Budget News

SRF
November 04,2022 00:47

SRFconsolidated net sales increased 31.31% to Rs 3727.78 crore in Q2FY23 comparedto Q2FY22. Sales of Technical TextileBusiness segment has gone down 16.43% to Rs 466.22 crore (accounting for 12.51%of total sales). Sales of Chemicals andPolymers Business segment has gone up 62.49% to Rs 1,830.16 crore (accountingfor 49.10% of total sales). Sales ofPacking Film Business segment rose 24.19% to Rs 1,331.02 crore (accounting for35.71% of total sales). Sales of Otherssegment has gone up 16.33% to Rs 100.38 crore (accounting for 2.69% of totalsales).

Profitbefore interest, tax and other unallocable items (PBIT) has jumped 21.09% to Rs689.24 crore. PBIT of Technical TextileBusiness segment fell 52.62% to Rs 62.93 crore (accounting for 9.13% of totalPBIT). PBIT of Chemicals and PolymersBusiness segment rose 106.03% to Rs 517.28 crore (accounting for 75.05% oftotal PBIT). PBIT of Packing FilmBusiness segment fell 43.49% to Rs 101.44 crore (accounting for 14.72% of totalPBIT). PBIT of Others segment rose31.09% to Rs 7.59 crore (accounting for 1.10% of total PBIT).

PBITmargin of Technical Textile Business segment fell from 23.81% to 13.50%. PBIT margin of Chemicals and PolymersBusiness segment rose from 22.29% to 28.26%. PBIT margin of Packing Film Business segment fell from 16.75% to 7.62%. PBIT margin of Others segment rose from 6.71%to 7.56%. Overall PBIT margin fell from20.03% to 18.49%.

Operatingprofit margin has declined from 23.77% to 20.63%, leading to 13.95% rise inoperating profit to Rs 769.11 crore. Rawmaterial cost as a % of total sales (net of stock adjustments) decreased from51.35% to 49.29%. Purchase of finishedgoods cost rose from 0.49% to 1.73%. Employee cost decreased from 6.08% to 5.39%. Other expenses rose from 19.01% to22.37%. Power and Oil fuel cost rosefrom 9.02% to 10.31%.

Otherincome rose 194.42% to Rs 32.74 crore. PBIDT rose 16.88% to Rs 801.85 crore. Provision for interest rose 90.37% to Rs 44.47 crore.

PBDTrose 14.29% to Rs 757.38 crore. Provision for depreciation rose 6.92% to Rs 139.3 crore.

Profitbefore tax grew 16.09% to Rs 618.08 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 137.09crore, compared to Rs 149.97 crore. Effective tax rate was 22.18% compared to 28.17%.

Minorityinterest was nil in both the periods. Net profit attributable to owners of the company increased 25.77% to Rs480.99 crore.

Equitycapital increased from Rs 60.26 crore as of 30 September 2021 to Rs 297.44crore as of 30 September 2022. Per shareface Value remained same at Rs 10.00.

Promoters'stake was 50.53% as of 30 September 2022 ,compared to 50.77% as of 30 September2021.

Commenting on theresults, Chairman and Managing Director, Ashish Bharat Ram said, “Our Chemicals Business has performedexceedingly well once again. The packaging films business is witnessinghistorically low margins in the polyester film segment and the technicaltextiles business is suffering from weak demand for tyre cord.

Despitea challenging global scenario, we remain cautiously optimistic about thenear-term outlook for our chemicals business.”

For year-to-date (YTD)results analysis

Netsales (including other operating income) of SRF has increased 37.63% to Rs7622.5 crore. Sales of Technical TextileBusiness segment has gone down 1.29% to Rs 1,037.24 crore (accounting for13.61% of total sales). Sales ofChemicals and Polymers Business segment has gone up 58.60% to Rs 3,552.59 crore(accounting for 46.60% of total sales). Sales of Packing Film Business segment rose 33.79% to Rs 2,827.02 crore(accounting for 37.09% of total sales). Sales of Others segment has gone up 47.20% to Rs 205.98 crore(accounting for 2.70% of total sales). Inter-segment sales came down from Rs 5.40 crore to Rs 0.33 crore.

Profitbefore interest, tax and other unallocable items (PBIT) has jumped 39.85% to Rs1,627.59 crore. PBIT of TechnicalTextile Business segment fell 32.78% to Rs 179.14 crore (accounting for 11.01%of total PBIT). PBIT of Chemicals andPolymers Business segment rose 119.18% to Rs 1,037.49 crore (accounting for63.74% of total PBIT). PBIT of PackingFilm Business segment fell 4.73% to Rs 396.61 crore (accounting for 24.37% oftotal PBIT). PBIT of Others segment rose86.61% to Rs 14.35 crore (accounting for 0.88% of total PBIT).

PBITmargin of Technical Textile Business segment fell from 25.36% to 17.27%. PBIT margin of Chemicals and PolymersBusiness segment rose from 21.13% to 29.20%. PBIT margin of Packing Film Business segment fell from 19.70% to14.03%. PBIT margin of Others segmentrose from 5.50% to 6.97%. Overall PBITmargin rose from 20.99% to 21.35%.

Operatingprofit margin has declined from 24.31% to 23.14%, leading to 31.01% rise inoperating profit to Rs 1,764.08 crore. Raw material cost as a % of total sales (net of stock adjustments)decreased from 49.78% to 48.32%. Purchase of finished goods cost rose from 0.78% to 1.80%. Employee cost decreased from 6.41% to 5.10%. Other expenses rose from 19.06% to21.70%. Power and Oil fuel cost rosefrom 8.83% to 10.26%.

