SRF plunges 8% on less-than-expected Q3 results

NEW DELHI: Shares of SRF plunged nearly 8 per cent in Monday’s trade after the company on Friday reported a less-than-expected 11.35 per cent rise in net profit to Rs 88.88 for the December quarter.

The company had reported a net profit of Rs Rs 79.82 crore in the corresponding quarter of last year. Sales for the quarter grew 5.98 per cent at Rs 891.50 crore, compared with Rs 841.19 crore in the same quarter last year.

In an earnings call the company said that it was focusing on accelerating qualifications of various new molecules in both agro and pharmaceutical sectors.

The company said that it is focused “on increasing pace of R&D efforts, efficient cost structures, enhanced capabilities and value-added products in the portfolio,” the company said.

Besides, the company said that it has increased capex to ensure that it has capacities in place to meet the expected rebound.

The stock fell 7.81 per cent to hit a low of Rs 1,615.15 on BSE.