SRF Limited has tanked 10% to Rs 206 on reporting 73% year-on-year (yoy) drop in net profit at Rs 22 crore for the first quarter ended June, due to mark-to-market loss of Rs 46 crore incurred by the company because of foreign exchange fluctuations. Net sales too dipped 3% at Rs 810 crore on y-o-y basis.
“Besides the foreign exchange setback, rising input costs and the adverse demand-supply situation impacted earnings,” SRF said in a filing.
Ashish Bharat Ram, managing director of the company however, said that the benefit of the rupee devaluation will show up in operating results in the next few months.
The stock opened at Rs 220 and hit a low of Rs 205 on the NSE. A combined around 260,000 shares have changed hands on the counter so far.
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