SRF

₹2200 -77.6 | 3.4%

WEBSITE BSE:503806 NSE : SRF LIMITED 22 Oct, 16:01

Market Cap ₹65213 Cr.

Stock P/E 53.1

P/B 5.6

Current Price ₹2200

Book Value ₹ 395

Face Value 10

52W High ₹2697.5

Dividend Yield 0.33%

52W Low ₹ 2081.3

Edit Ratio

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.

SRF Share Price

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Peer Comparison

SRF Quarterly Results

#(Fig in Cr.)	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024
Net Sales	3549	3895	3728	3470	3778	3338	3177	3053	3570	3464
Other Income	19	10	33	10	22	12	29	19	23	25
Total Income	3568	3905	3761	3480	3800	3350	3206	3072	3593	3489
Total Expenditure	2613	2900	2959	2636	2846	2642	2551	2487	2874	2861
Operating Profit	955	1005	802	844	954	708	655	585	719	629
Interest	36	33	44	62	66	66	79	67	90	97
Depreciation	132	131	139	151	155	157	161	169	186	188
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	788	842	618	631	733	486	415	348	443	344
Provision for Tax	182	234	137	120	171	126	114	95	21	92
Profit After Tax	606	608	481	511	562	359	301	253	422	252
Adjustments	0	0	0	0	0	0	0	0	0	0
Profit After Adjustments	606	608	481	511	562	359	301	253	422	252
Adjusted Earnings Per Share	20.4	20.5	16.2	17.2	19	12.1	10.1	8.5	14.2	8.5

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	13264
Other Income	24	65	28	73	115	28	49	66	116	75	83	96
Total Income	4042	4604	4621	4895	5704	7128	7258	8466	12549	14945	13222	13360
Total Expenditure	3513	3822	3630	3853	4683	5803	5754	6267	9330	11341	10554	10773
Operating Profit	529	782	990	1042	1021	1325	1504	2200	3219	3604	2667	2588
Interest	96	138	130	102	124	198	201	134	116	205	302	333
Depreciation	225	245	275	283	316	358	389	453	517	575	673	704
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	1550
Provision for Tax	46	97	155	142	120	177	-1	414	697	662	357	322
Profit After Tax	162	303	430	515	462	592	916	1198	1889	2162	1336	1228
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	1228
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	41.3

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	1%	-0%	32%	32%
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

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	50.73	50.53	50.53	50.53	50.53	50.53	50.53	50.3	50.26	50.26
FII	19.21	19.21	18.31	18.48	20.01	19.77	19.57	19.06	18.73	18.26
DII	9.37	14.03	14.85	14.96	13.73	14.14	14.54	15.99	16.58	17.82
Public	20.69	16.23	16.3	16.02	15.73	15.56	15.36	14.65	14.43	13.66
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024
Promoter	15.04	14.98	14.98	14.98	14.98	14.98	14.98	14.91	14.9	14.9
FII	5.69	5.69	5.43	5.48	5.93	5.86	5.8	5.65	5.55	5.41
DII	2.78	4.16	4.4	4.43	4.07	4.19	4.31	4.74	4.91	5.28
Public	6.13	4.81	4.83	4.75	4.66	4.61	4.55	4.34	4.28	4.05
Others	0	0	0	0	0	0	0	0	0	0
Total	29.64	29.64	29.64	29.64	29.64	29.64	29.64	29.64	29.64	29.64

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 5.6 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.