SRF Ltd. — Annual Report 2022

May 9, 2022

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SE

The Corporate Relationship Department, BSE Limited 1st Floor, New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001

National Stock Exchange of India Limited "Exchange Plaza" Bandra-Kurla Complex Sandra (E) Mumbai 400 051

Scrip Code-SRF

Scrip Code- 503806

SRF/SEC/BSE/NSE

09 05 2022

Dear Sirs,

Audited Financial Results (Standalone & Consolidated) for the quarter and the year ended 31.03.2022 and outcome of Board Meeting

In continuation of our letter dated 26.04.2022, we wish to inform you that Board of Directors at its meeting held today, inter-alia had approved the Audited Financial Results (Standalone and Consolidated) for the quarter/ year ended March 3 1 , 2022.

The Board of Directors had considered and recommended "Nil" final dividend.

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclosed the following

• (i) Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/year ended March 3 1 , 2022 in the prescribed format.

• (ii) Auditors Report on the Audited Financial esuits -- Standalone and Gonsoiidated

• (iii) A declaration on Auditors Report with unmodified opinion pursuant to the SEBI circular no. CIR/CFD/CNID/56/2016 dated May 27, 2016.

The results are being uploaded on the Company's website at w .srf.com.

The meeting started at 11.00 a.m. and concluded at93LSp.m.

This is for your information and records.

Thanking you,

Yours faithfully, forSRF1LI? .»'6k%co»

VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

LIMITED

Block-C Sector-45 Gurugram 122 003 Haryana India Tel: + 9 1 124 4354400 Fax: +91-124-4354500 E-mail: info@srf.com Website: www.srf.com

Regd. Office:

Unit No. 236 8 237, 2nd Floor D L F Galleria, Mayur Place Noida Link Road layur Viha PhaseExtension Delhi 110091

SR£ - General [Restricted use] This mail, document can be used by recipients for its intended purpose only.

Corporate Identity No. 1 1 8 1 0 1 0 \ 1 9 7 0 9 1 C 0 0 5 1 9 7

B S R & Co. LLP

Chartered Accountants

Building No.10, 12th Floor, Tower-C, DLF Cyber City, Phase-II, Gurugram -- 122 002, India

Telephone: +91 124 719 1 Fax: +91 124 235 8613

0EI 4Ac8 8cul

To the Board of Directors of SRF Limited

Report on the audit of the Standalone Annual Financial Results

et 9 e

0

e

t

Opinion

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_

We have audited the accompanying standalone annual financial results of SRF Limited (hereinafter referred to as the "Company") for the year ended 31 March 2022, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021 /613 dated 10 August 2021.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021 in this regard; and

• b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2022.

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We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy

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14\h Floor Central 8 Wang ano North C Wing, NescoIT Park 4 Nesco Center. Wester Express +Highway Goregaon (East) Mamba - 400063

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Registered Office

converted to8 S R & C O . L L P (a with effect 'rom October 11, 2013

B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reporting process.

el

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) () of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone annual financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safe ards.

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B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

Other Matter(s)

• a. The standalone annual financial results include the results for the quarter ended 31 March 2022 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

Gurugram 09 May 2022

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For B S R & Co. LLP
Chartered Accountants
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Firm's Registr tion No. 10, 248W/W-100022
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Membership No.: 090075
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vO SPF

SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091 Tel. No (Regd office) (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN --L181010L1970PLC005197

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

						(Rs	inCrores)
				Standalone
S.No.	Pariculars	31-Mar22	Quarer ended 31-Dec-21	31-Mar-21	Year 31-Mar22	Ended 31-Mar-21
		(1)	(2)	(3)	(4)		(5)
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from operations
	a. Sale of products	2754.35	2634.0	210515	9836.55		6887.49
	b. Oter operating revenues	42.89	30.77	18.06	116.89		100.83
	Total Revenue fom operations	2797.24	2665.17	2123.21	9953.4		6988.32
2	Other income	10.99	1589	16.16	6391		6330
3	Total Income	2808.23	2681.06	2139.37	10017.35		7051.62
4	Expenses
	a.Cost of materials consumed	121890	1,32785	1035.15	474826		3278.50
	b. Purchasesof stock-in-trade	65.92	28.7	17.65	13727		60.9
	c. Changesin inventories offnishedgoods, work-in-progress and stock in trade	(45.79)	(112.65)	(16.68)	(193.25)		(2821)
	d. Empoyee benefts expense	179.29	17.2	147.67	658.8		534.13
	e. Financecost	28.40	2392	1901	94.5		1 1 1 . 2 1
	f. Depreciatonand amorisation expense	106.15	106.81	96.55	419.23		383.60
	g. Power and fuel	288.27	26380	183.13	984.23		63206
	h. Excangecurencyfluctuation (gain)/loss	(11.54)	(3068)	(905)	(71.0)		721
	i.Otherexpenses	308.50	283.33	233.01	1085.04		762.66
	Total expenses	2138.10	2068.27	1706.4	7862.31		5741.65
5	Proft before tax for the oeriod	670.13	612.79	432.93	2155.04		1309.97
6	Tax expense
	- Taxexpense	186.95	209.54	121.89	665.34		38592
	- Taxadjustment related to earlieryears	(1731)			(1731)		(1.01)
7	Net Prof afer tax fr the period	500.49	403.25	311.04	1507.01		925.06
8	Other Comprehensive Income
	AItems thatwill notbe reclassifed toproft orloss
	()(a) GanI(loss) of defnedbenefit obligation	(5.16)	(1.64)	(1.45)	(7.30)		241
	()(b) Income tax onitem (i)(a) above	1.80	057	0.51	255		(0 84)
	B.Itemsthatwilbe reclassifed to proft or loss
	(i)(a) Efectve poron of gain / (loss) on hedging instruments in a cash flow hedge	(22.76)	41.0	42.17	39.99		132.33
	(i)(b) Incometax on item (i)(a) above	9.07	(1267)	(14.74)	(1303)		(46.24)
	(ii)(a) Cost of hedgingreserve	0.90	(302)	0.95	1.48		095
	(ii)(b) Incometax onitem (ii)(a) above	(0.27)	0.83	(0.33)	(0.45)		(0.33)
9	Total Other Comprehensive Income fr the period	(16.42)	25.47	27.11	23.24		88.28
10	Total Comprehensive Income fr the period	484.07	428.72	338.15	1530.25		1013.34
11	Paid up equitsharecapta (Rs10each fulypaid up)	296.2	296.42	59.25	296.2		59.25
12	Otherequityexcludingrevaluation reserve	732736	697502	6235 01	7327.36		6235.01
13	Net Wor	762378	771.	629426	7623.78		6294.26
14	Paid Up Det Captal	25000	250.00	250.00	250.00		250.00
15	Debenture Redempton Resere	62.50	6250	6250	62.50		62.50
16	Basc and Diuted EPS for te perod (not annuaised) "	16.88	1361	10.50	50.86		31.33

