SRF share gained over 9% and hit a fresh all-time high of Rs 4,854.8 in Thursday's trade after the speciality chemicals business reported a robust performance in its September quarter earnings.
Consolidated Q2 net profit rose 57% YoY to Rs 316 crore for the September quarter as against Rs 201 crore in the same quarter a year ago, on the back of healthy operational performance. Company's consolidated revenue fell 21% YoY from Rs 1,738 crore as compared to Rs 2,101 crore.
Following the earnings update, SRF share opened with a gain of 3.11% at Rs 4,758 and later hit an all-time high of Rs 4854.8, rising 9.35% on BSE. The stock also hit an intraday low of Rs 4,491.25 as against the last closing price of Rs 4,439.75.
Market capitalisation of the firm stood at Rs 28,633.80 crore as of today's session.
SRF share price has risen 9% in one week, 17% in one month and 40% since the beginning of the year. SRF share trades higher than 5, 20, 50, 100 and 200-day moving averages.
EBITDA (earnings before interest, taxes, depreciation, and amortisation) margins expanded 840 basis points to 27.7%, driven by technical textiles and packaging businesses.
Managing Director of the chemicals maker, Ashish Bharat Ram said, "We have had an outstanding quarter by all standards led by our packaging films and speciality chemicals businesses."
"Going forward, the margins of the packaging films business will soften. Having said that, I am confident that the momentum in our other businesses will ensure that we have a good year", he added.