SRF falls 11% on disappointing Q4 results

The stock dipped 11% to Rs 1,997 after the company reported a consolidated net profit of Rs 1.24 billion against an average analyst estimate of Rs 1.41 billion in March quarter.

SRF dipped 11% to Rs 1,997 on the BSE in early morning trade after the company reported a consolidated net profit of Rs 1.24 billion against an average analyst estimates of Rs 1.41 billion for the quarter ended March 2018 (Q4FY18). The company had profit of Rs 1.29 billion in the same quarter year ago.

“The Company reported a marginal decrease of 4% in its consolidated net profit despite significant increase in depreciation, interest and tax rate due to change in cess in the Union Budget 2018,” SRF said in a press release.

The consolidated gross sales of