Refer note 6

Net Worth= Paid up share capital (excluding forfeited shares)+ Other equity ** Paid up Debt Capital comprises of listed Debentures only

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•

SF€

SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi­ 11 91

Tel. No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN - L 18101 DL 1970PLC005197

STATEMENT OF STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

(Rs in Crores)

						(Rs in Crres)
				Standalone
			Quarer Ended		Year	Ended
	Pariculars	31-Mar-22	31-Dec-21	31-Mar-21	31-Mar-22	31-Mar-21
		(1)	(2)	(3)	(4)	(5)
		Audited	Unaudited	Audited	Audited	Audited
Segment Revenue
a) Technical Textes Business (TB)		496.66	537.7	400.59	2085.24	1240.11
b) Chemicals Business (CB)		1558.86	1422.04	1149.82	5212.26	3636.85
c) Pacaging Film Business	(PFB)	651.63	601.55	497.86	2327.51	1888.04
d) Others		93.36	17.05	77.66	340.34	232.02
Total Segment Revenue		2800.51	2668.41	2125.93	9965.35	6997.02
Less: Inter Seamen! Revenue		3.27	3.24	2.72	1 1 . 9 1	8.70
Revenue fom Operations		2797.24	2665.1	2123.21	9953.44	6988.32
Segment Results
(Prf befre interest and tax fom each Segment)
a) Technical Textiles Business (TTB)		91.28	113.38	72.79	470.84	176.90
b) Chemicals Business (CB)		505.22	418.38	275.84	1397.35	730.11
c) Packaging Film Business	(PFB)	147.19	129.01	129.35	482.72	567.79
d) Others		4.09	8.57	8.7	20.35	25.59
Total Segment Results		747.78	669.34	486.75	2371.26	1500.39
Less/(Add):
i) Finance Cost		28.0	23.92	19.01	94.5	1 1 1 . 2 1
ii) Other Unalocable Expenses (Net of Income)		49.25	32.63	34.81	121.77	79.21
Profit before tax for the period		670.13	612.79	432.93	2155.04	1309.97
Segment Assets
a) Technical Textiles Business (TTB)		1830.61	1839.99	1594.08	1830.61	1594.08
b) Chemicals Business (CB)		7154.46	6842.10	5723.01	7154.6	5723.01
c) Packaging Film Business	(PF)	2198.19	196260	166782	2198.19	1667 82
d) Others		174.94	195.69	171.97	174.94	171.97
Total segment assets		11358.20	10840.38	9156.88	11358.20	9156.88
e) Unalocable		15702	1609.51	1554.42	157.02	1554.42
fAssets classifed as held fr sale		3.00	3.00		3.00
Total		12938.22	12452.89	10711.30	12938.22	10711.30
Segment Labilties
a) Technical Textiles Business (TTB)		416.95	427.51	336.7	416.95	336.7
b) Chemicals Business (CB)		938.85	1091.26	707.94	938.85	707.94
c) Packaging Film Business	(PFB)	390.99	329.09	338.22	390.99	338.22
d) Others		37.02	47.8	32.85	37.02	32.85
Total segment liabilities		1783.81	1895.34	1415.78	183.81	1415.78
e)Unallocable		3529.61	3285.1	3000.25	3529.61	3000.25
Total		5313.42	5180.44	4416.03	5313.42	4416.03

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi ­ 110091

Tel. No (Regd office) : (+91-11) 49482870 Fax :(+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN - L 18101 DL 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 09, 2022. The audit report of the Statutory Auditors is being filed with BSE and National Stock Exchange. For more details on the standalone results, visit the Investors section of our website at www.srf.com and financial results at Corporates section of www.nseindia.com and www.bseindia.com.

• 2 These financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

• 3 Secured Redeemable Non-Convertible Debentures of the face value of Rs. 10 Lacs each aggregating to Rs. 250 Crores were issued and allotted on September 17, 2020 at coupon rate of Three Months T Bill plus 188 bps. These are secured by a first pari-passu charge over some of the moveable properties of the Company. Asset cover as on March 31, 2022 is 2.92 times. The previous due date of payment of interest of Rs. 3.32 Crores on these Debentures was March 17, 2022 and it was paid on time. The next due date for payment of interest of Rs. 3.55 Crores on these debentures is June 17, 2022. The redemption is due on September 16, 2022. These debentures have been assigned "CRISIL AA+" rating by CRISIL.

• 4 The listed Commercial Papers aggregating to Rs. 300 Crores were outstanding as on March 31, 2022. The Company's commercial paper programme has been rated as CRISIL A 1+by CRISIL and IND A 1 + by India Ratings. During the year ended March 31, 2022, the Company has repaid all commercial papers due and payable on the respective due dates.

