SRF Q1 Net Rises 38% At Rs 12 Crore

New Delhi, July 24: | Updated: Jul 25 2002, 05:30am hrs
SRF Ltd has reported a 38 per cent higher net profit at Rs 12.4 crore on an increased net sales of Rs 177.99 crore for the first quarter ended June 30, 2002.

SRF’s net sales for the quarter ended June 2001 stood at Rs 158.24 crore.

The company’s profit before interest depreciation and tax increased by five per cent at Rs 42.69 crore during the quarter. SRF reported a PBT of Rs 19.56 crore, up from Rs 12.94 crore in the corresponding period previous year.

The company said the rise in input costs of the nylon tyre fabric could not be passed on to the consumer. “This is a key issue affecting profitability of the business,” it said in a statement here.

It said subject to a reduction in supply “overhang” in the coming months, the outlook for the future is “modestly positive”.

SRF CEO Ravi Sinha said, “There has been some growth in demand in our refrigerant gases, due to a more oppressive summer and good growth in off-take of refrigerators and ACs. This has helped increase operating profits in the business, which has made up for the sluggish conditions prevailing in our nylon tyre cord fabric business.”