At a meeting held today the Board of Directors of SRF Limited approved the unaudited financial results for the quarter ended 30th June 2001.

The company recorded Net sales of Rs. 176.36 Cr., which grew by 4.5% from Rs. 168.81 Cr. over the corresponding period last year.

Profit before Interest Depreciation & Tax (PBIDT) at Rs. 43.10 Cr. declined by 6.3% from Rs. 45.98 Cr. in the same period last year. However, the last year's figure of Rs 45.98 Cr. included other income of Rs 6.26 Cr. which was profit on sale of asset (residential property) without corresponding income in the current year.

Interest and Financial Charges for the current quarter at Rs. 15.56 Cr., was lower by 7.2% as compared to Rs. 16.76 Cr. of previous year. This has been achieved by the company's continued efforts of financial restructuring exercise, replacing high cost debt with cheaper loans.

Profit After Tax (PAT) at Rs. 15.23 Cr. declined by 15.3% from Rs. 17.98 Cr. for the same period last year.

According to Ravi K Sinha, CEO & Group Head, "Despite the adverse economic condition and pressure on margins from SE and FE Asian exporters through volumes and prices, our performance has shown improvement. If we set aside the non-operating income of over Rs 6 Crs. of last year, PBIDT has grown by 9% and PAT by 30%."