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Hot Pursuit News

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(07 May 2024, 17:00)

SRF drops as Q4 PAT slides 25% YoY to Rs 422 cr

SRF tumbled 6.85% to Rs 2,414.25 after the company’s consolidated net profit slipped 24.93% to Rs 422.21 crore on 5.51% decline in revenue from operations to Rs 3,569.74 crore in Q4 FY24 over Q4 FY23.

Profit before tax in Q4 FY24 was at Rs 443.32 crore, down 39.55% from Rs 733.39 crore recorded in the same period a year ago.

Earnings before interest and tax (EBIT) dropped 27% to Rs 616 crore in Q4 FY24 as against Rs 840 crore posted in corresponding period last year (CPLY).

The chemicals business reported a decline of 14% YoY in its segment revenue to Rs 1,816 crore during Q4 FY24. The operating profit of the chemicals business decreased 33% to Rs 498 crore in Q4FY24 over CPLY. During the quarter, the specialty chemicals business continued to face headwinds due to inventory rationalization by certain key customers, while performing better than Q3 FY24. In addition, a lot of capacity has come up in China, leading to pricing pressure on intermediate products, said the company...

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