SRF Ltd, a leading manufacturer of chemical-based industrial intermediates, today reported a 19 per cent decline in net profit at Rs 72 crore for the three-month period ended December 31.
The company had a net profit of Rs 89.25 crore in the year-ago period.
"The third quarter profit declined mainly because the company's revenue during the corresponding period last year included income from sale of Certified Emission Reductions (CERs), which stands discontinued now in view of changes in European Union - Emission Trading Scheme," SRF said in a statement.
"The profit for third quarter of 2013-14 also included a forex gain of Rs 6.39 crore during the quarter," it added.
The company's revenue was down by three per cent to Rs 862 crore in October-December quarter of 2013-14.
SRF's board also approved an interim dividend at the rate of 70 per cent amounting to Rs 7 per share.
Also, the company's board approved a capex proposal for augmenting production facility for specialty chemicals at SRF's Chemical Complex in Dahej, Gujarat for Rs 11 crore and augmenting quality of power for Gwalior unit of Technical Textile Business for Rs 22 crore.
