a meeting held today, the Board of Directors of SRF Limited approved the unaudited
Financial Results for the quarter ended 30th September, 2002.
company recorded Net Sales of Rs.180.52 cr (Q2, FY 2002-03), which increased
by 19.01% from Rs.151.68 cr over the corresponding period last year.
Expenditure increased 13.39% from Rs.124.05 cr last year, to Rs.140.67 cr
this quarter (Q2, FY2002-03).
a result, Profit before Interest Depreciation & Tax (PBIDT) increased
by 46.98%, and stood at Rs. 41.89 cr this quarter (Q2, FY2002-03) compared to
Rs.28.50 cr in the same period last year.
and Financial Charges at Rs. 11.57 cr (Q2, FY2002-03) increased by 4.71% as
compared to Rs.11.05 cr. in Q2, FY2001-02.
Profit (Profit after Interest but before Depreciation and Tax) increased by
73.75%, and stands at Rs. 30.32 cr this quarter (Q2, FY2002-03) compared to Rs.17.45
cr in the same period last year.
Before Tax has increased 224.07%, from Rs. 5.90 cr (Q2, FY2001-02) to Rs.19.12
cr (Q2, FY2002-03).
Deferred Tax for the quarter ended 30/9/02
amounting to Rs 5.79 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 30/9/01 it has been taken proportionately, based
on the audited deferred tax of Rs 7.82 cr for the year ended 31/3/02.
After Tax at Rs.12.08 cr (Q2, FY2002-03) increased by 177.70% from Rs.4.35
cr for the same quarter last year.
Ravi Sinha, CEO, commented:
numbers have been achieved because of a sharp spurt in volume growth in both our
major businesses, Tyre Cord Fabrics and Refrigerant Gases.
Refrigerant Gases, profits improved on the back of a revival in demand for air
conditioners and refrigerators, and the effects of an extended summer. There is
a seasonality in the Operating Profits of this business, with Q1/Q2 profits and
sales in the summer months being higher than in the rest of the year.
Tyre Cord Fabrics, volume improvement came from the fact that the newly acquired
Gummidipoondi facility (the erstwhile Dupont Fibers Ltd) saw a 100% capacity expansion,
which has now been utilized fully.
do not believe that the growth momentum will be sustained in the short term. Even
though the YoY comparison shows a sharp improvement in bottomline, the sequential
quarter (QoQ) performance is flat.
Q2, the price hike effected in Tyre Cord Fabrics neutralized the input cost increases,
but has given us only a marginal improvement in conversion margins.
forward, performance will be affected by a sharp increase in input costs, not
matched by increase in product prices. The outlook is therefore, somewhat negative.