• 5 During the quarter ended March 31, 2022, Mr. Ashish Bharat Ram, Managing Director was appointed as Chairman & Managing Director and Mr. Kartik Bharat Ram, Deputy Managing Director was re-designated as Joint Managing Director with effect from April 01, 2022.

• 6 During the previous quarter, the Company had issued and allotted 236,980,820 fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 4:1 (i.e. 4 Bonus Equily shares for every 1 existing equity share of the Company) to its existing shareholders. Accordingly, basic and diluted earnings per share of periods presented have been calculated based on the weighted average number of shares outstanding in respective periods, as increased for issuance of bonus shares.

• 7 The disclosures as per SEBI Circular no. SEBI/HO/DDHS/CIR/P/2018/144 dated November 26, 2018 applicable to Large Corporate Borrowers are as follows:

	The disclosures as per SEBI Circular no. SEBI/HO/DDHS/CIR/P/2018/144 datedNovember 26,	The disclosures as per SEBI Circular no. SEBI/HO/DDHS/CIR/P/2018/144 datedNovember 26,	2018 applicableto Large Corporte Borrwers are asflows:
	Annexure A:
	S.no.	Pariculars	Detais
	1	Name of the Company	SRF Lmited
	2	CIN	L181010L1970PLC005197
	3	Outstandinglongtermborrowings ofthe Company as on March31,2022(as defned
		under SEBICircular no. SEBI/HO/DDHS/CIR/f/2018/144 datedNovember 26, 2018)	Rs. 765.34 Crres
	4	Highest credit rating duringthe financial year 2021-22, along with name of the Credit	Name of Agency: CRISILLimited
		RatingAgency	Rating .CRISIL A+/Stabe
	5	Name of Stock Exchange inwhich the fne shalbe paid,in case of shorfl inthe	The National Stock Exchange ofIndiaLd.
I		required borrowng under te framework
	We confirm tat we are a Large Corporate as per the applicability criteria given under the SEBI		Circularno.SEB/HOIDDHS/CIR/PI2018/144 dated November
	26, 2018.
	Annexure B2:
	S.no.	Pariculars	Details
	1	Name of the Company	SRFLmited
	2	CIN	L18101DL1970PLC005197
	3	Repor fedfr FY	FY2022
	4	Details of the borowings (all figures in Rs. Crres):
	S.no.	Pariculars	Detais
	(i)	2-year blockperiod(Specify fnancial years)	FY2022 and FY2023
	(ii)	Incrementalborowing done inFY (2022) (a)	Nil
	(iii)	Mandatorborrwingto be done through issuance of debt securities during FY2022	NII
		(b)=(25% of a)
	(iv)	Actual borrwings done through debt securities in FY(2021)caried forard to FY	NII
		(2022) (c)
	(v)	Shoral in the borrwingthrugh debt securities, if any, forFY (2021) carred	Not Applcableas FY2022 isthe frst year ofthe block
		frard to FY(2022)(d)
	(v)	Quantum of(d), which has been met frm(c)(e)	Not Applicable
	(vii)	Shorfal,if any,in the mandatorborrowing thrugh debt securites forFY (T) {afer	Nil
		adjustingfr any shorfall in borowingfrFY (T-1) wichwas caried forard to FY
		(T)} ()= (b)-{(c)-(e)] {If the calculated valueiszeror negative, write "nil"}
	5	Details of penalty to be paid,ifany, in respect to previous block(alfgures inRs.
		Crres):
	S.no.	Pariculars	Details
	(i)	2-year Block period (Specify fnancial years)	Not Applicable as FY222 and FY2023Is thefrst 2year-block
			period
	(n)	Amount offne to be paid for the block,if applicable Fine=0.2%of{(d)-(e)	Nil

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, SSE=

SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Naida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091

Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN -- L 18101DL 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

8 Standalone statement of assets and liabilities as at March 31, 2022

8 Standalone statement of assets and liabilities as at Marc 31, 2022
		(Rs.inCrores)
	As at
Pariculars	31-Mar22	31-Mar-21
	Audited	Audited
ASSETS
Non-current assets
Propery, plant and equipment	5750.50	5568.33
Right-of-use assets	255.35	216.76
Capital work-in-prgress	1617.04	436.13
Goodwill	-	0.62
Other intangible assets	108.13	109.88
Financial assets
Investments	92.82	87.76
Loans	410.05	346.70
Others fnancial assets	140.53	80.61
Non-curent tax assets (net)	21.31	33.74
Other non-current assets	20748	173.36
Total non-current assets	8603.21	7053.89
Current assets
Inventories	1750.88	1286.70
Financial assets
Investments	316.74	412.52
Trde receivables	1350.99	1012.00
Cash and cash equivalents	319.64	86.72
Bank balances other than above	8.87	143.71
Loans	178.2	281.8
Other fnancial assets	226.51	217.64
Other curent assets	179.9	216.64
Total current assets	4332.01	3657.41
Assets classifed as held fr sale	3.00	-
Total assets	12938.22	10711.30
EQUITY AND LABILTIES
Equit
Equity share capital	297.	60.26
Other equity	7327.36	6235.01
Total equit	7624.80	6295.27
Labiities
Non-current liabilities
Financial liabilities
Borrowings	1189.73	1422.24
Lease liabilities	95.18	63.83
Other fnancial liabilities	153.53	0.54
Provisions	44.86	38.23
Defered tax liabilities (net)	613.04	326.6
Total non-current liabilities	2096.34	1851.30
Current liabilites
Financial liabilties
Borrwings	1585.17	1152.84
Lease liabilities	20.66	13.80
Trade payables
(a) Total outstanding dues of micr enterprises and smalenterprises	55.98	33.37
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	1284.39	1163.12
Other fnancial liabiites	148.15	109 08
Other current liabilities	107.56	75.79
Provisions	5.2	7.00
Current tax liabilities(net)	9.75	9.73
Total current liabilities	3217.08	2564.73
Total liabilites	5313.42	4416.03
Total equity and liabilities	12938.22	10711.30

