SRF tumbles after weak Q1 results

SRF fell 7.63% to Rs 1,426.45 at 10:22 IST on BSE after consolidated net profit fell 32.84% to Rs 103.81 crore on 7.14% increase in total income to Rs 1312.91 crore in Q1 June 2017 over Q1 June 2016.

The result was announced after market hours yesterday, 9 August 2017.

Meanwhile, the S&P BSE Sensex was down 63.81 points, or 0.20% to 31,950.38.

On the BSE, 22,000 shares were traded in the counter so far, compared with average daily volumes of 14,751 shares in the past one quarter. The stock had hit a high of Rs 1,520 and a low of Rs 1,422.80 so far during the day. The stock hit a record high of Rs 1,969.50 on 5 October 2016. The stock hit a 52-week low of Rs 1,352.15 on 18 November 2016.

The stock had underperformed the market over the past one month till 8 August 2017, falling 0.12% compared with 0.94% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 13.03% as against Sensex's 5.84% rise. The scrip had also underperformed the market in past one year, falling 2.28% as against Sensex's 13.99% rise.

The mid-cap company has equity capital of Rs 57.42 crore. Face value per share is Rs 10.

SRF said that its Q1 net profit declined mainly on account of subdued commodity prices, channel destocking during the transition to the Goods and Services Tax (GST) regime and strengthened rupee.

In a separate announcement, SRF said that its board approved setting up a facility to produce specialty chemicals (P-33) for agro industry at the company's chemical complex in Dahej, Gujarat at an estimated cost of Rs 85 crore.

SRF is a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates.

Powered by Capital Market - Live News