SRF

₹2284 -7.9 | 0.3%

WEBSITE BSE:503806 NSE : SRF LIMITED 10 May, 16:01

Market Cap ₹67703 Cr.

Stock P/E 50.7

P/B 5.9

Current Price ₹2284

Book Value ₹ 387.2

Face Value 10

52W High ₹2697.5

Dividend Yield 0.32%

52W Low ₹ 2050

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.)	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 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	3783	4018	4540	4593	4822	5589	7100	7209	8400	12434	14870	13138
Other Income	42	24	65	28	73	115	28	49	66	116	75	83
Total Income	3825	4042	4604	4621	4895	5704	7128	7258	8466	12549	14945	13221
Total Expenditure	3169	3513	3822	3630	3853	4683	5803	5754	6267	9330	11341	10554
Operating Profit	656	529	782	990	1042	1021	1325	1504	2200	3219	3604	2667
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
Exceptional Income / Expenses	0	0	0	0	0	0	0	0	0	0	0	0
Profit Before Tax	348	208	399	585	657	582	768	915	1613	2586	2824	1692
Provision for Tax	95	46	97	155	142	120	177	-1	414	697	662	356
Profit After Tax	253	162	303	430	515	462	592	916	1198	1889	2162	1335
Adjustments	0	0	0	0	0	0	50	103	-0	0	0	0
Profit After Adjustments	253	162	303	430	515	462	642	1019	1198	1889	2162	1335
Adjusted Earnings Per Share	8.8	5.7	10.5	15	17.9	16.1	22.3	35.5	40.4	63.7	72.9	44.9

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	20%	27%	22%	15%
Operating Profit CAGR	12%	34%	29%	19%
PAT CAGR	14%	33%	36%	24%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	-11%	22%	36%	40%
ROE Average	23%	23%	21%	17%
ROCE Average	23%	22%	18%	15%

SRF Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	1969	2067	2296	2763	3183	3565	4129	4933	6856	8565	10327
Minority's Interest	0	0	0	0	0	0	0	0	0	0	0
Borrowings	1096	1713	1788	1940	1432	1907	2161	2312	1965	1753	2312
Other Non-Current Liabilities	267	292	405	299	344	359	399	310	519	1006	1181
Total Current Liabilities	1242	1397	1393	1421	2010	2532	3199	3308	3571	4440	4917
Total Liabilities	4575	5469	5883	6424	6968	8363	9888	10863	12911	15765	18736
Fixed Assets	2340	3551	3922	4113	4405	5122	5609	6368	7827	8425	10050
Other Non-Current Assets	734	203	244	328	484	816	1106	1589	1145	2085	2911
Total Current Assets	1501	1715	1716	1984	2079	2426	3172	2894	3939	5251	5775
Total Assets	4575	5469	5883	6424	6968	8363	9888	10863	12911	15765	18736

SRF Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	130	180	75	99	340	88	87	190	116	138	450
Cash Flow from Operating Activities	423	347	542	1090	645	678	896	1304	1772	2106	2902
Cash Flow from Investing Activities	-672	-657	-500	-667	-613	-1195	-1014	-1180	-1500	-1588	-2961
Cash Flow from Financing Activities	300	205	-18	-182	-284	495	246	-199	-251	-207	220
Net Cash Inflow / Outflow	50	-106	24	241	-252	-22	127	-75	21	311	160
Closing Cash & Cash Equivalent	180	75	99	340	88	87	190	116	138	450	608

