SRF Q4 Profit Down 25% to Rs 422 Crore

New Delhi, May 7 (PTI) Chemical firm SRF Ltd on Tuesday reported a 25 per cent decline in its net profit to Rs 422 crore for the quarter ended March 2024 on lower income.

"The company's Profit After Tax (PAT) decreased 25 per cent from Rs 562 crore to Rs 422 crore in Q4FY24 when compared with the corresponding period of the last year," SRF said in a statement.

The consolidated revenue of the company declined 6 per cent to Rs 3,570 crore in the fourth quarter of the last fiscal from Rs 3,778 crore in the year-ago period.

In the 2023-24 fiscal, SRF's revenue decreased 12 per cent to Rs 13,139 crore from Rs 14,870 crore in the preceding year.

The company's profit after tax decreased 38 per cent to Rs 1,336 crore in the last fiscal from Rs 2,162 crore in the 2022-23 fiscal.

SRF Chairman and Managing Director Ashish Bharat Ram said, "While the general performance has been weak, we have seen a reasonable recovery in our chemicals business in the fourth quarter, as we had envisaged. We believe that this recovery will pick up pace in the second half of FY25."

In 2024, SRF commemorates 50 years since the start of manufacturing.

With an annual turnover of Rs 12,910 crore (USD 1.6 billion), the company's diversified business portfolio covers fluorochemicals, specialty chemicals, packaging films, technical textiles and coated and laminated fabrics.

The company has 13 manufacturing plants in India and one each in Thailand, South Africa and Hungary. It exports to 100-plus countries.