A <

t[le ][f.°- ]

.,,,o SSE

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091

Tel. No (Regd office): (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN - L18101DL 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

• 9 Standalone cash flow statement for the year ended March 31 , 2022

			(Rs. inCrresl
		Year	Ended
	Pariculars	31-Mar-22	31-Mar-21
		Audited	Audited
A	CASHFLOWFROM OPERATING ACTIVITIES
	Proftbeforetax	2,15504	1,309.97
	Adjustmentsfor:
	Finance costs	94.45	111.21
	Interest Income	(32.20)	(9.24)
	Net gain onsaleof prpery,plantandequipment	(3.09)	(0.39)
	Netgain onfnancial assets measurdat fairvalue thrughproft and loss	(7.06)	(25.5)
	Crdit impaired assetsprovided/ writen of	0.76	1206
	Depreciationand amorisation expense	419.23	383.60
	Prpery,plant and equipment and inventordiscardedIprovided	18.83	3.36
	Provision/ labiites nolongerrquirdwritenback	(2.59)	(11.2)
	Net unrealisedcurency exchangefuctuation(gain) /loss	(21.27)	7.59
	Employee share basedpayment expense	111	0.97
	Stamp duty onpurchase ofinvestments	0.08	0.15
	Adjustmentsfor (increase)Idecrease inopertngassets:-
	Trdereceivables	(331.15)	(27412)
	Inventories	(472.29)	(178.37)
	Loans(curent)	(1.04)	(104)
	Loans(non-current)	(4.16)	(0.60)
	Other assets(curent)	44.	49.92
	Other assets (non-currnt)	(1.85)	(3.97)
	Adjustmentsfr increase/(decrease) in operatingliabilites:
	Tradepayables	142.65	24804
	Prvisions	5.05	6.32
	Otherliablties(curent)	(15.34)	22.01
	Cashgeneratedfomoperations	1,999.60	1,650.60
	Incometaxespaid(netofrefunds)	(36199)	(229.00)
	Netcashgenerated frm operatingactivities	1,63761	1,421.60
B	CASHFLOWFROMINVESTINGACTIVITIES
	Netsale / (purchases) of current investments	102.84	(18857)
	Stamp dutyonpurchase ofinvestments	(008)	(015)
	Purchase of non-currentinvestments	(506)
	Interestreceived	31.57	0.07
	Bank balancesnot considered as cash andcashequivalents	104.84	(134.68)
	Payment forpurchaseofprpery,plantandequipment,capitalwork-in-	(1,575.85)	(85305)
	prgressandother intangible assets
	Prceedsfomdisposalofprpery,plantandequipment	14.95	4.06
	Loansgivenlo subsidiaries	(230.20)	(617.49)
	Repaymentofloansrceivedfrm subsidiaries	27.1
	Netcash used in investing activities	(1,279.58)	(1,789.81)
C	CASH FLOWFROM FINANCINGACTIVITIES
	Proceedsfromissue ofshars	0.20	750.00
	Costsincurredonissueof shars		(11.99)
	Prceedsfrom borowings(Non-current)	455.36	1,294.04
	Repaymentofborowings(Non-current)	(414.05)	(1,344.1)
	Netprceeds/ (repayment)frm borowings (Curent)	157.22	(4257)
	Dividendsonequitysharecapital paid	(211.74)	(140.78)
	Payment towardsleaseliabilit	(2568)	(20.19)
	Financecosts paid	(86.42)	(12743)
	Netcash(used in)/ generated from financing activities	(125.11)	356.67
	NetincreaseI(decrease)in cash and cashequivalents	23292	(11.54)
	Cashandcashequivalentsat the beginnng of the year	86.72	98.26
	Cashandcashequivalents at theend of theyear	319.64	86.72

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SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel. No (Regd office) : (+91-11) 49482870 Fax (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN -- L 18101DL 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

10[Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ]

					(Ratos/ percentages as applicable)	(Ratos/ percentages as applicable)	(Ratos/ percentages as applicable)	(Ratos/ percentages as applicable)	(Ratos/ percentages as applicable)
					Standalone
SI. No.	Pariculars	31-Mar22 (1)	Quarer Ended 31-Dec-21 (2)		31-Mar-21 (3)	Year Ended 31-Mar-22 31-Mar-21 (4) (5)
		Audited	Unaudited		Audited	Audited		Audited
1	Debt serice coverage ratio [(Earings before depreciation, interest and tax­	4.44		401	323		4.06		1.70
	current tax) / (Gross interest and lease payments + scheduled principal
	repayment of long term debts)] - Not annualised
2	Interest serice coverage ratio [(Earings before depreciation, interest and tax­	17.82		21.21	18.99		19.04		12.02
	current tax) / Gross interest and lease payments]- Notannualised
3	Bad debts to accounts receivable ratio%(Bad debts including provision for	0.02%		-	067%		0.05%		1.33%
	doubtul debts/ Average tradereceivabes) - Notannualised
4	Debtors turnover (Sale ot products / Average trade receivables) - Annualised	t.92		8 01	8.40		8.33		7.74
5	Inventorturover (Sale of products/ Averageinventor) - Annualised	6.28		6.51	6.76		6.48		5.75
6	Operating margin%(Earingsbefore interest and tax /Totalrevenuefrom	24.97%	23.89%		21.29%	22.60%		20.34%
	operations incuding other operatingincome) - Notannualised
7	Net proft margin % (Proft afer tax / Total revenue from operatons incuding	17.89%	15.13%		14.65%	15.14%		13.24%
	other operatingincome) - Notannnualised
8	Debt equityratio (Total debtincuding lease labilities/Total equity)	0.38		0.38	042		0.38		042
9	Long termdebt toworking capital [(Non current borrowings + currentmaturities	1.77		1.73	1.73		1.7		1.73
	of long termborrwings+ lease labiities)/Workingcapital]
10	Total debts to totalassets (Total debt includinglease liabilities/Totalassets)	0 22		0 22	0 25		0 22		0 25
1 1	Current ratio (Total currnt assets/Total curent labilities)	1 35		1.26	1.43		1 35		1 4 3
12	Current lability ratio (Total current liabilties/Total liabilities)	0.61		0.70	0.58		0.61		0.58

1 1 The figures for the previous year I periods have been regrouped wherever necessary to comply with amendments in Schedule Ill of the Companies Act, 2013.

