SRF Ltd Q1 profit jumps 41 pc to Rs 189 crore, to set up Rs 424 crore PTFE plant

SRF Limited, a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates, has reported 41 per cent jump in its profit after tax to Rs 189 crore in the first quarter of current fiscal compared to Rs 134 crore in the year-on period.

Consolidated revenue grew by 9 per cent from Rs 1,676 crore to Rs 1,828 crore while earnings before interest and tax increased by 16 per cent from Rs 254 crore to Rs 295 crore in Q1 FY20.

"The chemicals business was negatively impacted due to a slower than expected recovery, post our Dahej site closure in April," said company's Managing Director Ashish Bharat Ram.

"But our packaging films business had an excellent quarter. The technical textiles business was impacted negatively due to lower offtake by customers. Going forward, we remain optimistic that our diversified model will hold us in good stead," he said in a statement.

The board of directors approved the setting up of an integrated polytetrafluoroethylene (PTFE) plant along with R22 plant as feedstock at an aggregate cost of Rs 424 crore.

SRF has declared an interim dividend at the rate of 70 per cent amounting to Rs 7 per share.

Till June 30 this year, SRF had applied for a total of 170 patents. Till date, the company has been granted 38 patents globally.

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