Despite continuing global economic slowdown, SRF, a multi-business entity engaged in the manufacture of chemical based industrial intermediates, posted 28 percent growth in its net profit after tax (PAT) to Rs. 100 crore at a consolidated level during the second quarter ended September 30, 2015 over the corresponding period last year (CPLY).
Impacted by a significant reduction in commodity prices when compared with the corresponding period last year, the company's net sales declined marginally by two percent to Rs. 1165 crore during the second quarter of 2015-16 over CPLY.
Building on its internal efficiencies, the company recorded 10 percent increase in its EBIDTA from Rs. 219 crore to Rs. 241 crore during the same period.
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Reflecting on the financial performance, Ashish Bharat Ram, Managing Director, SRF Limited, said, "It is creditable that we were able to grow our bottom-line in an environment where demand is yet to pick up. The depressed agriculture market has affected our business adversely. The turnaround of our global operations continues successfully. Our long-term strategy remains intact."
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The packaging films business reported 104 percent increase in its operating profit from Rs. 24 crore to Rs. 49 crore despite a reduction of 3 percent in its segment revenue from Rs. 354 crore to Rs. 343 crore during the second quarter of 2015-16.
Hit by decline in the commodity prices, the technical textiles business reported a decline of 11 percent and 29 percent in its segment revenue and operating profit to Rs. 460 crore and Rs. 46 crore respectively during the period.