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 ₹ 70,586 Cr.
- Current Price ₹ 2,381
- High / Low ₹ 2,865 / 2,002
- Stock P/E 32.0
- Book Value ₹ 311
- Dividend Yield 0.30 %
- ROCE 23.9 %
- ROE 24.5 %
- Face Value ₹ 10.0
Pros
- Company has delivered good profit growth of 29.6% CAGR over last 5 years
Cons
- Stock is trading at 7.65 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
Consolidated Figures in Rs. Crores / View Standalone
Profit & Loss
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | TTM | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
3,474 | 4,004 | 3,783 | 4,018 | 4,540 | 4,593 | 4,822 | 5,589 | 7,100 | 7,209 | 8,400 | 12,434 | 14,642 | |
2,573 | 3,170 | 3,169 | 3,513 | 3,822 | 3,630 | 3,852 | 4,683 | 5,803 | 5,754 | 6,267 | 9,330 | 11,096 | |
Operating Profit | 901 | 835 | 614 | 505 | 717 | 963 | 969 | 906 | 1,297 | 1,455 | 2,133 | 3,103 | 3,546 |
OPM % | 26% | 21% | 16% | 13% | 16% | 21% | 20% | 16% | 18% | 20% | 25% | 25% | 24% |
46 | 28 | 42 | 24 | 65 | 28 | 73 | 115 | 78 | 152 | 66 | 116 | 60 | |
Interest | 90 | 117 | 100 | 96 | 138 | 130 | 102 | 124 | 198 | 201 | 134 | 116 | 175 |
Depreciation | 170 | 184 | 209 | 225 | 245 | 275 | 283 | 316 | 358 | 389 | 453 | 517 | 552 |
Profit before tax | 687 | 562 | 348 | 208 | 399 | 585 | 657 | 582 | 818 | 1,018 | 1,612 | 2,586 | 2,879 |
Tax % | 30% | 33% | 27% | 22% | 24% | 27% | 22% | 21% | 22% | -0% | 26% | 27% | |
Net Profit | 484 | 379 | 253 | 162 | 303 | 430 | 515 | 462 | 642 | 1,019 | 1,198 | 1,889 | 2,206 |
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 | 74.41 | |
Dividend Payout % | 18% | 22% | 23% | 36% | 19% | 14% | 14% | 15% | 11% | 8% | 12% | 26% |
Compounded Sales Growth | |
---|---|
10 Years: | 12% |
5 Years: | 21% |
3 Years: | 21% |
TTM: | 27% |
Compounded Profit Growth | |
---|---|
10 Years: | 18% |
5 Years: | 30% |
3 Years: | 43% |
TTM: | 33% |
Stock Price CAGR | |
---|---|
10 Years: | 53% |
5 Years: | 44% |
3 Years: | 64% |
1 Year: | -8% |
Return on Equity | |
---|---|
10 Years: | 18% |
5 Years: | 20% |
3 Years: | 23% |
Last Year: | 24% |
Balance Sheet
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Sep 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
62 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 58 | 60 | 297 | 297 | |
Reserves | 1,636 | 1,793 | 1,910 | 2,008 | 2,238 | 2,705 | 3,124 | 3,506 | 4,071 | 4,875 | 6,796 | 8,268 | 8,927 |
973 | 1,228 | 1,704 | 2,175 | 2,435 | 2,515 | 2,396 | 3,142 | 3,730 | 4,135 | 3,469 | 3,655 | 3,833 | |
877 | 888 | 902 | 1,227 | 1,152 | 1,146 | 1,389 | 1,657 | 2,028 | 1,795 | 2,586 | 3,544 | 3,995 | |
Total Liabilities | 3,548 | 3,968 | 4,575 | 5,469 | 5,883 | 6,424 | 6,968 | 8,363 | 9,888 | 10,862 | 12,911 | 15,765 | 17,053 |
2,036 | 2,078 | 2,340 | 3,551 | 3,922 | 4,113 | 4,405 | 5,122 | 5,609 | 6,368 | 7,827 | 8,425 | 9,164 | |
CWIP | 113 | 417 | 565 | 112 | 104 | 117 | 259 | 559 | 754 | 1,393 | 772 | 1,672 | 1,843 |
Investments | 116 | 141 | 151 | 37 | 94 | 165 | 196 | 122 | 101 | 203 | 417 | 321 | 329 |
1,283 | 1,332 | 1,518 | 1,769 | 1,762 | 2,029 | 2,109 | 2,561 | 3,424 | 2,899 | 3,895 | 5,347 | 5,717 | |
Total Assets | 3,548 | 3,968 | 4,575 | 5,469 | 5,883 | 6,424 | 6,968 | 8,363 | 9,888 | 10,862 | 12,911 | 15,765 | 17,053 |
Cash Flows
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
609 | 665 | 423 | 347 | 542 | 1,090 | 645 | 678 | 896 | 1,304 | 1,772 | 2,106 | |
-280 | -563 | -672 | -657 | -500 | -667 | -613 | -1,174 | -1,039 | -1,179 | -1,499 | -1,586 | |
