SRF Ltd
Established in 1970, SRF Limited is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles and Coated and Laminated Fabrics. [1]
- Market Cap ₹ 75,061 Cr.
- Current Price ₹ 2,532
- High / Low ₹ 2,865 / 2,002
- Stock P/E 37.1
- Book Value ₹ 312
- Dividend Yield 0.29 %
- ROCE 24.7 %
- ROE 24.0 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 37.9% CAGR over last 5 years
- Company has been maintaining a healthy dividend payout of 19.8%
Cons
- Stock is trading at 8.08 times its book value
- Company might be capitalizing the interest cost
* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.
Quarterly Results
Standalone Figures in Rs. Crores / View Consolidated
Profit & Loss
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
3,530 | 3,323 | 3,417 | 3,614 | 3,639 | 3,883 | 4,582 | 6,206 | 6,331 | 6,988 | 9,953 | 12,074 | |
2,727 | 2,745 | 2,910 | 2,957 | 2,830 | 3,062 | 3,797 | 5,080 | 5,068 | 5,247 | 7,420 | 8,880 | |
Operating Profit | 804 | 578 | 507 | 657 | 810 | 821 | 785 | 1,126 | 1,263 | 1,741 | 2,533 | 3,194 |
OPM % | 23% | 17% | 15% | 18% | 22% | 21% | 17% | 18% | 20% | 25% | 25% | 26% |
28 | 44 | 25 | 47 | 35 | 46 | 104 | 58 | 234 | 63 | 135 | 106 | |
Interest | 104 | 85 | 70 | 100 | 95 | 78 | 98 | 174 | 182 | 111 | 94 | 176 |
Depreciation | 162 | 184 | 190 | 209 | 233 | 242 | 278 | 325 | 353 | 384 | 419 | 468 |
Profit before tax | 566 | 353 | 271 | 396 | 516 | 548 | 513 | 685 | 961 | 1,310 | 2,155 | 2,656 |
Tax % | 32% | 27% | 20% | 22% | 28% | 24% | 21% | 24% | -1% | 29% | 30% | 24% |
Net Profit | 387 | 259 | 217 | 308 | 372 | 419 | 406 | 517 | 974 | 925 | 1,507 | 2,023 |
EPS in Rs | 13.49 | 9.00 | 7.54 | 10.72 | 12.95 | 14.59 | 14.13 | 18.00 | 33.90 | 31.23 | 50.84 | 68.26 |
Dividend Payout % | 21% | 23% | 27% | 19% | 16% | 17% | 17% | 14% | 8% | 16% | 33% | 11% |
Compounded Sales Growth | |
---|---|
10 Years: | 14% |
5 Years: | 21% |
3 Years: | 24% |
TTM: | 21% |
Compounded Profit Growth | |
---|---|
10 Years: | 24% |
5 Years: | 38% |
3 Years: | 28% |
TTM: | 34% |
Stock Price CAGR | |
---|---|
10 Years: | 54% |
5 Years: | 46% |
3 Years: | 51% |
1 Year: | 6% |
Return on Equity | |
---|---|
10 Years: | 18% |
5 Years: | 21% |
3 Years: | 21% |
Last Year: | 24% |
Balance Sheet
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 60 | 297 | 297 | |
Reserves | 1,788 | 1,954 | 2,105 | 2,339 | 2,745 | 3,086 | 3,391 | 3,860 | 4,626 | 6,235 | 7,327 | 8,956 |
994 | 1,065 | 1,271 | 1,493 | 1,707 | 1,658 | 2,483 | 3,103 | 2,752 | 2,653 | 2,891 | 3,162 | |
783 | 782 | 1,031 | 977 | 903 | 1,165 | 1,341 | 1,651 | 1,383 | 1,763 | 2,423 | 3,136 | |
Total Liabilities | 3,624 | 3,859 | 4,465 | 4,868 | 5,414 | 5,968 | 7,274 | 8,672 | 8,820 | 10,711 | 12,938 | 15,551 |
1,861 | 2,183 | 2,760 | 3,135 | 3,305 | 3,617 | 4,342 | 4,846 | 5,648 | 5,896 | 6,114 | 7,674 | |
CWIP | 414 | 220 | 121 | 118 | 130 | 272 | 557 | 692 | 346 | 436 | 1,617 | 2,129 |
Investments | 219 | 228 | 118 | 178 | 249 | 279 | 205 | 184 | 286 | 500 | 410 | 583 |
1,131 | 1,229 | 1,466 | 1,437 | 1,730 | 1,800 | 2,169 | 2,950 | 2,539 | 3,879 | 4,798 | 5,165 | |
Total Assets | 3,624 | 3,859 | 4,465 | 4,868 | 5,414 | 5,968 | 7,274 | 8,672 | 8,820 | 10,711 | 12,938 | 15,551 |
Cash Flows
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
665 | 375 | 381 | 508 | 819 | 550 | 606 | 595 | 1,216 | 1,422 | 1,638 | 2,788 | |
-488 | -340 | -403 | -550 | -578 | -592 | -1,187 | -847 | -422 | -1,790 | -1,280 | -2,328 | |
-113 | -88 | 20 | 33 | -18 | -190 | 601 | 348 | -859 | 357 | -125 | -252 | |
Net Cash Flow | 65 | -53 | -3 | -10 | 223 | -232 | 20 | 95 | -65 | -12 | 233 | 208 |
Ratios
Standalone Figures in Rs. Crores / View Consolidated
Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 42 | 50 | 58 | 48 | 37 | 48 | 39 | 50 | 44 | 53 | 50 | 43 |
Inventory Days | 74 | 95 | 114 | 119 | 118 | 141 | 125 | 117 | 127 | 142 | 136 | 120 |
Days Payable | 80 | 84 | 105 | 79 | 103 | 125 | 121 | 117 | 109 | 132 | 104 | 107 |
Cash Conversion Cycle | 36 | 61 | 67 | 89 | 52 | 64 | 43 | 51 | 62 | 63 | 81 | 56 |
Working Capital Days | 23 | 29 | 47 | 46 | 38 | 31 | 38 | 50 | 21 | 84 | 76 | 70 |
ROCE % | 25% | 14% | 10% | 13% | 15% | 13% | 11% | 13% | 16% | 17% | 23% | 25% |
Documents
Announcements
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
7m - Mr. Rahul Jain, President & CFO will be participating in the Morgan Stanley India Investment Forum, in Mumbai on Tuesday, June 06, 2023, and will …
-
Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
22 May - Mr. Rahul Jain, President & CFO will be participating in the Jefferies 2nd India Forum, in New Delhi on Tuesday, May 23, 2023.
