SRF Limited, the domestic market leader in technical textiles, refrigerant gases and a preferred supplier of other fluorochemical products and polyester films, recorded 103% growth in profit after tax (PAT) at Rs. 93 crore during the first quarter of 2008-09 ended on 30th June 2009 as against Rs. 46 crore recorded during the corresponding period last year (CPLY). SRF?s Revenue increased from Rs. 474 crore to Rs. 498 crore, recording a growth of 5% during the period. The unaudited financial results of SRF were taken on record by SRF?s Board in a meeting held this afternoon.
The increase in the company?s profitability is mainly attributed to higher volumes, better operational efficiencies, lower cost of the raw materials and gains from foreign currency fluctuations. SRF?s profit prior to finance related costs (Interest & Finance Charges and Exchange Currency Fluctuations) improved by 30%, from Rs. 99 crore to Rs. 129 crore during the same period. The company?s EPS during April-June 2009 stood at 15.30 (6.73).
PERFORMANCE OVERVIEW
The sales of the tyre cord fabrics and chloromethanes, each grew by 9% during the quarter over CPLY. The sales of the fluorospecialities, which is driven by the company?s R&D expertise in the area of fluorine chemistry for pharma and agro industries, recorded a jump of 75% during the period.
BUYBACK
The Board also approved buy back of shares of the Company up to Rs. 65 crore at a price not exceeding Rs. 160 per share from open market. Buy-back can remain open for the period up to 27th July 2010 or such earlier date as may be determined by the Board.