SRF's Q1 net profit jumps 27% to Rs 144 cr

SRF Ltd, manufacturer of technical textiles, chemicals and polymers, today reported a 27.12 per cent increase in its consolidated net profit to Rs 144.19 crore for the first quarter ended June 30, 2016.
The company had posted a net profit of Rs 113.42 crore in April-June quarter of the previous fiscal.
However, the net sales of the company was down 0.86 per cent to Rs 1,195.08 crore during the quarter under review as against Rs 1,205.45 crore during the corresponding period last fiscal, SRF said in a BSE filing.
In a separate filing, the company said its board in a meeting held today has approved setting up of Chloromethanes Plant at Dahej, Gujarat at an estimated cost of Rs 165 crore.

It would be funded through a "mix of debt and internal accruals," SRF added.
SRF's board has also declared an interim dividend of 60 per cent, which is Rs 6 per share on the paid-up equity share capital of the company.
Shares of SRF LTD today settled 0.42 per cent up at Rs 1,538.10 on BSE.