Team Blitz India
NEW DELHI: Shares of SRF surged as much as 2.35 per cent to hit an intraday high of Rs 2.345.90 apiece, on May 10, despite announcing a weak set of results.
The rise in stock came on hopes of recovery in the chemical business, which will pick up pace in the second half of FY25.
However, in the March quarter of financial year 2024, the chemicals business declined 14 per cent to Rs 1,816 crore, from Rs 2,102 crore in the same quarter previous fiscal.
The operating profit of the chemicals business decreased 33 per cent to Rs 498 crore in Q4FY24, from Rs 739 crore Q4FY23.
During the quarter, the specialty chemicals business continued to face headwinds due to inventory rationalisation by certain key customers, while performing better than Q3FY24, the company said.