Otherincome rose 71.04% to Rs 42.59 crore. PBIDT rose 31.74% to Rs 1806.67 crore. Provision for interest rose 51.43% to Rs 76.97 crore.

PBDTrose 30.98% to Rs 1729.7 crore. Provision for depreciation rose 6.63% to Rs 270.03 crore.

Profitbefore tax grew 36.76% to Rs 1,459.67 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 370.68crore, compared to Rs 289.6 crore. Effective tax rate was 25.39% compared to 27.13%.

Minorityinterest was nil in both the periods. Net profit attributable to owners of the company increased 40.02% to Rs1,088.99 crore.

Equitycapital increased from Rs 60.26 crore as of 30 September 2021 to Rs 297.44crore as of 30 September 2022. Per shareface Value remained same at Rs 10.00.

Promoters'stake was 50.53% as of 30 September 2022 ,compared to 50.77% as of 30 September2021.

TheBoard has approved capex aggregating Rs 604 crore for four new plants in theagrochemical space and capacity enhancement of an existing plant at Dahej,India. These projects are a part of our overall expansion strategy in theSpecialty Chemicals Business and our likely to be completed in the next ten[1]to-twelve months. Inaddition, the Board has approved a project to develop a Kilo Lab at Bhiwadi toaddress the needs of the Pharma market at a projected cost of Rs 9.8 crore.

Thescrip is currently trading at Rs 2560

SRF : Consolidated Results
Particulars	2209 (03)	2109 (03)	Var.(%)	2209 (06)	2109 (06)	Var.(%)	2203 (12)	2103 (12)	Var.(%)
Net Sales	3,727.78	2,838.97	31	7,622.50	5,538.37	38	12,433.66	8,400.04	48
OPM (%)	20.63	23.77		23.14	24.31		25.54	25.54
OP	769.11	674.95	14	1,764.08	1,346.50	31	3,175.91	2,145.19	48
Other Inc.	32.74	11.12	194	42.59	24.9	71	42.8	54.49	-21
PBIDT	801.85	686.07	17	1,806.67	1,371.40	32	3,218.71	2,199.68	46
Interest	44.47	23.36	90	76.97	50.83	51	115.93	133.95	-13
PBDT	757.38	662.71	14	1,729.70	1,320.57	31	3,102.78	2,065.73	50
Depreciation	139.3	130.29	7	270.03	253.24	7	517.23	453.08	14
PBT	618.08	532.42	16	1459.67	1067.33	37	2585.55	1612.65	60
Share of Profit/(Loss) from Associates	0	0	-	0	0	-	0	0	-
PBT before EO	618.08	532.42	16	1459.67	1067.33	37	2585.55	1612.65	60
EO Income	0	0	-	0	0	-	0	0	-
PBT after EO	618.08	532.42	16	1459.67	1067.33	37	2585.55	1612.65	60
Taxation	137.09	149.97	-9	370.68	289.6	28	696.63	414.4	68
PAT	480.99	382.45	26	1088.99	777.73	40	1888.92	1198.25	58
Minority Interest (MI)	0	0	-	0	0	-	0	0	-
Net profit	480.99	382.45	26	1088.99	777.73	40	1888.92	1198.25	58
EPS (Rs)*	#	#		#	#		63.7	40.4
Notes
* EPS is on current equity of Rs 296.42 crore, Face value of Rs 10, Excluding extraordinary items.
# EPS is not annualised
bps : Basis points
EO : Extraordinary items
Figures in Rs crore
Source: Capitaline Corporate Database

SRF : Consolidated Segment Results
	% of (Total)	2209 (03)	2109 (03)	Var.(%)	% of (Total)	2209 (06)	2109 (06)	Var.(%)	% of (Total)	2203 (12)	2103 (12)	Var.(%)
Sales
Technical Textile Business	13	466.22	557.88	-16	14	1,037.24	1,050.81	-1	17	2,085.24	1,240.11	68
Chemicals and Polymers Business	49	1,830.16	1,126.35	62	47	3,552.59	2,240.01	59	42	5,240.78	3,644.89	44
Packing Film Business	36	1,331.02	1,071.74	24	37	2,827.02	2,113.02	34	38	4,779.21	3,291.72	45
Others	3	100.38	86.29	16	3	205.98	139.93	47	3	340.34	232.02	47
Total Reported Sales	100	3,727.78	2,842.26	31	100	7,622.83	5,543.77	38	100	12,445.57	8,408.74	48
Less: Inter segment revenues		0	3.29	-		0.33	5.4	-94		11.91	8.7	37
Net Sales		3,727.78	2,838.97	31		7,622.50	5,538.37	38		12,433.66	8,400.04	48
PBIT
Technical Textile Business	9	62.93	132.82	-53	11	179.14	266.5	-33	17	471.43	176.9	167
Chemicals and Polymers Business	75	517.28	251.07	106	64	1,037.49	473.36	119	49	1,396.91	728.14	92
Packing Film Business	15	101.44	179.51	-43	24	396.61	416.29	-5	33	946.33	897.87	5
Others	1	7.59	5.79	31	1	14.35	7.69	87	1	20.35	25.59	-20
Total PBIT	100	689.24	569.19	21	100	1,627.59	1,163.84	40	100	2,835.02	1,828.50	55
Less : Interest		44.47	23.36	90		76.97	50.83	51		115.93	133.95	-13
Add: Other un-allcoable		-26.69	-13.41	-99		-90.95	-45.68	-99		-133.54	-84.63	-58
PBT		618.08	532.42	16		1,459.67	1,067.33	37		2,585.55	1,609.92	61

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