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Market leader in technical textiles SRF posts excellent results
17
Nov '08
The domestic market leader in technical textiles & refrigerant gases and a preferred supplier of other fluorochemical products & polyester films, SRF Limited reported 26% growth in its net profit (Profit After Tax) at Rs. 59 crore for the second quarter of 2008-09 ended on 30th September 2008 over the corresponding period last year (CPLY) even as it absorbed losses related to foreign exchange fluctuations.

SRF's profit prior to finance related costs (Interest & Finance Charges and Exchange Currency Fluctuations) improved by 42% to Rs. 224 crore during the first half of 2008-09 as against Rs. 158 crore recorded during CPLY.

Aided by improved realisations in its businesses & operational efficiencies the company's earnings (turnover) increased by 24% to Rs. 509 crore during July-September 2008 as against Rs. 412 crore during CPLY. The financial results of SRF were taken on record by SRF's Board in a meeting held this afternoon. The Board also approved an interim dividend at the rate of 50% amounting to Rs. 5 per share.

Reflecting on the financial performance of the company, Mr. Ashish Bharat Ram, Managing Director, SRF Limited, explained: “It is heartening to note that our Technical Textiles and Packaging Film Businesses have shown significant improvements in performance. While prevailing economic downturn is likely to continue for sometime, we expect to maintain our performance going forward.”

PERFORMANCE OVERVIEW
SRF recorded 20% growth in revenues at Rs. 983 crore during the first Half of 2008-09 as against Rs. 818 crore recorded during CPLY. However, the company's net profit for the first six months of the current financial year increased marginally to Rs. 105 crore over Rs. 103 crore recorded during the same period last year.

The company's EBIDT during Q1 and H1 of 2008-09 increased by 51% and 34% respectively to Rs. 149 crore and Rs.271 crore as against Rs. 99 crore and Rs. 203 crore recorded during CPLY.

The sales and operating profits of TTB products, which accounts for more than 50% of the company's revenue, grew by 20% and 573% respectively during the second quarter of 2008-09 over CPLY.

The earnings from the sales of CERs continued to be consistent during the period. The operating profit of polyester films from the company's Packaging Films Business (PFB) recorded a growth of 293% along with 54% growth in sales during the same period. The company stepped up the sales of polyester films by 15% in the domestic market and 19% in the overseas market during April – September 2008 over CPLY.

Acquisitions
Earlier during the second quarter of the year, the company through its wholly-owned subsidiary acquired two foreign companies - Thailand based Thai Baroda Industries Limited (TBIL), a manufacturer of nylon tyre cord, and South Africa based Industex Technical Textiles (Pty) Limited, a manufacturer of belting fabrics.

SRF Limited

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