SRF Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	8.81	5.66	10.55	14.97	17.94	16.08	22.33	35.46	40.44	63.72	72.95
CEPS(Rs)	16.09	13.49	19.08	24.55	27.81	27.08	33.05	45.39	55.75	81.17	92.36
DPS(Rs)	10	10	10	10	12	12	12	14	24	16.75	7.2
Book NAV/Share(Rs)	67.51	70.93	78.93	96.2	110.82	124.12	143.62	171.56	231.36	288.82	347.97
Core EBITDA Margin(%)	15.11	11.7	14.74	19.65	18.86	15.65	18.61	19.9	24.97	24.74	23.41
EBIT Margin(%)	11	7.04	11.03	14.61	14.78	12.18	13.87	15.26	20.44	21.54	20.09
Pre Tax Margin(%)	8.55	4.81	8.21	11.94	12.79	10.04	11.03	12.51	18.88	20.62	18.74
PAT Margin (%)	6.22	3.76	6.22	8.78	10.03	7.97	8.49	12.53	14.03	15.06	14.35
Cash Profit Margin (%)	11.36	8.96	11.26	14.39	15.54	13.43	13.63	17.85	19.33	19.18	18.16
ROA(%)	5.92	3.24	5.33	6.99	7.69	6.02	6.48	8.83	10.08	13.17	12.53
ROE(%)	13.72	8.17	14.08	17.1	17.33	13.69	15.38	20.22	20.34	24.51	22.91
ROCE(%)	13.51	7.74	12.05	14.34	13.98	11.49	13.27	13.25	18.17	24.17	22.62
Receivable days	44.55	50.7	48.83	41.92	41.62	42.15	44.76	47.93	46.26	44.63	43.32
Inventory Days	47.17	55.33	56.62	53.45	53.62	56.61	57.16	60.57	56.97	52.45	53.43
Payable days	41.22	43.51	43.97	54.89	92.15	111.54	105.17	111.92	111.9	94.08	80.31
PER(x)	3.84	12.73	18.77	17.44	18.13	24.35	21.54	15.68	26.74	42.03	32.98
Price/Book(x)	0.5	1.02	2.51	2.71	2.93	3.15	3.35	3.24	4.67	9.27	6.92
Dividend Yield(%)	5.92	2.78	1.01	0.77	0.74	0.61	0.5	0.5	0.44	0.63	0.3
EV/Net Sales(x)	0.66	1.04	1.76	2.1	2.41	2.56	2.44	2.76	4.18	6.63	5.05
EV/Core EBITDA(x)	3.78	7.87	10.25	9.72	11.16	13.99	13.09	13.23	15.97	25.62	20.83
Net Sales Growth(%)	-5.45	6.22	12.99	1.16	4.99	15.91	27.03	1.55	16.51	48.02	19.6
EBIT Growth(%)	-34.1	-32.03	76.6	33.22	6.09	-7.04	37.03	15.37	56.59	54.67	12.12
PAT Growth(%)	-33.23	-35.77	86.39	41.97	19.8	-10.35	28.13	54.82	30.83	57.64	14.47
EPS Growth(%)	-33.23	-35.77	86.39	41.97	19.8	-10.35	38.82	58.83	14.06	57.56	14.47
Debt/Equity(x)	0.88	1.07	1.07	0.91	0.75	0.88	0.9	0.82	0.49	0.41	0.42
Current Ratio(x)	1.21	1.23	1.23	1.4	1.03	0.96	0.99	0.87	1.1	1.18	1.17
Quick Ratio(x)	0.76	0.69	0.68	0.92	0.62	0.58	0.61	0.51	0.69	0.7	0.71
Interest Cover(x)	4.48	3.16	3.9	5.48	7.46	5.7	4.87	5.56	13.04	23.3	14.79
Total Debt/Mcap(x)	1.76	1.05	0.43	0.34	0.26	0.28	0.27	0.25	0.11	0.04	0.06

SRF Shareholding Pattern

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	50.73	50.73	50.73	50.53	50.53	50.53	50.53	50.53	50.53	50.3
FII	19.09	19.6	19.21	19.21	18.31	18.48	20.01	19.77	19.57	19.06
DII	9.16	8.71	9.37	14.03	14.85	14.96	13.73	14.14	14.54	15.99
Public	21.02	20.95	20.69	16.23	16.3	16.02	15.73	15.56	15.36	14.65
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024
Promoter	15.04	15.04	15.04	14.98	14.98	14.98	14.98	14.98	14.98	14.91
FII	5.66	5.81	5.69	5.69	5.43	5.48	5.93	5.86	5.8	5.65
DII	2.71	2.58	2.78	4.16	4.4	4.43	4.07	4.19	4.31	4.74
Public	6.23	6.21	6.13	4.81	4.83	4.75	4.66	4.61	4.55	4.34
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 delivered good profit growth of 36% CAGR over last 5 years
Company has a good return on equity (ROE) track record: 3 Years ROE 23%
Debtor days have improved from 94.08 to 80.31days.
Company is almost debt free.

Cons

Stock is trading at 5.9 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.