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SRF

₹2367.6 26.8 | 1.1%

Market Cap ₹70180 Cr.

Stock P/E 52.5

P/B 6.1

Current Price ₹2367.6

Book Value ₹ 386.5

Face Value 10

52W High ₹2697.5

Dividend Yield 0.3%

52W Low ₹ 2050

SRF Research see more...

Overview Inc. Year: 1970Industry: Chemicals

SRF Limited is an primarily India-based holding corporation. The Company is engaged in production of chemical substances and polymers, technical textiles and packaging films. Its segments include Technical Textiles Business (TTB), which includes nylon tire cord fabric, belting cloth, coated cloth, polyester tire cord material and commercial yarns and its studies and improvement; Chemicals and Polymers Business (CPB), which incorporates refrigerant gases, pharmaceuticals and allied merchandise, engineering plastics enterprise and its studies and improvement, and Packaging Films Business (PFB), which includes polyester films. Its chemical compounds and polymers plants are situated at Alwar, Rajasthan; Udham Singh Nagar; Uttarakhand, and Bharuch, Gujarat. Its technical textiles plant are situated at Chennai, Tamil Nadu; Bhind, Madhya Pradesh; Thiruvallur, Tamil Nadu; Pudukottai, Tamil Nadu, and Udham SinghNagar, Uttarakhand. Its packaging films plants are situated at Udham SinghNagar, Uttarakhand and Indore, Madhya Pradesh.

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SRF Share Price

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Peer Comparison

SRF Quarterly Results

#(Fig in Cr.) Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024
Net Sales 3346 3549 3895 3728 3470 3778 3338 3177 3053 3570
Other Income 44 19 10 33 10 22 12 29 19 23
Total Income 3390 3568 3905 3761 3480 3800 3350 3206 3072 3593
Total Expenditure 2498 2613 2900 2959 2636 2846 2642 2551 2487 2874
Operating Profit 892 955 1005 802 844 954 708 655 585 719
Interest 29 36 33 44 62 66 66 79 67 90
Depreciation 132 132 131 139 151 155 157 161 169 186
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 730 788 842 618 631 733 486 415 348 443
Provision for Tax 225 182 234 137 120 171 126 114 95 21
Profit After Tax 506 606 608 481 511 562 359 301 253 422
Adjustments 0 0 0 0 0 0 0 0 0 0
Profit After Adjustments 506 606 608 481 511 562 359 301 253 422
Adjusted Earnings Per Share 17.1 20.4 20.5 16.2 17.2 19 12.1 10.1 8.5 14.2

SRF Profit & Loss

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
Net Sales 4018 4540 4593 4822 5589 7100 7209 8400 12434 14870 13139 13138
Other Income 24 65 28 73 115 28 49 66 116 75 83 83
Total Income 4042 4604 4621 4895 5704 7128 7258 8466 12549 14945 13222 13221
Total Expenditure 3513 3822 3630 3853 4683 5803 5754 6267 9330 11341 10554 10554
Operating Profit 529 782 990 1042 1021 1325 1504 2200 3219 3604 2667 2667
Interest 96 138 130 102 124 198 201 134 116 205 302 302
Depreciation 225 245 275 283 316 358 389 453 517 575 673 673
Exceptional Income / Expenses 0 0 0 0 0 0 0 0 0 0 0 0
Profit Before Tax 208 399 585 657 582 768 915 1613 2586 2824 1692 1692
Provision for Tax 46 97 155 142 120 177 -1 414 697 662 357 356
Profit After Tax 162 303 430 515 462 592 916 1198 1889 2162 1336 1335
Adjustments 0 0 0 0 0 50 103 -0 0 0 0 0
Profit After Adjustments 162 303 430 515 462 642 1019 1198 1889 2162 1336 1335
Adjusted Earnings Per Share 5.7 10.5 15 17.9 16.1 22.3 35.5 40.4 63.7 72.9 45.1 44.9

Growth Rates

# 1 Year 3 Year 5 Year 10 Year
Sales CAGR -12% 16% 13% 13%
Operating Profit CAGR -26% 7% 15% 18%
PAT CAGR -38% 4% 18% 23%
# 1 Year 3 Year 5 Year 10 Year
Share Price CAGR 10% 14% 34% 35%
ROE Average 12% 20% 20% 17%
ROCE Average 13% 20% 18% 15%

SRF Balance Sheet

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Shareholder's Funds 2067 2296 2763 3183 3565 4129 4933 6856 8565 10327 11479
Minority's Interest 0 0 0 0 0 0 0 0 0 0 0
Borrowings 1713 1788 1940 1432 1907 2161 2312 1965 1753 2312 2251
Other Non-Current Liabilities 292 405 299 344 359 399 310 519 1006 1181 1243
Total Current Liabilities 1397 1393 1421 2010 2532 3199 3308 3571 4440 4917 5481
Total Liabilities 5469 5883 6424 6968 8363 9888 10863 12911 15765 18736 20454
Fixed Assets 3551 3922 4113 4405 5122 5609 6368 7827 8425 10050 13242
Other Non-Current Assets 203 244 328 484 816 1106 1589 1145 2085 2911 1563
Total Current Assets 1715 1716 1984 2079 2426 3172 2894 3939 5251 5775 5649
Total Assets 5469 5883 6424 6968 8363 9888 10863 12911 15765 18736 20454