1 2 The figures of the last quarters ended March 31 , 2022 and March 31 , 2021 are the balancing figures between the audited figures in respect of full financial year and published year to date figures upto third quarter of the relevant financial years. The figures upto the end of the third quarter had only been reviewed and not subject to audit.

Place : Gurugram Date : May 09, 2022

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For and on b half of the Board
Ashish Bharat Ram
Managing Director
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Telephone: +91 124 719 1 Fax: + 9 1 1 2 4 2 3 5 8 6 1 3

Building No.10,12th Floor, Tower-C, DLF Cyber City, Phase-II, Gurugram - 122 002, India

B S R & Co. LLP

Chartered Accountants

Cr)rt lurs Rel

To the Board of Directors of SRF Limited

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of SRF Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), for the year ended 31 March 2022, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021.

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial information of the subsidiaries, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the following entities:

• 1 . SRF Global BV

• SRF Flexipak (South Africa) (Pty) Limited

• SRF Industries (Thailand) Limited

• SRF lndustex Belting (Pty) Limited

• SRF Europe Kft

• SRF Holiday Home Limited

• SRF Employees Welfare Trust (controlled trust)

• SRF Altech Limited

• b. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021 in this regard; and

• c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143( 10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of reports of the other auditors referred to in sub paragraph no. (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide for our opinion on the consolidated annual financial results.

• · pg .,LuniLjl�cl"(/!i. , % a r o e r s t i p b1! tv f)art1�ers.h1µ firm with v.111, l LP Req1stRegistraration tion No. No AAB 8A61223) 818 1) con\v tl1 erted ?.ffer:1 i n t•ram 0BS Octo1,er 1R& Co.LL 1 P 20(a 11 Ce14h 1,teFr looWester. Central rn Express 8 wing ri1gllan« 0.vav GoNorth C rP.gao11 Wing. Nesc{East) o IT Park Mumt)d1 4. - to00o3 Nesco

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B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52( 4) read with Regulation 63 of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021. The respective Management and Board of Directors/Trustees of the companies/entity included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company/entity and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and the Board of Directors/Trustees of the companies/entity included in the Group are responsible for assessing the ability of each company/entity to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors/Trustees either intends to liquidate the company/entity or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies/ Trustees of the entity included in the Group is responsible for overseeing the financial reporting process of each company/entity.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• -- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting financial results made •

• \iv" l�?ated disdosoces in the consolidated annual

B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial results/financial information of such entity included in the consolidated annual financial results of which we are the independent auditor. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in sub paragraph no. (a) of the "Other Matters" paragraph in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also ethical requirements regarding independence, and to communicate with them a relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also peprovide those charged with governance with a statement that we have complied with relevant ormed procedures in accordance with the circular No CIR/CFD/CMD1 /44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the sting Rll egulations, to the extent applicable. Other Matter(s) rf Li

a. The consolidated annual financial results include the audited financial results of eight subsidiaries, whose financial information re ects total assets {be re consolidation adjustments) of Rs. 4,120.82 Crores as at 31 March 2022, total revenue (before consolidation adjustments) of Rs. 2,613.96 Crores and total net profit a er tax (before consolidation adjustments) of Rs. 383.59 Crores and net cash in ows (before consolidation adjustments) of Rs 79.23 Crores for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective fl fo independent auditors. The independent auditor's reports on financial information of these en ies have been furnished to us by the management. ft fl Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the reports of such auditors and tit the procedures performed by us are as stated in paragraph above.

Certain of these subsidiaries are located outside India whose financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under gene lly accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial information of such subsidiaries located outside India om accounting principles generally accepted in their respective countries to accounting principles genera y accepted in India. We have by ra fr ll � a"d;t :vs;on adjostmenls made the Holding Company's management. Ooc op;n;: ;n Ob �

B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

• b. The consolidated annual financial results include the results for the quarter ended 31 March 2022 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

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For B S R & Co. LLP
Chartered Accountants
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Gurugram

09 May 2022

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/227z Kaushal Kishore
t Partner _- f I
­ Membership No.: 090075 '
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UDIN :22090075AI PRHJ6960

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v-0 SSE

SRF LIMITED

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

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.v'--.-:) SSFF

SRF LIMITED

Registered Ofiice The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Villar Place,

Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091 Tel. No (Regd office) ( + 9 1-11 ) 49482870 Fax : (+9 1-11) 49482900

