At a meeting held today, the Board of Directors
of SRF Limited approved the unaudited Financial
Results for the quarter ended 30th June, 2003.
company recorded Net Sales of Rs.209.48
cr (Q1, FY 2003-04), which increased by 13.66%
from Rs.184.31 cr over the corresponding period
Total Expenditure increased 19.37% from
Rs.142.86 cr last year, to Rs.170.53 cr this quarter
Profit before Interest Depreciation & Tax
(PBIDT) decreased by 1.89%, and stood at Rs.
41.89 cr this quarter (Q1, FY2003-04) compared
to Rs.42.69 cr in the same period last year.
and Financial Charges at Rs. 7.13 cr (Q1,
FY2003-04) decreased by 34.05 % as compared to
Rs.10.81 cr. in Q1, FY2002-03.
Profit (Profit after Interest but before Depreciation
and Tax) increased by 9.02%, and stands at
Rs. 34.76 cr this quarter (Q1, FY2003-04) compared
to Rs.31.88 cr in the same period last year.
Before Tax has increased 15.43%, from Rs.
19.56 cr (Q1, FY2002-03) to Rs.22.58 cr (Q1, FY2003-04).
Tax for the quarter ended 30/06/03 amounting
to Rs 7.33 cr has been provided based on the estimates
in accordance with the Accounting Standard (AS-22)
issued by the Institute of Chartered Accountants
of India. Any excess/ short provision shall be
suitably adjusted in subsequent quarters. For
the quarter ended 30/06/02 it has been taken proportionately,
based on the audited deferred tax of Rs 19.31
cr for the year ended 31/3/03.
Profit After Tax at Rs.13.68 cr (Q1, FY2003-04)
increased by 10.32% from Rs.12.40 cr for the same
quarter last year.
Mr. Ravi Sinha, CEO, commented:
said in the last quarter that the demand-supply
balance for yarn is tightening across Asia. If
you look at the segment wise results, EBIT of
the Tyre Cord Business has grown by Rs.358 lakhs
in NTCF continues to grow (at 6 per cent YTD as
compared to 15 per cent last year) on the back
of continued growth in the infrastructure sector.
Chinese imports of NTCF into India have grown
dramatically. This continues to exert pressure
improvement in performance of tyre cord fabric
has partially offset the drop in EBIT of the Chemicals
Business (Rs.640 lakhs). This drop has happened
OEMs switched over to substitutes of Chlorofluorocarbons
(CFCs) in accordance with Montreal Protocol stipulations.
b) Higher Chlorine and Methanol prices. This may
order to counter the phase-out of CFCs and to
ensure growth, the Board of Directors has approved
a Rs. 50 crore investment in a new manufacturing
facility for Hydrofluorocarbons ( HFCs), which
are ozone friendly replacement gases for CFCs
and HCFCs that are being phased out under the
Montreal Protocol. This facility will be for production
of HFC-32 and will have flexibility to produce
technology for HFC-32 has been developed in house
by SRF and technology for HFC-134a has been developed
in association with Indian Institute of Chemical
(IICT), Hyderabad. The manufacturing processes
have been designed to be most competitive globally.
market for HFCs is growing globally and the supplies
have also been tight for these new generation
HFCs.. SRF has already captured more than 50%
of Indian HFC market by importing the products
and selling in India.
company had earlier announced two other investments:
first investment of about Rs.20 cr. to set up
plants for specialty chemicals for the Pharma
second investment of about Rs.160 cr. in a 20
KT plant for the production of Polyester Films.