SRF falls 8% on disappointing Q1 results

The stock dipped 8% to Rs 1,420, trading close to its 52-week low of Rs 1,352 hit on Nov 18, 2016

SRF  slipped 8% to Rs 1,420 on BSE in intra-day after the company’s consolidated net profit declined 33% year-on-year (YoY) to Rs 104 crore in June quarter (Q1FY18), due to higher raw material cost. The company had profit of Rs 155 crore in the same quarter year ago.

SRF said the decrease in net profit was mainly on account of subdued commodity prices, channel destocking during the transition to the Goods and Services Tax (GST) regime and strengthened rupee.

Net sales during the quarter under review increased by 6% to Rs 1,272 crore from Rs 1,195 crore in