Srf Net Up 50% To Rs 26.8 Crore

SRF Ltd has registered a 4 per cent growth in net sales for the year ended March 31, 2001, at Rs 693 crore. Profit after tax at Rs 40.3 crore was up around 50 per cent from the previous year's Rs 26.8 crore.

The company's board, which approved the financial results for the quarter and year ended March 31, 2001, recommended a dividend of 20 per cent compared to last year's 15 per cent.

Profit before interest, depreciation and tax (PBIDT) at Rs 158 crore declined by 22 per cent (Rs 205 crore). According to a company release, PBIDT includes the negative impact on account of provision for foreign currency fluctuation of Rs 6.25 crore (previous year's positive impact of Rs 1.4 crore), and the positive impact of profit on sale of property of Rs 6.26 crore (which was nil in the previous year).

Interest and finance charges for the year fell by Rs 25.5 crore, reflecting a reduction of 27 per cent at Rs 69.3 crore (Rs 94.7 crore).

The company received $9.7 million (Rs 44.5 crore) from the Multilateral Fund of the Montreal Protocol as compensation for part phasing out of chloro fluoro carbon gases (CFCs). This has not been included in the financial results and has been directly taken into the capital reserve. Over the next ten years, a further $24.8 million (an estimated Rs 105 crore) will be received in a phased manner.

The board of SRF Ltd today also approved the audited financial results for the quarter ended March 31, 2001. Net sales during the period improved marginally by 2 per cent from Rs 175 crore to Rs 178 crore. PBDIT at Rs 41.1 crore declined by 20 per cent from Rs 51.5 crore. Profit after tax, however, grew substantially from Rs 2.7 crore to Rs 12.2 crore.