SRF Ltd
Incorporated in 1970, SRF Ltd manufactures and sells technical textiles, chemicals, packaging films, aluminum foils, and other polymers[1]
- Market Cap ₹ 72,473 Cr.
- Current Price ₹ 2,445
- High / Low ₹ 2,637 / 2,040
- Stock P/E 41.8
- Book Value ₹ 366
- Dividend Yield 0.29 %
- ROCE 22.4 %
- ROE 22.8 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 36.2% CAGR over last 5 years
Cons
- 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
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 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
4,004 | 3,783 | 4,018 | 4,540 | 4,593 | 4,822 | 5,589 | 7,100 | 7,209 | 8,400 | 12,434 | 14,870 | 13,763 | |
3,170 | 3,169 | 3,513 | 3,822 | 3,630 | 3,852 | 4,683 | 5,803 | 5,754 | 6,267 | 9,330 | 11,341 | 10,676 | |
Operating Profit | 835 | 614 | 505 | 717 | 963 | 969 | 906 | 1,297 | 1,455 | 2,133 | 3,103 | 3,529 | 3,088 |
OPM % | 21% | 16% | 13% | 16% | 21% | 20% | 16% | 18% | 20% | 25% | 25% | 24% | 22% |
28 | 42 | 24 | 65 | 28 | 73 | 115 | 78 | 152 | 66 | 116 | 75 | 73 | |
Interest | 117 | 100 | 96 | 138 | 130 | 102 | 124 | 198 | 201 | 134 | 116 | 205 | 273 |
Depreciation | 184 | 209 | 225 | 245 | 275 | 283 | 316 | 358 | 389 | 453 | 517 | 575 | 623 |
Profit before tax | 562 | 348 | 208 | 399 | 585 | 657 | 582 | 818 | 1,018 | 1,612 | 2,586 | 2,824 | 2,265 |
Tax % | 33% | 27% | 22% | 24% | 27% | 22% | 21% | 22% | -0% | 26% | 27% | 23% | |
379 | 253 | 162 | 303 | 430 | 515 | 462 | 642 | 1,019 | 1,198 | 1,889 | 2,162 | 1,733 | |
EPS in Rs | 13.19 | 8.81 | 5.66 | 10.55 | 14.97 | 17.94 | 16.08 | 22.33 | 35.46 | 40.44 | 63.72 | 72.95 | 58.48 |
Dividend Payout % | 22% | 23% | 36% | 19% | 14% | 14% | 15% | 11% | 8% | 12% | 26% | 10% |
Compounded Sales Growth | |
---|---|
10 Years: | 15% |
5 Years: | 22% |
3 Years: | 27% |
TTM: | -5% |
Compounded Profit Growth | |
---|---|
10 Years: | 25% |
5 Years: | 36% |
3 Years: | 29% |
TTM: | -21% |
Stock Price CAGR | |
---|---|
10 Years: | 50% |
5 Years: | 42% |
3 Years: | 32% |
1 Year: | 1% |
Return on Equity | |
---|---|
10 Years: | 20% |
5 Years: | 22% |
3 Years: | 23% |
Last Year: | 23% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
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 | 296 |
Reserves | 1,793 | 1,910 | 2,008 | 2,238 | 2,705 | 3,124 | 3,506 | 4,071 | 4,875 | 6,796 | 8,268 | 10,030 | 10,554 |
1,228 | 1,704 | 2,175 | 2,435 | 2,515 | 2,396 | 3,142 | 3,730 | 4,135 | 3,469 | 3,655 | 4,478 | 4,976 | |
888 | 902 | 1,227 | 1,152 | 1,146 | 1,389 | 1,657 | 2,028 | 1,795 | 2,586 | 3,544 | 3,931 | 3,827 | |
Total Liabilities | 3,968 | 4,575 | 5,469 | 5,883 | 6,424 | 6,968 | 8,363 | 9,888 | 10,862 | 12,911 | 15,765 | 18,736 | 19,655 |
2,078 | 2,340 | 3,551 | 3,922 | 4,113 | 4,405 | 5,122 | 5,609 | 6,368 | 7,827 | 8,425 | 10,050 | 10,856 | |
CWIP | 417 | 565 | 112 | 104 | 117 | 259 | 559 | 754 | 1,393 | 772 | 1,672 | 2,406 | 2,683 |
Investments | 141 | 151 | 37 | 94 | 165 | 196 | 122 | 101 | 203 | 417 | 321 | 494 | 573 |
1,332 | 1,518 | 1,769 | 1,762 | 2,029 | 2,109 | 2,561 | 3,424 | 2,899 | 3,895 | 5,347 | 5,786 | 5,542 | |
Total Assets | 3,968 | 4,575 | 5,469 | 5,883 | 6,424 | 6,968 | 8,363 | 9,888 | 10,862 | 12,911 | 15,765 | 18,736 | 19,655 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
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 | 423 | 347 | 542 | 1,090 | 645 | 678 | 896 | 1,304 | 1,772 | 2,106 | 2,902 | |
-563 | -672 | -657 | -500 | -667 | -613 | -1,174 | -1,039 | -1,179 | -1,499 | -1,586 | -2,964 | |
-53 | 300 | 205 | -18 | -182 | -284 | 495 | 246 | -199 | -251 | -207 | 220 | |
Net Cash Flow | 48 | 50 | -106 | 24 | 241 | -252 | -1 | 103 | -73 | 22 | 312 | 158 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
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 | 44 | 49 | 63 | 49 | 41 | 50 | 44 | 53 | 45 | 55 | 53 | 44 |
Inventory Days | 77 | 95 | 114 | 110 | 105 | 126 | 115 | 113 | 119 | 133 | 129 | 112 |
Days Payable | 84 | 88 | 120 | 83 | 112 | 122 | 126 | 127 | 110 | 144 | 126 | 110 |
Cash Conversion Cycle | 37 | 56 | 56 | 75 | 34 | 54 | 34 | 38 | 54 | 45 | 55 | 46 |
Working Capital Days | 24 | 16 | 48 | 29 | 16 | 26 | 34 | 41 | 12 | 48 | 54 | 45 |
ROCE % | 23% | 12% | 8% | 11% | 14% | 14% | 11% | 14% | 14% | 18% | 24% | 22% |
Documents
Announcements
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 30 Nov
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
23 Nov - The management will be interacting with certain Institutional Investors/Analysts in Mumbai on 29th and 30th November 2023. No unpublished price-sensitive information will be shared during …
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 22 Nov
- Disclosure Under Regulation 30 Of SEBI (LODR) Regulations, 2015 20 Nov
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 9 Nov
Annual reports
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Financial Year 2023
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Financial Year 2022
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Financial Year 2021
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Financial Year 2020
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Financial Year 2019
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Financial Year 2018
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Financial Year 2017
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Financial Year 2016
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Financial Year 2015
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Financial Year 2014
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Financial Year 2013
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Financial Year 2013
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Financial Year 2012
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Financial Year 2011
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Financial Year 2011
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Concalls
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Nov 2023Transcript PPT REC
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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]