E-mail: info@srf com Website: www.srf.com CIN L1 8 1 0 1DL1 970PLC005197

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

						(Rs.in Crores)
			Consolidated
		Quarer Ended			Year	Ended
S.No.	Paricular	31-Mar-22	31-Dec-21	31-Mar-21	31-Mar-22	31-Mar-21
		Audited	Unaudited	Audited	Audited	Audited
	Revenue from operatons
1	a) Sale of products	3505.28	3314.14	2589.87	12312.75	8295.0
	b) Other operating revenues	44.14	31.73	1.78	120.91	104.64
	Total Revenue from operations	3549.42	3345.87	2607.65	12433.66	8400.04
2	Other income	7.3	10.67	12.96	42.80	54.9
3	Totl Income	3556.65	3356.54	2620.61	12476.46	8454.53
4	Expenses
	a) Cost of materials consumed	1635.79	1739.73	1279.38	6,171.10	4027.68
	b) Purchases of stock-in-trade	86.82	44.95	18.87	15.59	62.92
	c) Changesin inventories of fnished goods.work-in-progress and stockintrade	(58.90)	(143.27)	5.52	(27975)	(71.66)
	d)Employee benefits expense	213.50	206.7	15.31	780.00	621.0
	e) Financecosts	35.69	29.1	26.15	115.93	133.95
	f)Depreciation and amorisaton expense	131.60	132.39	118.48	51723	453.08
	g)Powerandfue	339.7	300.18	20972	1,135.56	717.34
	h) Exchangecurencyfuctuation(gain)/loss	(11.0)	(33 53)	(906)	(72.71)	(1186)
	i) Otherexpenses	395.84	349.63	284.58	1,34796	909.03
	Total expenses	2768.71	2626.26	2108.95	9890.91	6841.88
5	Proft before taxfor theperiodfrom continuina operations	787.94	730.28	511.66	2585.55	1612.65
6	Taxexpense related to continuingoperations
	- Taxexpense	199.60	224.74	130.21	713.94	415.41
·--·-· 7	, - Taxadjustment related toearleryears NetProfit afer taxforthe period fromcontinuingooerations	(17.31) 605.65	505.54	381.45	(17.31) 1888.92	(1.01) 1198.25
8	Loss beforetaxfor theperiod frm discontnued operations#			(0.59)		(273)
9	Taxbenefitrelated to discontinued operations#			(0.06)		(2.42)
10	Net loss afer tax for the period fromdiscontinued operations#			(0.53)		(0.31)
11	Net Profit for theperiod (7+10)	605.65	505.54	380.92	1,888.92	1,197.94
12	Other ComprehensiveIncome
	AIems thatwilnotbe reclassifed to proft orloss
	(l) Gain/ (loss)of defned benefit obligation	(533)	(164)	(1.18)	(7.47)	2.68
	Income taxonitem (i)above	1.80	0.57	0.51	2.55	(0.84)
	BItemsthat wilbereclassified to profitorloss
	(i)Efective porion of gain / (loss)on hedging instruments in a csh flow hedge	(22.76)	41.0	42.17	39.99	132.33
	Incometax onitem() above	9.06	(12.66)	(1474)	(13.03)	(46.24)
	(i)Costofhedgingresere	0.68	(1.99)	3.6	(217)	3.46
	Income taxonitem(ii) above	(0.27)	0.83	(0.33)	(0.5)	(0.33)
	(iii)Exchangediferences on translation of foreignoperatons	48.29	(0.64)	(2320)	1.30	36.
13	TotlOther Comprehensive Income forthe period	31.47	25.87	6.69	20.72	127.50
14	Total ComprehensiveIncomefor the period	637.12	531.41	387.61	1909.64	1325.4
15	Paidupequitysharecptal (Rs.10eachfuly paid up)	296.2	296.42	59.25	296.2	59.25
16	Otherequityexcludingrevaluation resere	826792	776245	6796.16	826792	6796.16
17	Net Worh	8564.34	8058.87	6855.1	8564.34	6855.1
18	Paid Up DebtCaptal	250.00	250.00	250.00	25000	250.00
19	Debenture Redemption Resere	62.50	6250	62.50	62.50	62.50
20	Basic andDilutedEPS fortheperiod frmcontnuingoperations (notannualised)	20.3	106	12.88	63.75	40.58
21	Basic and DilutedEPSfor theperiod fromdiscontinued operations (notannualised)	-	-	(002)	-	(0.01)
22	Basic and DilutedEPSfortheperiodfrom continuingand discontinuedoperations(not annualised) '	20.3	1706	1286	6375	40.57

• Refer Note 3

Net worth = Paid up share capital (excluding forfeited shares) + Other equity

• •• paid up Debt Capital comprises of listed Debentures only

• +» Refer Note 5

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.O SF

SRF LIMITED

Registered Office. The Galleria, DLF Mayur Yihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Yihar Phase I Extn, Delhi - I I 0091 Tel. No (Regd office):( + 91-11) 49482870 Fax : ( + 91-11) 49482900

E-mail: info@srf com Website: www.srf com CIN L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED AUDITED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

