Home >Markets >Stock Markets >Chemical stock up over 100% in a year, hits new high after Q1 results

Chemical manufacturer SRF on Wednesday reported a 123% rise in consolidated net profit at 395.3 crore as compared to 177 crore in the same quarter last year. The revenue from operations witnessed a growth of nearly 75% at 2,699 crore as against 1,545 crore year-on-year (YoY).

The shares of the company rose as much as 5% to hit a high of 8,105 per share on the Bombay Stock Exchange (BSE) in Wednesday's afternoon deals post the results announcement. The stock has gained over 100% in the last one year and nearly 40% this year (year-to-date or YTD). SRF is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates.

''The covid lockdown measures are being lifted in gradual manner in respective geographies, and the company is monitoring the situation closely, While this had an adverse impact on certain raw material prices, disruption in customer demand and supply chains in some business segments,'' SRF said in an exchange filing.

Based on the current estimates, the company believes that carrying amount of its assets will be recovered and COVID-19 is not likely to have any material impact on its liquidity or ability to service its debt or other obligations. The Company would closely monitor such developments in future and consider their impact on the financial results of the relevant periods, it added.

The board has also approved first interim dividend for 2021-22 of 12 per fully paid up equity share of 10 each absorbing an aggregate amount of 71.09 crore.

SRF shares slipped from highs and closed over 1% higher at 7,760 per share on the BSE on Wednesday.

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