SRF tumbled 5.32% to Rs 5,467 after the company's consolidated net profit fell 5.3% to Rs 324.73 crore on 17.8% surge in net sales to Rs 2,129.43 crore in Q3 December 2020 over Q3 December 2019.
Consolidated profit before tax (PBT) soared 72.7% to Rs 443.23 crore in Q3 December 2020 as against Rs 256.58 crore in Q3 December 2019. Current tax expense for the quarter stood at Rs 118.50 crore as against a tax rebate of Rs 86.41 crore in Q3 December 2019. The Q3 result was declared at the fag end of market hours yesterday, 21 January 2021.
Consolidated Earnings before Interest and Tax (EBIT) jumped 42% to Rs 479 crore in Q3 FY21 from Rs 337 crore in Q3 FY20 (when compared with CPLY). Net of one-time tax adjustments in CPLY, the consolidated PAT soared 46% to Rs 324 crore in Q3 December 2020 over Rs 221 crore in Q3 December 2019.
The chemicals business reported an increase of 12% in its segment revenue from Rs 812 crore to Rs 906 crore during Q3FY21 over CPLY. The packaging films business reported an increase of 26% in its segment revenue from Rs 638 crore to Rs 802 crore during Q3FY21 when compared with CPLY. The technical textiles business reported an increase of 9% in its segment revenue from Rs 336 crore to Rs 367 crore during Q3FY21 over CPLY.
Commenting on the results, Ashish Bharat Ram, the Managing Director (MD) of SRF, said: "It has been an excellent quarter for the company. We have seen all business segments return to normal operations. I remain cautiously optimistic going forward."
The board on Thursday, 21 January 2021 has declared interim dividend of Rs 19 per share on the paid-up equity share capital of the company. The date of payment of interim dividend will be Friday, 19 February 2021.
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As of 31 December 2020, the company has applied for 298 patents, with 4 patents applied during the quarter. Till date, the company has been granted 83 patents globally.
SRF is a chemical based multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates.
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