SRF Ltd

SRF Ltd

₹ 2,386 -0.96%
23 Feb - close price
About

Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]

Key Points

Chemicals Business [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]

  • Market Cap 70,721 Cr.
  • Current Price 2,386
  • High / Low 2,637 / 2,040
  • Stock P/E 46.6
  • Book Value 333
  • Dividend Yield 0.30 %
  • ROCE 24.6 %
  • ROE 23.9 %
  • Face Value 10.0

Pros

  • Company has delivered good profit growth of 37.8% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 19.8%
  • Company's working capital requirements have reduced from 72.0 days to 55.4 days

Cons

  • Stock is trading at 7.17 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.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
1,811 2,123 2,200 2,291 2,665 2,797 3,103 2,972 2,857 3,142 2,774 2,587 2,506
1,346 1,591 1,675 1,733 1,938 2,004 2,261 2,285 2,090 2,244 2,122 2,013 1,989
Operating Profit 465 532 525 559 728 794 842 687 767 899 651 574 517
OPM % 26% 25% 24% 24% 27% 28% 27% 23% 27% 29% 23% 22% 21%
24 16 20 17 16 11 16 41 15 34 21 38 28
Interest 23 19 23 19 24 28 27 41 52 56 52 63 52
Depreciation 97 97 101 105 107 106 105 115 122 126 129 133 141
Profit before tax 370 433 421 451 613 670 726 572 608 749 491 416 352
Tax % 31% 28% 31% 31% 34% 25% 30% 23% 19% 23% 26% 26% 25%
257 311 292 312 403 500 508 439 495 581 365 309 263
EPS in Rs 8.66 10.50 9.84 10.52 13.60 16.88 17.15 14.81 16.70 19.59 12.33 10.41 8.87
Raw PDF

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 TTM
3,530 3,323 3,417 3,614 3,639 3,883 4,582 6,206 6,331 6,988 9,953 12,074 11,009
2,727 2,745 2,910 2,957 2,830 3,062 3,797 5,080 5,068 5,247 7,420 8,880 8,368
Operating Profit 804 578 507 657 810 821 785 1,126 1,263 1,741 2,533 3,194 2,641
OPM % 23% 17% 15% 18% 22% 21% 17% 18% 20% 25% 25% 26% 24%
28 44 25 47 35 46 104 58 234 63 135 106 121
Interest 104 85 70 100 95 78 98 174 182 111 94 176 224
Depreciation 162 184 190 209 233 242 278 325 353 384 419 468 530
Profit before tax 566 353 271 396 516 548 513 685 961 1,310 2,155 2,656 2,008
Tax % 32% 27% 20% 22% 28% 24% 21% 24% -1% 29% 30% 24%
387 259 217 308 372 419 406 517 974 925 1,507 2,023 1,518
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 51.20
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: -6%
Compounded Profit Growth
10 Years: 24%
5 Years: 38%
3 Years: 28%
TTM: -22%
Stock Price CAGR
10 Years: 49%
5 Years: 40%
3 Years: 30%
1 Year: 7%
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 Sep 2023
Equity Capital 58 58 58 58 58 58 58 58 58 60 297 297 297
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 9,567
994 1,065 1,271 1,493 1,707 1,658 2,483 3,103 2,752 2,653 2,891 3,162 3,368
783 782 1,031 977 903 1,165 1,341 1,651 1,383 1,763 2,423 3,136 3,040
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 16,272
1,861 2,183 2,760 3,135 3,305 3,617 4,342 4,846 5,648 5,896 6,114 7,674 8,578
CWIP 414 220 121 118 130 272 557 692 346 436 1,617 2,129 2,134
Investments 219 228 118 178 249 279 205 184 286 500 410 583 661
1,131 1,229 1,466 1,437 1,730 1,800 2,169 2,950 2,539 3,879 4,798 5,165 4,898
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 16,272

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 55
ROCE % 25% 14% 10% 13% 15% 13% 11% 13% 16% 17% 23% 25%

Shareholding Pattern

Numbers in percentages

5 Recently
Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
50.77% 50.77% 50.77% 50.73% 50.73% 50.73% 50.53% 50.53% 50.53% 50.53% 50.53% 50.53%
18.43% 18.39% 19.18% 19.09% 19.60% 19.21% 19.21% 18.31% 18.52% 20.04% 19.80% 19.60%
11.16% 11.90% 10.42% 9.16% 8.72% 9.37% 14.03% 14.85% 14.92% 13.71% 14.12% 14.51%
19.64% 18.94% 19.64% 21.02% 20.95% 20.69% 16.23% 16.29% 16.01% 15.72% 15.57% 15.36%
No. of Shareholders 73,51372,1271,09,9902,08,6102,14,6962,53,4932,46,9432,63,3282,60,4232,54,1692,71,1702,59,457

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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