest and tax (EBIT) at Rs 295 crore in Q1 FY21 as compared to Rs 291 crore in the corresponding period of previous fiscal.

The profit after tax also rose by 1 per cent from Rs 175 crore to Rs 177 crore but consolidated revenue dipped by 12 per cent from Rs 1,763 crore to Rs 1,545 crore.
The chemicals business reported an increase of 17 per cent in revenue from Rs 603 crore to Rs 705 crore during Q1 FY21.
But the packaging films business reported a decline of 3 per cent in revenue from Rs 702 crore to Rs 677 crore.

The technical textiles business reported a plunge of 63 per cent in revenue from Rs 382 crore in Q1 FY20 to Rs 140 crore in Q1 FY21. Other businesses revenue also dipped by 69 per cent from Rs 77 crore to Rs 24 crore.
Managing Director Ashish Bharat Ram said every business had to deal with unique challenges during the Covid-19 crisis but found ways of delivering results. "I remain cautiously optimistic of a healthy performance going forward."
The board of directors declared an interim dividend at the rate of 50 per cent amounting to Rs 5 per share.
The board also approved setting up of an additional facility to produce one lakh tonnes of chloromethanes per year at Dahej in Gujarat at a projected cost of Rs 315 crore.
Earlier, the company was setting up an integrated facility for polytetrafluoroethylene (PTFE) at a cost of Rs 424 crore which has been delayed due to a challenging global economic environment.
SRF's diversified business portfolio covers fluorochemicals, specialty chemicals, packaging films, technical textiles, coated and laminated fabrics.