SRF revenues to shrink by up to five percentNovember 16th, 2008 - 5:05 pm ICT by IANS
New Delhi, Nov 16 (IANS) Leading textile company SRF Ltd Sunday said its revenues would fall by three to five percent this fiscal due to the current economic downturn. SRF, which is exporting refrigerant gases apart from textile products to countries like Dubai, Thailand and South Africa, said: “What is affecting us is the shrinking auto sales volume, not the impact on margins.”
“We too will be affected by the financial crisis though our economy is much more insulated than the west,” SRF chairman Arun Bharat Ram told reporters here on the sidelines of the World Economic Form-India Economic Summit.
On the depreciation of Indian rupee, Ram said: “Since we sell in dollar terms this a good opportunity for us.”
SRF comprises a group of different businesses like technical textile business, chemical business and packaging films business. With seven production units in India and one in Dubai under its fold, the company exports its products to over 60 countries.