-290 | -53 | 300 | 205 | -18 | -182 | -284 | 495 | 246 | -199 | -251 | -207 | |
Net Cash Flow | 40 | 48 | 50 | -106 | 24 | 241 | -252 | -1 | 103 | -73 | 22 | 312 |
Ratios
Consolidated Figures in Rs. Crores / View Standalone
Mar 2011 | Mar 2012 | Mar 2013 | Mar 2014 | Mar 2015 | Mar 2016 | Mar 2017 | Mar 2018 | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Debtor Days | 52 | 44 | 49 | 63 | 49 | 41 | 50 | 44 | 53 | 45 | 55 | 53 |
Inventory Days | 101 | 77 | 95 | 114 | 110 | 105 | 126 | 115 | 113 | 119 | 133 | 129 |
Days Payable | 112 | 84 | 88 | 120 | 83 | 112 | 122 | 126 | 127 | 110 | 144 | 126 |
Cash Conversion Cycle | 40 | 37 | 56 | 56 | 75 | 34 | 54 | 34 | 38 | 54 | 45 | 55 |
Working Capital Days | 21 | 24 | 16 | 48 | 29 | 16 | 26 | 34 | 41 | 12 | 48 | 54 |
ROCE % | 31% | 23% | 12% | 8% | 11% | 14% | 14% | 11% | 14% | 14% | 18% | 24% |
Documents
Announcements
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
10h - Mr. Rahul Jain, President & CFO will be travelling to United States of America to meet various Institutional Investors between 23rd March till 30th March …
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 12h
- Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate 16 Feb
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Announcement under Regulation 30 (LODR)-Earnings Call Transcript
7 Feb - Transcript of the Earnings call held on 31st January 2023
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Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Intimation
6 Feb - Mr. Rahul Jain, President & CFO will be participating in the following investor conferences: 1. Citi India Investor Conference 2023 on 7th Feb 2023 in …
Annual reports
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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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Financial Year 2010
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Concalls
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Jan 2023TranscriptNotesPPT
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Nov 2022Transcript PPT
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Jul 2022Transcript PPT
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May 2022Transcript PPT
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Jan 2022TranscriptNotesPPT
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Oct 2021TranscriptNotesPPT
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Jan 2021TranscriptNotesPPT
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Nov 2020TranscriptNotesPPT
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Feb 2020TranscriptNotesPPT
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Nov 2019TranscriptNotesPPT
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Aug 2019TranscriptNotesPPT
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Nov 2018TranscriptNotesPPT
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Feb 2018TranscriptNotesPPT
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Nov 2017TranscriptNotesPPT
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Aug 2017TranscriptNotesPPT
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May 2017TranscriptNotesPPT
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Nov 2016TranscriptNotesPPT
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Aug 2016TranscriptNotesPPT
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Feb 2016TranscriptNotesPPT
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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]