SRF Q1 profit after tax doubles to Rs 44 cr

Company reported Rs 22 crore PAT in April-June quarter of the previous fiscal

Technical textile maker SRF Ltd today said its profit after tax (PAT) doubled to Rs 44 crore in the first quarter ended June 30, 2013.

The company had reported Rs 22 crore PAT in April-June quarter of the previous fiscal, SRF said in a statement.

SRF's net sales in the April-June quarter of 2013 improved to Rs 819 crore from Rs 810 crore recorded during the year-ago period.

"In a very challenging environment, the company has performed well. The relentless focus on quality and costs is paying off. Unfortunately the environment remains extremely tough in the near future. The development of our Dahej site remains on track," SRF Managing Director Ashish Bharat Ram said.

SRF's board also approved a capex proposal to set up a new plant at the company's newly developed chemical complex at Dahej in Gujarat at the total investment of about Rs 50 crore.

The new plant would manufacture speciality chemicals to cater to the agrochemical industry.

Shares of SRF closed at Rs 138.10, down 0.40%, on the BSE.