NEW DELHI: SRF reported an 82 per cent increase in its consolidated net profit at Rs 108.79 crore for the quarter ended March 31, on account of lower expenses and rise in income.
The company had reported a net profit of Rs 60 crore in the same quarter of the 2014-15 fiscal.
The stock rose 3.46 per cent to hit a high of Rs 1,461.45 on BSE. This was 2.3 per cent way from the 52-week high the stock hit on August 5, 2015.
“SRF has been doing well with all its new initiatives. It has a decent capex cycle and the expectation is that that capex cycle will now generate returns. The management talk has been pretty positive and valuation-wise the stock is not really expensive despite the recent run-up it has seen,” Sandip Sabharwal of asksandipsabharwal.com told ET Now in an interview last week.
During the January-March quarter of the FY16, the company’s total income from operations rose to Rs 1,115 crore from Rs 1,081.36 crore in year-ago period, SRF said in a filing to BSE.
The company has posted 40 per cent growth in consolidated net profit at Rs 423 crore for the fiscal ended March, compared with a net profit of Rs 302.81 crore in the previous year.