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SRF Ltd shares have rallied 8 per cent to hit a new high of Rs 8,535.95 on the Bombay Stock Exchange in intra-day trade on Friday, rising 11 per cent in the past two trading days, after the company reported a solid operational performance for the quarter ended June 2021 (Q1FY22). A sharp-up move in stock prices pushed market capitalization (m-cap) of the company past the Rs 50,000 crore mark for the first time today.
In the morning trade, the stock was up 7 per cent at Rs 8,502, with a market cap of Rs 50,364 crore, the BSE data shows. SRF is a chemical-based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. In Q1FY22, SRF’s consolidated net profit was more-than-doubled at Rs 395.3 crore against Rs 176.9 crore in Q1FY21. The company reported a 75 per cent year-on-year (YoY) growth in revenue at Rs 2,699 crore compared with Rs 1,545 crore in the corresponding quarter of the previous fiscal. Ebitda (earnings before interest, taxes, depreciation, and amortization) margin improved 50 basis points (bps) to 24.6 per cent.
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The company said during the quarter, the specialty chemicals business, which accounts for 42 per cent of total revenue, performed well owing to higher sales from exports and domestic markets. The fluorochemicals business witnessed higher sales volumes in the refrigerants and the blend segments, with better sales realizations, especially from the export markets.
Stock Covered in the news
