SRF rose 4.69% to Rs 1,860 at 12:45 IST on BSE after consolidated net profit increased 21.09% to Rs 131.22 crore on 24.45% increase in total income to Rs 1417.99 crore in Q3 December 2017 over Q3 December 2016.
The result was announced after market hours yesterday, 7 February 2018.Meanwhile, the S&P BSE Sensex was up 440.20 points, or 1.29% to 34,522.91.
On the BSE, 23,000 shares were traded in the counter so far, compared with average daily volumes of 15,373 shares in the past one quarter. The stock had hit a high of Rs 1,884.40 and a low of Rs 1,804 so far during the day. The stock hit a record high of Rs 2,045 on 15 January 2018. The stock hit a 52-week low of Rs 1,420 on 9 August 2017.
The stock had underperformed the market over the past 30 days till 7 February 2018, sliding 8.82% compared with the Sensex's 1.05% fall. The scrip, however, outperformed the market over the past one quarter, gaining 8.47% as against the Sensex's 2.5% rise. The scrip, however, underperformed the market over the past one year, rising 1.08% as against the Sensex's 20.48% rise.
The large-cap company has equity capital of Rs 57.42 crore. Face value per share is Rs 10.
SRF's consolidated Earnings before Interest and Tax (EBIT) increased by 20% to Rs 213 crore in Q3 December 2017 over Q3 December 2016.
Ashish Bharat Ram, Managing Director, SRF, said the performance of the company has shown a positive trend and all the businesses are showing an upward momentum.
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SRF said that the company's board has approved a capex for setting up of a BOPET film line in a new entity to be incorporated as a wholly owned subsidiary of the company in Europe at a cost of Euro 58 million to be financed by loan and/or internal accruals. The new capacity is being set up to serve customers in Europe, Russia and other markets.
Further, the board approved a proposal to construct a dedicated facility to produce P34, Carbon Monoxide (CO) generation and Ethylene pipeline, all at Dahej at an estimated cost of Rs 81 crore. The board also approved the installation of a dipping line brought over from SRF's Overseas erstwhile operations in Dubai, UAE at its technical textiles business manufacturing plant in Gwalior at an additional cash outflow of about Rs 32 crore.
As of 31 December 2017, SRF has applied for 125 patents, with four patents applied during the quarter. Till date, the company has been granted eleven patents globally.
SRF is a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company's diversified business portfolio covers technical textiles, fluorochemicals, specialty chemicals, packaging films and engineering plastics.
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