 "SRF Q3 results: Profit more than halved to Rs 253 crore on global demand")
Indian chemicals and polymers manufacturer SRF on Tuesday reported its third-quarter profit more than halved - its fourth straight quarterly profit drop - hurt by sustained weakness in global demand for its mainstay chemicals business.
Consolidated net profit after tax fell to Rs 253 crore (about $30 million) for the three months ended Dec.31 from Rs 511 crore a year ago.
Its revenue from operations fell 12% to Rs 3,053 crore.
Indian chemical makers saw subdued global demand, and prices of refrigerant - a fluid used in the cooling process in air conditioners - remained muted in a seasonally weak quarter, hurting profitability, analysts said.
Peer Coromandel International also reported a fall in third-quarter profit earlier in the day, hurt by soft demand for its fertilizers and nutrient chemicals business. Brokerage Jefferies had earlier picked peer PI Industries over SRF on strong volume outlook.