SRF Ltd

SRF Ltd

₹ 2,420 -1.62%
24 Jun - 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 71,742 Cr.
  • Current Price 2,420
  • High / Low 2,697 / 2,040
  • Stock P/E 53.9
  • Book Value 387
  • Dividend Yield 0.30 %
  • ROCE 12.7 %
  • ROE 12.2 %
  • Face Value 10.0

Pros

  • Company has been maintaining a healthy dividend payout of 17.4%

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.

Peer comparison

Sector: Chemicals Industry: Chemicals

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

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
2,608 2,699 2,839 3,346 3,549 3,895 3,728 3,470 3,778 3,338 3,177 3,053 3,570
1,965 2,028 2,164 2,464 2,601 2,900 2,959 2,636 2,846 2,642 2,551 2,487 2,874
Operating Profit 643 672 675 881 948 995 769 834 932 696 626 566 696
OPM % 25% 25% 24% 26% 27% 26% 21% 24% 25% 21% 20% 19% 19%
13 14 11 11 7 10 33 10 22 12 29 19 23
Interest 26 27 23 29 36 32 44 62 66 66 79 67 90
Depreciation 118 123 130 132 132 131 139 151 155 157 161 169 186
Profit before tax 511 535 532 730 788 842 618 631 733 486 415 348 443
Tax % 25% 26% 28% 31% 23% 28% 22% 19% 23% 26% 27% 27% 5%
381 395 382 506 606 608 481 511 562 359 301 253 422
EPS in Rs 12.86 13.35 12.91 17.05 20.43 20.51 16.23 17.24 18.97 12.12 10.15 8.55 14.24
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
3,783 4,018 4,540 4,593 4,822 5,589 7,100 7,209 8,400 12,434 14,870 13,139
3,169 3,513 3,822 3,630 3,852 4,683 5,803 5,754 6,267 9,330 11,341 10,554
Operating Profit 614 505 717 963 969 906 1,297 1,455 2,133 3,103 3,529 2,584
OPM % 16% 13% 16% 21% 20% 16% 18% 20% 25% 25% 24% 20%
42 24 65 28 73 115 78 152 66 116 75 83
Interest 100 96 138 130 102 124 198 201 134 116 205 302
Depreciation 209 225 245 275 283 316 358 389 453 517 575 673
Profit before tax 348 208 399 585 657 582 818 1,018 1,612 2,586 2,824 1,692
Tax % 27% 22% 24% 27% 22% 21% 22% -0% 26% 27% 23% 21%
253 162 303 430 515 462 642 1,019 1,198 1,889 2,162 1,336
EPS in Rs 8.81 5.66 10.55 14.97 17.94 16.08 22.33 35.46 40.44 63.72 72.95 45.06
Dividend Payout % 23% 36% 19% 14% 14% 15% 11% 8% 12% 26% 10% 16%
Compounded Sales Growth
10 Years: 13%
5 Years: 13%
3 Years: 16%
TTM: -12%
Compounded Profit Growth
10 Years: 24%
5 Years: 16%
3 Years: 4%
TTM: -38%
Stock Price CAGR
10 Years: 35%
5 Years: 32%
3 Years: 20%
1 Year: 3%
Return on Equity
10 Years: 19%
5 Years: 20%
3 Years: 19%
Last Year: 12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

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 1,910 2,008 2,238 2,705 3,124 3,506 4,071 4,875 6,796 8,268 10,030 11,182
1,704 2,175 2,435 2,515 2,396 3,142 3,730 4,135 3,469 3,655 4,478 5,031
902 1,227 1,152 1,146 1,389 1,657 2,028 1,795 2,586 3,544 3,931 3,945
Total Liabilities 4,575 5,469 5,883 6,424 6,968 8,363 9,888 10,862 12,911 15,765 18,736 20,454
2,340 3,551 3,922 4,113 4,405 5,122 5,609 6,368 7,827 8,425 10,050 13,242
CWIP 565 112 104 117 259 559 754 1,393 772 1,672 2,406 805
Investments 151 37 94 165 196 122 101 203 417 321 494 527
1,518 1,769 1,762 2,029 2,109 2,561 3,424 2,899 3,895 5,347 5,786 5,881
Total Assets 4,575 5,469 5,883 6,424 6,968 8,363 9,888 10,862 12,911 15,765 18,736 20,454

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
423 347 542 1,090 645 678 896 1,304 1,772 2,106 2,902 2,094
-672 -657 -500 -667 -613 -1,174 -1,039 -1,179 -1,499 -1,586 -2,964 -2,231
300 205 -18 -182 -284 495 246 -199 -251 -207 220 -72
Net Cash Flow 50 -106 24 241 -252 -1 103 -73 22 312 158 -209

Ratios

Consolidated Figures in Rs. Crores / View Standalone

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 49 63 49 41 50 44 53 45 55 53 44 54
Inventory Days 95 114 110 105 126 115 113 119 133 129 112 127
Days Payable 88 120 83 112 122 126 127 110 144 126 110 120
Cash Conversion Cycle 56 56 75 34 54 34 38 54 45 55 46 61
Working Capital Days 16 48 29 16 26 34 41 12 48 54 45 57
ROCE % 12% 8% 11% 14% 14% 11% 14% 14% 18% 24% 22% 13%

Shareholding Pattern

Numbers in percentages

1 Recently
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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