SRF Posts 27% Jump In June Quarter Profit

SRF Posts 27% Jump In June Quarter Profit

SRF's board declared an interim dividend of 60%.

New Delhi: SRF Ltd, manufacturer of technical textiles, chemicals and polymers, on Monday reported a 27.12 per cent increase in consolidated net profit at Rs 144.19 crore for the fiscal first quarter that ended on June 30, 2016.

The company had posted a net profit of Rs 113.42 crore for the corresponding period a year ago.

However, net sales of the company were down 0.86 per cent at Rs 1,195.08 crore three-month period under review as against Rs 1,205.45 crore a year ago, it said in a filing to the BSE.

In a separate filing, the company said its board in a meeting held on Monday approved setting up of a chloromethanes plant at Dahej, Gujarat, at an estimated cost of Rs 165 crore.

It would be funded through a "mix of debt and internal accruals", SRF added.

SRF's board also declared an interim dividend of 60 per cent, which was Rs 6 per share on the paid-up equity share capital of the company.

Shares in SRF Ltd, on Monday, settled 0.42 per cent higher at Rs 1,538.10 apiece on the BSE, whose benchmark Sensex index finished up 0.37 per cent.