SRF Ltd's consolidated net profit declined by 50% to Rs 253.43 crore in Q3 FY24, with total income also falling. The company expects improvement in the chemicals business in Q4.
New Delhi, Jan 30 (PTI) Chemical firm SRF Ltd on Tuesday reported a 50 per cent decline in its consolidated net profit to Rs 253.43 crore for the latest December quarter.
Its net profit stood at Rs 510.9 crore in the year-ago period.
The total income fell to Rs 3,053.04 crore in the third quarter of this fiscal year from Rs 3,469.6 crore in the year-ago period, according to a regulatory filing.
SRF Ltd is a chemical-based multi-business entity engaged in the manufacturing of industrial and speciality intermediates.
SRF Ltd Chairman and Managing Director Ashish Bharat Ram said, "While this has certainly been a tough quarter, we can see things improving in the chemicals Business. We are confident of a significantly improved performance in the fourth quarter. With a large number of plants coming on stream, our focus will be on scaling these up as quickly as possible in the months ahead".
Its Board also approved a second interim dividend at 36 per cent, amounting
to Rs 3.60 per share. Earlier on July 24, 2023, the Board had approved the first interim dividend at the rate of Rs 3.60 per share.
The company's diversified business portfolio covers fluorochemicals, speciality chemicals, packaging films, technical textiles and coated and laminated fabrics. It has 13 manufacturing plants in India and one each in Thailand, South Africa and Hungary.
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