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SRF net vaults 222% to Rs 169 cr in first quarter
Rupali Mukherjee
New Delhi, July 24: SRF Ltd has recorded a rise of 222 per cent in net profit at Rs 18 crore on a turnover of Rs 169 crore for the first quarter ended June 30, 2000. The company's net profit for the April to June 1999 quarter stood at Rs 5.6 crore on a turnover of Rs 157 crore. The profit before interest, tax and depreciation and NPA charge is Rs 48.6 crore, against Rs 53.8 crore in the corresponding period the previous year. According to SRF Ltd chief executive officer and group head, Ravi K Sinha "the stock reduction by tyre companies and higher imports have resulted in lower off-take for domestic nylon tyrecord fabric.Moreover, the import duty on nylon tyre fabric has been reduced from 40 per cent to 25 per cent with no corresponding reduction in the duty of our main raw material - caprolactum, which remains at 25 per cent. These factors have adversely affected the SRF's EBIDT". "We see improved performance in the second quarter due to rising international prices of nylon tyrecord fabric and better orderbook position", he added. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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