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NewswireToday - /newswire/ -
Chandigarh, India, 10/26/2006 - SRF Limited, a leading Indian player in Technical Textiles, Refrigerant Gases and having operating interests in Packaging Films and Pharma Intermediates today announced its financial performance for the quarter ended 30th September 2006.
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SRF Q2 FY2007 revenues up 62% to Rs..4751.2 million (vs. Q2 FY2006) PAT up 643% to Rs.892.2 million; EPS at Rs.13.83
New Delhi, New Delhi, India, Thursday, 26 October 2006 (InfoMailers.com)::
SRF Limited, a leading Indian player in Technical Textiles, Refrigerant Gases and having operating interests in Packaging Films and Pharma Intermediates today announced its financial performance for the quarter ended 30th September 2006.
Commenting on the financial performance, Mr. Arun Bharat Ram, Chairman and Managing Director, SRF Limited, said: “The quarter was marked by strong cash flows generated from the transfer of Certified Emission Receipts (CERs). The revenues and profits improved significantly by 62% and 643% respectively in the second quarter compared to the same quarter last year. We continue to face pressure on realizations and margins in our businesses. Our focus will remain on cost efficiency and improving margins in our current businesses so that they revert back to providing better returns. However, our strategy on carbon credits has paid off. SRF has been able to carry out successful and remunerative deals on the carbon-trading front.”
PERFORMANCE OVERVIEW: Q2 FY2007 v/s. Q2 FY2006
Revenues increased by 62% to Rs.4751.2 million from Rs.2928.4 million. EBIDT was higher by 349% at Rs.1624.9 million from Rs.362.1 million, whereas PAT went up by 643% to Rs.892.2 million from Rs.120.1 million. EPS for the quarter was Rs.13.83 (non-annualized), while cash EPS for the quarter was Rs.16.94.
CDM PROJECT UPDATE
While the Company has realised around Rs.1488.2 million 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.
About SRF Limited
SRF Ltd, a leading industrial group, manufactures Technical Textiles, Fluorochemicals, Packaging Films and Pharma Chemicals. Commencing operations in 1974, SRF today operates from eight plant locations in India and abroad and has attained market leadership position in Nylon Tyre Cord Fabric (8th largest in the world & approx 34 per cent market share in India), Belting Fabrics (3rd largest in the world & approx 53 per cent market share in India), Refrigerant Gases (approx 40 per cent market share in India) and Chloromethanes. Currently, SRF’s products cater to industrial customers in more than 60 countries. SRF’s relentless focus on TQM techniques has resulted in the Company winning the prestigious Deming Application Prize in 2004 for the erstwhile Industrial Synthetics Business of SRF (now integrated with Technical Textiles Business), the first nylon tyre cord company outside Japan to be awarded this prize.
For further information contact:
Investor Relations Corporate Communications
Anup Gupta
Ph: +91-124-4354784
+91-9810110968
E-mail: gupta.anup[.]srf.com
Manisha Awasthi
Ph: +91-124-4354739
+91-9899912100
E-mail: awasthi.manisha[.]srf.com
Note:
Statements in this release relating to future status events, or circumstances, including but no limited to statements about plans and objectives are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circums ances. Such statements are subject to numerous risks and uncertainties and are not necessa ily predictive of future results. Actual results may di fer materially f om those anticipa ed in the forward-looking statements. SRF cannot be held responsible in any way or such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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