Latest News | SRF to Invest Rs 604 Cr to Set Up 4 New Plants, Expand Capacity of Existing Facilities

New Delhi, Nov 3 (PTI) Chemicals firm SRF Ltd on Thursday said its board has approved investment of Rs 604 crore for setting up four new plants and capacity expansion of existing facilities.

In a regulatory filing, SRF Ltd said its Board of Directors has approved investment for setting up of four new plants and capacity enhancement of an existing plant to produce various speciality chemicals at an estimated cost of Rs 604 crore.

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The company's consolidated revenue grew 31 per cent to Rs 3,728 crore in the second quarter of the current fiscal from Rs 2,839 crore in the year-ago period.

Its Profit after Tax (PAT) increased 26 per cent to Rs 481 crore in Q2 of FY23 from Rs 382 crore earlier.

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Commenting on the results, SRF Chairman and Managing Director Ashish Bharat Ram said, "Our chemicals business has performed exceedingly well once again. The Packaging Films Business is witnessing historically low margins in the polyester film segment and the technical textiles business is suffering from weak demand for tyre cord."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)