SRF Ltd., a chemicals manufacturer based in India announced its results for the first quarter ended June 30, 2021.
Q1 Results- QoQ
The company’s net profit grew 4% to Rs 395.28 crores ($53.2 million) for the period ended June 30, 2021 as against net profit of Rs 380.92 crores ($51.3 million) for the previous quarter.
Net sales increased 3.5% to Rs 2713.18 crores ($365.3 million) during the period ended June 30, 2021 as compared to Rs 2620.61 crores ($352.8 million) during the previous quarter.
Q1 Results- YoY
The company’s net profit grew 123.2% to Rs 395.28 crores ($53.2 million) for the period ended June 30, 2021 as against net profit of Rs 177.09 crores ($23.8 million) for the prior-year quarter.
Net sales increased 74.5% to Rs 2713.18 crores ($365.3 million) during the period ended June 30, 2021 as compared to Rs 1555.25 crores ($209.4 million) during the prior-year quarter.
SRF is engaged in the business of manufacture and selling of Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles, Coated and Laminated Fabrics.
Expansion of Fluorocarbon Refrigerant Gas Capacity
The Board of Directors of SRF Ltd at its meeting held on July 28, 2021 has approved a project for Expansion of Fluorocarbon Refrigerant Gas Capacity, with backward integration into key raw material, at Dahej at an estimated cost of Rs 550 crores ($74.1 million) which will be funded through a mix of debt and internal accruals.
The existing capacity is ~50,000 MTPA and the existing capacity utilization > 80%. The proposed additional capacity is 15,000 MTPA of fluorocarbon refrigerants and certain key raw materials. The new capacity will come on stream within 24 months – by July, 2023.
The expanded capacity will cater to the expected demand from the domestic and export markets.