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SRF jumps after Q1 result
SRF advanced 7.43% to Rs 2,770 at 9:21 IST on the BSE after consolidated net profit rose 41.4% to Rs 189.22 crore on 8.7% rise in net sales to Rs 1797.35 crore in Q1 June 2019 over Q1 June 2018.
The announcement was made after the market hours today, 5 August 2019.
Meanwhile, the S&P BSE Sensex was up by 112.16 points or 0.31% to 36,812.
On the BSE, 8,578 shares were traded in the counter so far compared with average daily volumes of 15,000 shares in the past two weeks. The stock had hit an intraday high of Rs 2,794.05 and an intraday low of Rs 2,638.85 so far during the day. The stock hit a 52-week high of Rs 3,086 on 3 July 2019 and a 52-week low of Rs 1,616.5 on 1 October 2018.
SRF's consolidated earnings before interest and tax (EBIT) increased 16% to Rs 295 crore in Q1 June 2019 over Q1 June 2018.
Ashish Ram said the chemicals business was negatively impacted due to a slower than expected recovery, post-Dahej site closure in April 2019. The company's packaging films business had a good quarter. The technical textiles business was impacted negatively due to lower offtake by customers.
In a separate announcement, the company's board of directors has approved project for setting up of an integrated facility for the development of PTFE at an estimated cost of Rs 424 crore.
SRF is a chemical-based multibusiness entity engaged in the manufacturing of industrial and specialty intermediates. The company's diversified business portfolio covers Technical Textiles, Fluorochemicals, Specialty Chemicals, Packaging Films, Coated and Laminated Fabrics.
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