					(Rs. In Crores)
			Consolidated
	QuarerEnded			Year Ended
Pariculars	31-Mar22	31-Dec-21	31-Mar-21	31-Mar22	31-Mar-21
	Audited	Unaudited	Audited	Audited	Audited
Segment Revenue
a) Technicl Textiles Business (TB)	496.66	537.77	400.59	208524	1240.11
b)Chemicals Business (CB)	1572.47	1428.30	1152.60	5240.78	3644.89
c) PackagingFilmBusness (PFB)	1390.20	1275.99	97952	479.21	3291.72
d)Oters	93.36	107.05	7.66	340.34	232.02
Total Segment Revenuefom continuing operations	3552.69	3349.11	2610.37	1245.57	8408.74
Less:Inter SegmentRevenue	3.27	3.24	2.7	11.91	8.70
Revenuefom Operations fom continuing operations	3549.42	3345.87	2607.65	1243366	8400.04
Segment Results
(Prof beforeInterest and Tax frmeach Segment)
a) Technical Textiles Business(TB)	91.42	113.51	7.79	471.43	176.90
b) ChemicalsBusiness(CB)	50431	419.24	275.20	1396.91	728.14
c) Packaging FimBusness (PFB)	275.83	254.21	218.58	946.33	897.87
d) Others	4.09	8.57	8.77	2.35	25.59
Total SegmentResults fromcontinuing operations	875.65	795.53	575.34	283502	1,828.50
Less/(Add):
i) Finance Costs	35.69	29 41	2615	115.93	13395
ii) OtherUnallocable Expenses (Net of Income)	52.02	35.84	37.53	13354	81.90
Proft before tax for the period fromcontnuing operations	787.94	730.28	511.66	2585.55	1612.65
Prof/Closs) befre taxfor theperiodfomdiscontinuedoperations#			(0.59)		(2.73)
TotalPrftbefre tax fortheperiod	787.94	730.28	511.07	2585.55	1609.92
SegmentAssets
a) TecnicalTextlesBusiness(TTB)	1818.01	1827.25	1582 16	1818.01	158216
b) Chemicals Business (CB)	7193.65	6871.37	5741.97	7193.65	5741.97
c)PackagingFilm Business(PFB)	563310	5146.98	4543.33	5633.10	4543 33
d) Others	14.94	195.69	17197	14.94	11.97
Totalsegment assets	14819.70	14041.29	12039.3	14819.70	12039.43
e)Unallocabe	953.91	1001.52	889.98	95391	889.98
fAssetsclassifed asheldforsale	3.00	3.00		300
Total	15776.61	15045.81	12929.41	15776.61	12929.41
SegmentLabilities
a)Tecnical Textles Business(TTB)	41695	42755	337 14	41695	337.14
b) Chemicals Business(CB)	950.33	1096.94	71022	950 33	710.22
c)Packaging FilmBusiness(PFB)	1449.62	1281.86	1117.90	1449.62	1117.90
d) Other	37.02	47.8	3285	37.02	32.85
Totalsegmentliabilities	2853.92	2853.79	2198.11	2853.92	2198.11
e)Unallocable	4357.33	413216	3874.88	4357.33	387488
Total	7211.25	6985.95	6072.99	7211.25	6072.99

Refer Note 3

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• LIMITED SSE Registered Otice: The Galleria, DLF Mayur Vihar. Unit No. 236 & 237. Second Delhi- 11 009I Floor. Mayur Vihar Place. Noida Link Road. Mayur Vihar Phase I Et. Tel. No (Regd office).(+91-11)49482870 Fas (+91 - 11 ) 49482900 E-mail mnfo@srf com Website ww srf com CI N - LI8I0JDL1970PLC005I7

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

The above results were reviewed by the Audit Committce and approved by the Board of Directors at its meeting held on Ma 09, 2022. The audit report of the Statutory Auditors is being filed uwith BSE and National Stock Exchange For more details on the consolidated results. visit Investors section of our website at www.srf com and financial results at Corporates section of www.nseidia.com and www.bseindia com

These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act. 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India

SRF Industries (Thailand) Limited closed its Technical Textiles Business operations located at Rayong. Thailand w e.f October 21. 2019 The financial information of the said business has been classified as Discontinued Operations as per the requirements of Ind AS 105. "Non -current assets held for sale and discontinued operations" The particulars of said discontinued operations arc as under

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S.no particulars Qu11t1cr EnJcJ Y("11r EnJl·d i
31-Mar-22 31-Dee-21 JM-Mar-21 J1-Mar-22 ' J1-Mar-21 [
tan Total come o s cl
L--·---·
] « » » Total expenses H , t i 2 0
! 'Profit / (loss) before ta from discontinued operations (-h) (0,59) (2.73)
d la eyense/+benefit related to discontinued opeta""" (0 �8)
lax adjustment related to earlier vears for discontinued operations e 2 1 4 1
Net Profit / (loss) after ta from discontinued operations (e-d- ) (0.53 (0.3
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Secured Redeemable Non-Convertible Debentures of the face value of Rs.IO Lacs cach aggregating to Rs. 250 Crores were issued and allotted on September 17. 2020 at coupon rate of Three Months T Bill plus 188 bps These arc secured by a first pati-passu charge over some of the moveable properties of the Company. asset cover as on March 3 1 , 2022 is 2.92 times. The previous due date of payment of interest of Rs. 3.32 Crores on these Debentures was March 17. 2022 and it was paid on time. The net due date for payment of interest of Rs. 3 55 Crores on these debentures is June 17, 2022 The redemption is due on September 16, 2022. These debentures have been assigned "CRISIL AA+" rating by CR1SIL.

• During the previous quarter, the Company had issued and allotted 236,980.820 fulls paid up Bonus Equity shares of Rs. I0 each in the ratio of Al (e. 4 Bonus Equity shares for eveny I existing equity share of the Company) to its existing shareholders. Accordingly. basic and diluted earnings per share of periods presented have been calculated based on the weighted average number of shares outstanding m respective periods. as increased for issuance of bonus shares

• The listed Commercial Papers aggregating to Rs 300 Cores were outstanding as on March 3 1 . 2022 The Company's commercial paper programme has been rated as CRISIL A! by CRISI and END A by India atugs Duong the year ended March 3 1 , 2022 he Company has tepad all comereai papers due and payable on the respective due dates

• During the quarter ended 31 March 2022. Mr Ashish Bharat Ram. Managing Director was appointed as Chairman & Managig Dector and Mr Kark Bharat Ram Depun Managmg Director was re-designated as Joint Managing Director with effect from st April. 2022

l'he disclosures as pr SEI Circular no SEB1'HO/DD!HS'CIR/2018'144 dated November 26, 201 applicable to Large Corporate Borrowers are as follows

Annexure A: ] S.no. Particulars Details ' Nameof the Comwans SRF Limited I ICIN Outstanding long term borrowings of the Company as on March 3 1 , 2022 (as •. ·L-··. ·-18101DL1970PL€005197 ·- �-- • ~ - - . . . . ···-·-·-defined under SEBI Circular no SEB1/HODDHS/CIR/P/2018/144 dated Rs 765 34Crores November 26, 201) Highest credit rating during the financial years 2021-22 along with the name of 'Na m e of Agency CRISIL Limited credit rating aenc Rating CRISIL AA+/Stable Name of Stock Exchange in which the fine shall be paid. in case of shortfall in 'The Nationat Stock Exchange of India Ltd the required borrowing under the framework

