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Shares of SRF Ltd fell nearly 8 per cent on the Bombay Stock Exchange after the company’s consolidated net profit declined 33 per cent year-on-year (YoY) to Rs 104 crore in June quarter (Q1FY18), due to higher raw material cost. The company had profit of Rs 155 crore in the same quarter year ago. SRF said the decrease in net profit was mainly on account of subdued commodity prices, channel destocking during the transition to the Goods and Services Tax (GST) regime and strengthened the rupee.
Weighed down by the development, shares of the company declined as much as 8 per cent to hit intra-day low of Rs 1420 apiece on the Bombay Stock Exchange. The stocks were currently trading at Rs 1452 against the previous close price of Rs 1544.20. In a similar fashion, shares of the company were trading 6.30 per cent lower at Rs 1449.40 apiece on the National Stock Exchange. Meanwhile, the broader benchmark BSE Sensex was trading at 31,861.03, down 153.16 points, or 0.48 percent.
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