SRF Technical Textile Business registers 9.8% growth in Q3
24 Jan '08
3 min read
SRF Limited, market leader in tyre cord and refrigerant gases and a preferred supplier of polyester films, posted PAT of Rs.34 crore on a revenue of Rs.413 crore during Q3 of 2007-08. to
On a year on year (YOY) basis the company's revenue declined by 9% from Rs.453 crore and net profit by 51% from Rs.70 crore. The company's results were taken on record by the Board of Directors this afternoon.
The company's PAT for the first nine months of 2007-08 was down by 42% to Rs.138 crore as against Rs.240 crore during corresponding period last year (CPLY). The revenue was lower by 11% at Rs.1,235 crore from Rs.1391 crore during CPLY.
The decline in profitability is mainly because last year's numbers included effect of higher Sales of accumulated CERs (Certified Emission Reductions).
Appreciation of Indian Rupee against US Dollar from an average of Rs.44.95 during Q3 of 2006-07 to Rs.39.44 during Q3 of 2007-08, an appreciation of about 12%, has also affected both the revenue and the profits adversely.
During Q3 of 2007-08, the company has recorded significant improvement in sales due to increased operational and marketing efficiencies.
SRF's Technical Textile Business (TTB), which accounts for more than 50% of the total revenue, registered 9.8% growth in sales of its products, from 12,241 metric tones (MT) in Q3 of 2006-07 to 13,445 MT in Q3 of 2007-08.
This should enable the company to increase its market leadership share from 36% to around 39% by the end of the current financial year.
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