Analysts, on an average, had expected a profit of Rs 151 crore and revenue of Rs 2,008 crore for the quarter.
The company’s EBITDA (earnings before interest, tax, depreciation and amortization) margin improved to 19.6 per cent, up 185 bps on YoY basis.
The management said fluorochemicals business continued to perform in line with expectations mainly on account of higher sales of Chloromethanes. The specialty chemicals business witnessed robust demand on the back of agro reversal in the fourth quarter, leading to higher sales, it said.
Meanwhile, in a separate regulatory filing, SRF said it has entered into a definitive agreement to sell its engineering plastics business to DSM, the life sciences and materials sciences Company in an all-cash transaction, amounting to Rs 320 crore.
It expects the transaction to provide cash and liquidity to strengthen the company’s balance sheet further. It will also allow company to optimize and focus efforts and resources on developing more-and-more complex technologies within the chemicals business space.
At 03:00 pm, SRF was trading 4 per cent higher at Rs 2,565 on the NSE, as compared to 0.43 per cent rise in the S&P BSE Sensex. The trading volumes on the counter jumped more than eight-fold with a combined 2.74 million shares changed hands on the NSE and BSE so far.