SRF to set up specialty chemicals plant in Dahej

SRF Ltd, a multi-business entity engaged in the manufacture of chemical based industrial intermediates, is planning to set up a plant in Dahej (Gujarat) to manufacture existing range of specialty chemicals being produced at its Bhiwadi (Rajasthan) plant to cater to the increasing demand from pharma sector.
 
“The board of directors of the company at its meeting held on May 11, 2015 has approved proposal for setting up a dedicated plant at an aggregated cost of Rs 48.60 crore to manufacture existing range of specialty chemicals to cater to the increasing demand from pharma sector at SRF's Chemical Complex in Dahej, Gujarat,” said SRF in a BSE filing.
 
In addition, the board has also approved a capex proposal for improving the product development capability in engineering plastics division.
 
Meanwhile, SRF Ltd has reported 86% increase in consolidated net profit after tax (PAT) at Rs 303 crore for the fiscal ended March 31, 2015. The company’s consolidated net sales also grew by 13% to Rs 4492 crore as against Rs 3993 crore recorded in the previous year despite softening of crude oil prices which adversely impacted the realisations for most of SRF products.
 
Commenting on the performance, Ashish Bharat Ram, managing director, SRF, said, “I am happy with the overall performance of the company which has been in sync with our plan. In spite of an adverse impact of raw material prices in the second half of the year we were able to increase our profitability. Our investments in the chemicals and polyester films businesses are paying off and we remain confident of our ability to reap the benefits of an upturn in the economy.”