SRF Ltd

SRF Ltd

₹ 2,395 -0.05%
16 Jul - 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 70,982 Cr.
  • Current Price 2,395
  • High / Low 2,697 / 2,040
  • Stock P/E 51.8
  • Book Value 355
  • Dividend Yield 0.30 %
  • ROCE 14.6 %
  • ROE 13.9 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 19.7%

Cons

* 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

Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
2,123 2,200 2,291 2,665 2,797 3,103 2,972 2,857 3,142 2,774 2,587 2,506 2,920
1,591 1,675 1,733 1,938 2,004 2,261 2,285 2,090 2,244 2,122 2,013 1,989 2,272
Operating Profit 532 525 559 728 794 842 687 767 899 651 574 517 647
OPM % 25% 24% 24% 27% 28% 27% 23% 27% 29% 23% 22% 21% 22%
16 20 17 16 11 16 41 15 34 21 38 28 33
Interest 19 23 19 24 28 27 41 52 56 52 63 52 68
Depreciation 97 101 105 107 106 105 115 122 126 129 133 141 153
Profit before tax 433 421 451 613 670 726 572 608 749 491 416 352 459
Tax % 28% 31% 31% 34% 25% 30% 23% 19% 23% 26% 26% 25% 5%
311 292 312 403 500 508 439 495 581 365 309 263 437
EPS in Rs 10.50 9.84 10.52 13.60 16.88 17.15 14.81 16.70 19.59 12.33 10.41 8.87 14.75
Raw PDF
Upcoming result date: 23 July 2024

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,323 3,417 3,614 3,639 3,883 4,582 6,206 6,331 6,988 9,953 12,074 10,787
2,745 2,910 2,957 2,830 3,062 3,797 5,080 5,068 5,247 7,420 8,880 8,397
Operating Profit 578 507 657 810 821 785 1,126 1,263 1,741 2,533 3,194 2,390
OPM % 17% 15% 18% 22% 21% 17% 18% 20% 25% 25% 26% 22%
44 25 47 35 46 104 58 234 63 135 106 119
Interest 85 70 100 95 78 98 174 182 111 94 176 236
Depreciation 184 190 209 233 242 278 325 353 384 419 468 556
Profit before tax 353 271 396 516 548 513 685 961 1,310 2,155 2,656 1,718
Tax % 27% 20% 22% 28% 24% 21% 24% -1% 29% 30% 24% 20%
259 217 308 372 419 406 517 974 925 1,507 2,023 1,374
EPS in Rs 9.00 7.54 10.72 12.95 14.59 14.13 18.00 33.90 31.23 50.84 68.26 46.35
Dividend Payout % 23% 27% 19% 16% 17% 17% 14% 8% 16% 33% 11% 16%
Compounded Sales Growth
10 Years: 12%
5 Years: 12%
3 Years: 16%
TTM: -11%
Compounded Profit Growth
10 Years: 20%
5 Years: 22%
3 Years: 14%
TTM: -32%
Stock Price CAGR
10 Years: 36%
5 Years: 35%
3 Years: 16%
1 Year: 8%
Return on Equity
10 Years: 18%
5 Years: 19%
3 Years: 19%
Last Year: 14%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Equity Capital 58 58 58 58 58 58 58 58 60 297 297 297
Reserves 1,954 2,105 2,339 2,745 3,086 3,391 3,860 4,626 6,235 7,327 8,956 10,216
1,065 1,271 1,493 1,707 1,658 2,483 3,103 2,752 2,653 2,891 3,162 3,721
782 1,031 977 903 1,165 1,341 1,651 1,383 1,763 2,423 3,136 3,130
Total Liabilities 3,859 4,465 4,868 5,414 5,968 7,274 8,672 8,820 10,711 12,938 15,551 17,365
2,183 2,760 3,135 3,305 3,617 4,342 4,846 5,648 5,896 6,114 7,674 10,439
CWIP 220 121 118 130 272 557 692 346 436 1,617 2,129 745
Investments 228 118 178 249 279 205 184 286 500 410 583 1,035
1,229 1,466 1,437 1,730 1,800 2,169 2,950 2,539 3,879 4,798 5,165 5,146
Total Assets 3,859 4,465 4,868 5,414 5,968 7,274 8,672 8,820 10,711 12,938 15,551 17,365

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
375 381 508 819 550 606 595 1,216 1,422 1,638 2,788 1,903
-340 -403 -550 -578 -592 -1,187 -847 -422 -1,790 -1,280 -2,328 -2,074
-88 20 33 -18 -190 601 348 -859 357 -125 -252 6
Net Cash Flow -53 -3 -10 223 -232 20 95 -65 -12 233 208 -165

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 50 58 48 37 48 39 50 44 53 50 43 52
Inventory Days 95 114 119 118 141 125 117 127 142 136 120 134
Days Payable 84 105 79 103 125 121 117 109 132 104 107 111
Cash Conversion Cycle 61 67 89 52 64 43 51 62 63 81 56 76
Working Capital Days 29 47 46 38 31 38 50 21 84 76 55 73
ROCE % 14% 10% 13% 15% 13% 11% 13% 16% 17% 23% 25% 15%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
50.77% 50.77% 50.73% 50.73% 50.73% 50.53% 50.53% 50.53% 50.53% 50.53% 50.53% 50.31%
18.39% 19.18% 19.09% 19.60% 19.21% 19.21% 18.31% 18.52% 20.04% 19.80% 19.60% 19.09%
11.90% 10.42% 9.16% 8.72% 9.37% 14.03% 14.85% 14.92% 13.71% 14.12% 14.51% 15.97%
18.94% 19.64% 21.02% 20.95% 20.69% 16.23% 16.29% 16.01% 15.72% 15.57% 15.36% 14.66%
No. of Shareholders 72,1271,09,9902,08,6102,14,6962,53,4932,46,9432,63,3282,60,4232,54,1692,71,1702,59,4572,34,321

* 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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