SRF Ltd

₹ 2,503 -1.59%
30 Sep - close price
About

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]

Key Points

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]

  • Market Cap 74,208 Cr.
  • Current Price 2,503
  • High / Low 2,865 / 1,973
  • Stock P/E 35.3
  • Book Value 289
  • Dividend Yield 0.29 %
  • ROCE 24.0 %
  • ROE 24.5 %
  • Face Value 10.0

Pros

  • Company is expected to give good quarter
  • Company has delivered good profit growth of 29.6% CAGR over last 5 years

Cons

  • Stock is trading at 8.67 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

Consolidated Figures in Rs. Crores / View Standalone

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
1,763 1,738 1,850 1,858 1,545 2,101 2,146 2,608 2,699 2,839 3,346 3,549 3,895
1,404 1,407 1,450 1,505 1,182 1,529 1,580 1,965 2,028 2,164 2,464 2,601 2,900
Operating Profit 360 331 400 353 363 572 566 643 672 675 881 948 995
OPM % 20% 19% 22% 19% 24% 27% 26% 25% 25% 24% 26% 27% 26%
29 122 6 6 10 10 22 13 14 11 11 7 10
Interest 52 55 48 47 43 36 28 26 27 23 29 36 32
Depreciation 92 93 102 101 104 114 117 118 123 130 132 132 131
Profit before tax 245 305 257 211 226 432 443 511 535 532 730 788 842
Tax % 23% 1% -34% 12% 22% 27% 27% 25% 26% 28% 31% 23% 28%
Net Profit 189 301 343 186 177 315 325 381 395 382 506 606 608
EPS in Rs 6.58 10.48 11.93 6.46 6.16 10.97 10.96 12.86 13.35 12.91 17.05 20.43 20.51
Raw PDF

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 13,629
2,573 3,170 3,169 3,513 3,822 3,630 3,852 4,683 5,803 5,754 6,267 9,330 10,130
Operating Profit 901 835 614 505 717 963 969 906 1,297 1,455 2,133 3,103 3,499
OPM % 26% 21% 16% 13% 16% 21% 20% 16% 18% 20% 25% 25% 26%
46 28 42 24 65 28 73 115 78 152 66 116 39
Interest 90 117 100 96 138 130 102 124 198 201 134 116 121
Depreciation 170 184 209 225 245 275 283 316 358 389 453 517 525
Profit before tax 687 562 348 208 399 585 657 582 818 1,018 1,612 2,586 2,892
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 2,102
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 70.90
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: 43%
Compounded Profit Growth
10 Years: 18%
5 Years: 30%
3 Years: 43%
TTM: 48%
Stock Price CAGR
10 Years: 49%
5 Years: 52%
3 Years: 67%
1 Year: 13%
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
62 58 58 58 58 58 58 58 58 58 60 297
Reserves 1,636 1,793 1,910 2,008 2,238 2,705 3,124 3,506 4,070 4,873 6,794 8,265
973 1,228 1,704 2,175 2,435 2,515 2,396 3,142 3,730 4,135 3,469 3,655
877 888 902 1,227 1,152 1,146 1,389 1,657 2,029 1,796 2,589 3,548
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
2,036 2,078 2,340 3,551 3,922 4,113 4,405 5,122 5,609 6,368 7,827 8,425
CWIP 113 417 565 112 104 117 259 559 754 1,393 772 1,672
Investments 116 141 151 37 94 165 196 122 101 203 417 321
1,283 1,332 1,518 1,769 1,762 2,029 2,109 2,561 3,424 2,899 3,895 5,347
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

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 28 32
ROCE % 31% 23% 12% 8% 11% 14% 14% 11% 14% 14% 18% 24%

Shareholding Pattern

Numbers in percentages

6 recently
Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022
52.32 52.32 52.32 52.32 52.32 50.77 50.77 50.77 50.77 50.73 50.73 50.73
18.50 18.43 18.30 17.09 17.11 19.38 18.43 18.39 19.18 19.09 19.60 19.21
11.87 11.58 11.32 11.32 11.34 11.23 11.16 11.90 10.42 9.16 8.72 9.37
17.31 17.67 18.06 19.27 19.23 18.62 19.64 18.94 19.64 21.02 20.95 20.69

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