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Technical Textiles Business of SRF up in Q3

23
Jan '07
SRF Limited, a leading Indian player in Technical Textiles, Refrigerant Gases and having operating interests in Packaging Films and Pharma Intermediates announced its financial performance for the quarter ended 31st December 2006.

Commenting on the financial performance, Mr. Arun Bharat Ram, Chairman, SRF Limited, said: “Commissioning of capacity expansion projects in Gwalior and Manali (Chennai) were the significant events during this quarter. The expanded capacity of yarn and fabric would add to the Company's turnover in the months to come. Maintaining the trend from earlier quarters, cash flows from the transfer of Certified Emission Receipts (CERs) were strong.

Performance Overview: Q3 Fy2007 V/S. Q3 Fy2006: Revenues increased by 52% to Rs.450.36 crores from Rs. 296.27 crores. EBIDT was higher by 193% at Rs. 135.9 crores from Rs. 46.31 crores, whereas PAT went up by 418% to Rs.70.11 crores from Rs. 13.54 crores. EPS for the quarter was Rs. 10.33 (non-annualized), while cash EPS for the quarter was Rs. 14.06.

CDM Project Update: While the Company has realised around Rs. 122.28 crores during the quarter from the transfer of Certified Emission Reductions (CERs) units, cash flows from carbon credits are expected to vary & may not recur uniformly from quarter to quarter.

Changes in the Designations of Directors:
The Board of Directors has approved following changes in the designations of Directors with immediate effect:
Mr. ArunBharat Ram will henceforth be Chairman (with executive powers). He was earlier designated as Chairman & Managing Director. Mr. Ashish Bharat Ram has been designated as Managing Director (he was earlier President & Executive Director) and Mr. Kartikeya Bharat Ram as Deputy Managing Director (he was earlier President & Executive Director).


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