 "Chemical factory, chemicals, SRF chemicals")
Indian chemicals and polymers maker SRF posted a drop in profit for the sixth straight quarter on Tuesday, hurt by sustained weak demand in its mainstay chemicals business.
The unit consists of specialty chemicals, fluorochemicals and agrochemicals among others, contributes nearly half of company's quarterly revenue.
SRF reported a consolidated net profit after tax of Rs 252 cr ($30.11 million), down about 30% from last year.
Total expenses jumped nearly 10%, led by rise in input costs.
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Key Context
The chemicals industry has been grappling with high inventory and destocking for the past few quarters, leading to continuous pressure on volume and margins, according to analysts.
Jefferies analysts said in a pre-earnings note their channel checks suggested weakness in SRF's specialty portfolio in first quarter. SRF's largest product in specialty chemicals (~22% of segment revenues) has seen 16% price erosion in the past year on account of new Chinese capacity, the brokerage added.
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 "Uco Bank, Uco, banking")
 "Renewable energy, solar power, clean energy")