SRF Cash Flow

#(Fig in Cr.) Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Opening Cash & Cash Equivalents 180 75 99 340 88 87 190 116 138 450 608
Cash Flow from Operating Activities 347 542 1090 645 678 896 1304 1772 2106 2902 2094
Cash Flow from Investing Activities -657 -500 -667 -613 -1195 -1014 -1180 -1500 -1588 -2961 -2227
Cash Flow from Financing Activities 205 -18 -182 -284 495 246 -199 -251 -207 220 -72
Net Cash Inflow / Outflow -106 24 241 -252 -22 127 -75 21 311 160 -205
Closing Cash & Cash Equivalent 75 99 340 88 87 190 116 138 450 608 399

SRF Ratios

# Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Earnings Per Share (Rs) 5.66 10.55 14.97 17.94 16.08 22.33 35.46 40.44 63.72 72.95 45.06
CEPS(Rs) 13.49 19.08 24.55 27.81 27.08 33.05 45.39 55.75 81.17 92.36 67.75
DPS(Rs) 10 10 10 12 12 12 14 24 16.75 7.2 7.2
Book NAV/Share(Rs) 70.93 78.93 96.2 110.82 124.12 143.62 171.56 231.36 288.82 347.97 386.54
Core EBITDA Margin(%) 11.7 14.74 19.65 18.86 15.65 18.61 19.9 24.97 24.74 23.41 19.24
EBIT Margin(%) 7.04 11.03 14.61 14.78 12.18 13.87 15.26 20.44 21.54 20.09 14.85
Pre Tax Margin(%) 4.81 8.21 11.94 12.79 10.04 11.03 12.51 18.88 20.62 18.74 12.6
PAT Margin (%) 3.76 6.22 8.78 10.03 7.97 8.49 12.53 14.03 15.06 14.35 9.94
Cash Profit Margin (%) 8.96 11.26 14.39 15.54 13.43 13.63 17.85 19.33 19.18 18.16 14.95
ROA(%) 3.24 5.33 6.99 7.69 6.02 6.48 8.83 10.08 13.17 12.54 6.82
ROE(%) 8.17 14.08 17.1 17.33 13.69 15.38 20.22 20.34 24.51 22.91 12.27
ROCE(%) 7.74 12.05 14.34 13.98 11.49 13.27 13.25 18.17 24.17 22.62 12.83
Receivable days 50.7 48.83 41.92 41.62 42.15 44.76 47.93 46.26 44.63 43.32 50.66
Inventory Days 55.33 56.62 53.45 53.62 56.61 57.16 60.57 56.97 52.45 53.43 62.51
Payable days 43.51 43.97 54.89 92.15 111.54 105.17 111.92 111.9 94.08 80.31 86.44
PER(x) 12.73 18.77 17.44 18.13 24.35 21.54 15.68 26.74 42.03 32.98 56.76
Price/Book(x) 1.02 2.51 2.71 2.93 3.15 3.35 3.24 4.67 9.27 6.92 6.62
Dividend Yield(%) 2.78 1.01 0.77 0.74 0.61 0.5 0.5 0.44 0.63 0.3 0.28
EV/Net Sales(x) 1.04 1.76 2.1 2.41 2.56 2.44 2.76 4.18 6.63 5.05 6.11
EV/Core EBITDA(x) 7.87 10.25 9.72 11.16 13.99 13.09 13.23 15.97 25.62 20.83 30.12
Net Sales Growth(%) 6.22 12.99 1.16 4.99 15.91 27.03 1.55 16.51 48.02 19.6 -11.65
EBIT Growth(%) -32.03 76.6 33.22 6.09 -7.04 37.03 15.37 56.59 54.67 12.12 -34.15
PAT Growth(%) -35.77 86.39 41.97 19.8 -10.35 28.13 54.82 30.83 57.64 14.47 -38.23
EPS Growth(%) -35.77 86.39 41.97 19.8 -10.35 38.82 58.83 14.06 57.56 14.48 -38.23
Debt/Equity(x) 1.07 1.07 0.91 0.75 0.88 0.9 0.82 0.49 0.41 0.42 0.43
Current Ratio(x) 1.23 1.23 1.4 1.03 0.96 0.99 0.87 1.1 1.18 1.17 1.03
Quick Ratio(x) 0.69 0.68 0.92 0.62 0.58 0.61 0.51 0.69 0.7 0.71 0.61
Interest Cover(x) 3.16 3.9 5.48 7.46 5.7 4.87 5.56 13.04 23.3 14.79 6.6
Total Debt/Mcap(x) 1.05 0.43 0.34 0.26 0.28 0.27 0.25 0.11 0.04 0.06 0.06

SRF Shareholding Pattern

# Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024
Promoter 50.73 50.73 50.53 50.53 50.53 50.53 50.53 50.53 50.3 50.26
FII 19.6 19.21 19.21 18.31 18.48 20.01 19.77 19.57 19.06 18.73
DII 8.71 9.37 14.03 14.85 14.96 13.73 14.14 14.54 15.99 16.58
Public 20.95 20.69 16.23 16.3 16.02 15.73 15.56 15.36 14.65 14.43
Others 0 0 0 0 0 0 0 0 0 0
Total 100 100 100 100 100 100 100 100 100 100

Pros

  • Company has reduced debt.
  • Company is almost debt free.

Cons

  • Debtor days have increased from 80.31 to 86.44days.
  • Stock is trading at 6.1 times its book value.

* 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.

SRF News

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