Chemical firm SRF Ltd today reported narrowing of consolidated net profit to Rs 103.81 crore in the first quarter ended June, which the company attributed to sharp rupee appreciation and GST-related transition issues.
The company's consolidated net profit stood at Rs 154.56 crore in the year-ago period.
Its total income, however, rose to Rs 1,408.74 crore during the April-June quarter, as against Rs 1,305.51 crore in the corresponding period of last year.
"Our first quarter's results of FY18 have been subdued due to headwinds in the form of sharp rupee appreciation against the dollar and transitional issues related to GST.
"We expect the environment to remain tough in the near future with growth expected to revive only by the fourth quarter of this financial year," SRF Ltd Managing Director Ashish Bharat Ram said in a statement.
SRF Ltd's Board of Directors declared an interim dividend of Rs 6 per share on the paid-up equity share capital of the company.
Moreover, its Board of Directors approved the appointment of Sanjay Chatrath as President and CEO of the company effective from October 1, 2017 as Sushil Kapoor, the current President and CEO will retire on September 30, 2017.
Besides, the Board of Directors have also approved setting up of a facility to produce speciality chemicals (P- 33) for agro industry at SRF's chemical complex in Dahej, Gujarat at an estimated cost of Rs 85 crore.
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