-
Announcement under Regulation 30 (LODR)-Earnings Call Transcript
17 May - Transcript of the Earnings call on 10 May 2023
-
Commissioning And Capitalisation Of Capital Expenditure Proposal Approved By The Board
12 May - In continuation of our letter dated 9th May, 2022 informing Board's approval for a project for dedicated facilities to produce intermediates for Agrochemicals in the …
- Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation 12 May
Annual reports
-
Financial Year 2022
from bse
-
Financial Year 2021
from bse
-
Financial Year 2020
from bse
-
Financial Year 2019
from bse
-
Financial Year 2018
from bse
-
Financial Year 2017
from bse
-
Financial Year 2016
from bse
-
Financial Year 2015
from bse
-
Financial Year 2014
from bse
-
Financial Year 2013
from bse
-
Financial Year 2013
from nse
-
Financial Year 2012
from bse
-
Financial Year 2011
from bse
-
Financial Year 2011
from nse
-
Financial Year 2010
from bse
Concalls
-
May 2023Transcript PPT
-
Jan 2023Transcript PPT
-
Nov 2022Transcript PPT
-
Jul 2022Transcript PPT
-
May 2022Transcript PPT
-
Jan 2022TranscriptNotesPPT
-
Oct 2021TranscriptNotesPPT
-
Jul 2021TranscriptNotesPPT
-
May 2021TranscriptNotesPPT
-
Jan 2021TranscriptNotesPPT
-
Nov 2020TranscriptNotesPPT
-
Jul 2020TranscriptNotesPPT
-
Jun 2020TranscriptNotesPPT
-
Feb 2020TranscriptNotesPPT
-
Nov 2019TranscriptNotesPPT
-
Aug 2019TranscriptNotesPPT
-
May 2019TranscriptNotesPPT
-
Feb 2019TranscriptNotesPPT
-
Feb 2019TranscriptNotesPPT
-
Nov 2018TranscriptNotesPPT
-
Aug 2018TranscriptNotesPPT
-
May 2018TranscriptNotesPPT
-
Feb 2018TranscriptNotesPPT
-
Nov 2017TranscriptNotesPPT
-
Aug 2017TranscriptNotesPPT
-
May 2017TranscriptNotesPPT
-
Nov 2016TranscriptNotesPPT
-
Aug 2016TranscriptNotesPPT
-
Feb 2016TranscriptNotesPPT
-
Nov 2015TranscriptNotesPPT
Chemicals Business (43% of revenues) [1]
The chemical business of company comprises of two difference product segments:-
Fluorochemicals - The Fluorochemicals Business (FCB) derives its revenue from the sale of refrigerants, pharma propellants and industrial chemicals. FCB has its manufacturing operations at Bhiwadi, Rajasthan and Dahej, Gujarat. With the ongoing business enhancement and debottlenecking projects currently underway, the Business is continuing its journey on the growth path.
SRF is the domestic market leader in the refrigerants space. Its market share further increased with the launch of new chemical 'F 600a'. Its main products in the Chloromethane space are Methylene Chloride, Chloroform and Carbon Tetra Chloride, which are used by the pharma and agrochemical customers. [2]
Speciality Chemicals - The Speciality Chemicals segment focuses on agrochemical and pharmaceutical space. The business had expertise in Fluorination chemistry and is also emerging as a champion in some of the non-fluorinated chemistries. Recently, it launched six new agro intermediaries and three pharma intermediaries for increase in revenues. [3]
The company has an established organization i.e. Chemicals Technology Group which has been instrumental in driving the development of new products and process technologies for the Fluorochemicals and Specialty Chemicals Businesses. It has 2 Research & Development centres located in India and has a total of 83 approved global patents till yet. It is the key force driving SRF up in the value chain of agrochemical and pharma intermediates as well as the new generation refrigerants. [3] [4]