We confimn that we are a Large Corporate as per the applicability criteria given under the SEBI Circular no SEBI/HO/DDHS/CIR/PP2018/144 dated November 26. 2018

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Anneure B 2 :
$.no. Particulars Details
Name of the Coman SRF Limited
€IN L18I01DL1970PL€005197
Repon filed for FY FY 2022
Details of the borrowings (all figures in Rs crore)
S.No. Particulars Details
ti 2-year block period (Specify financial years) FY2022 and FY2023
(ii) Incremental borrowing done in FY (2022) (a) Nil
(ii) Mandatory borrowing to be done through issuance of debt securities during FY 'Nid
2021- 2022 (b)» =025%of a
(iv) Actual borrowings done through debt securities in FY (2021)carried forward Nil
to FY 02022) t¢)
(v) Shortfall in the borrowing through debt securities. if any, for FY (2021) carried Not Applicable as FY2022 is the first year of the block
forward to FY (2022) (d)
(vi) Quantum of (d). which has been met from (c) (e) Not Applicable
(vi) Shortfall, if any, in the mandatory borrowing through debt securities for FY (T)[Nil
{after adjusting for any shortfall in borrowing for FY (T.I)y which was caricd
forward to FY (T)} (f)= (b)-[(c)-(c)] {f the calculated value is zero or
negative, write "nil"}
Details of penalty to be paid, if any. in respect to previous block (all figures in
Rs crore)
S.No. Particulars Details
() 2-year Block period (Specify financial ycars) Not Applicable as FY2022 and FY2023 is the first 2 year-block period
(in) Amount of fine to be paid for the block, if applicable Fine = 0.2% of {(d)-(c)} Nil
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re= •

SRF LIMITED

Registered Office: The Galleria, DOLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091 Tel. No (Regd office) (+91-11) 49482870 Fax (+91-11) 49482900 E-mail: info@srf.com Website: www srf.com CIN --L181010L1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

9 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2022

			(Rs. in Crores)
		As at	As at
	Paricular	31-Mar-22	31-Mar-21
		Audited	Audited
ASSETS
Non-current assets
Propery,plant and equipment		805054	749721
Right-of-use assets		25535	21676
Captal wor-in-progress		1671.63	772.26
Goodwil			062
Other intangible assets		119 40	112 37
Financial assets
Investments		4.16	4.16
Loans		14.72	10.55
Othersfnancial assets		14052	80.58
Deferedtax assets		11.60	18.14
Non Curent tax assets(net)		21.31	33.74
Other non-currentassets		23306	244.10
Total non-currentassets		10522.29	8990.49
Current assets
Inventones		213847	1465.82
Financia Assets
Investments		31674	412 52
Tradereceivabes		1792 45	1274.56
Cash and cashequivalents		450 48	138 29
Bankbalances otherthanabove		8.87	14371
Loans		8 80	1 1 2 1
Other financial assets		225 83	225 85
Othercurrentassets		30968	26696
Total currentassets		5251.32	3938.92
Assetsclassifed as held for sale		3.00
Total assets		15776.61	12929.41
EQUITYAND LABILTES
Equity
Equity share captal		297.44	6026
Otherequity		8267 92	6796.16
Totalequity		8565.36	6856.42
Labilties
Non-current liabities
Financia liabilities
Borrowngs		175330	196501
Leaseliabilities		95.18	63 83
Otherfnancalliablites		153.86	0.54
Provisions		51.58	43.55
Defered taxlabiltes (net)		677.46	3816
Other non-currentliabilties		3956	42.77
Totalnon-current liabiltes		270.94	2501.86
Curent labilites
Financa Labilities
Borrowings		1786.05	1425.95
Leaseliabiities		2066	1380
Tradepayables
a)Total outstanding dues of	micrenterrses andsmalenterrses	55.98	3337
b) Totaloutstanding dues of and smalenterrises	creditors oter than micro enterprses	2040.37	1551.82
Otherfnancial liabities		371.70	432.29
Other curentlabiltes		143.97	92.73
Prvisions		7.38	8.68
Curenttaxliablites(ne)		1420	12.49
Totalcurentlabities		40.31	3571.13
Total liabiiies		7211.25	6072.99
Totalequity andlabiites		1576.61	12929.41

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Naida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091

Tel. No (Regd office):(+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN -- L 18101DL 1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

10 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2022

10CO	NSOLDATED AUDITED CASH FLO	W STATEMENT FORTHEYEAR ENDED MAR	CH 31, 2	022
						(Rs.in Crores)
					Year Ended
		Pariculars		31-Mar-22		31-Mar-21
				Audited		Audited
A	CASH FLOW FROM OPERTING	ACTIVITIES
	Prft/(loss) before tax
	-Continung Operations			2,585.55		1,61265
	-Discontnued Operations				-		(2.73)
	Adjustments fr:
	Finance costs				115.93	134.01
	Interest Income			(24.00)			(9.02)
	Net gainon saleof prper, plant	andequipment			(2.90)		(5.99)
	Netgain onfnancial assets measured at fair valuethrough prof and loss				(706)	(25.5)
	Credit impaired assets provided /	(written back)			0.95		11.94
	Amorisation of grant incme				(1 76)		(1.38)
	Depreciaton and amorisaton expense				517.23	453.08
	Prper,plant and equipmentand inventordiscarded/prvided				18.80		3.0
	Prvision / liabilitiesno longer requiredwriten back				(2.71)	(11.99)
	Netunrealsedcurrencyexchangefuctuations (gain)/ loss			(39.4)			(9.05)
	Employee share based payment expense				1 1 . 1 1		0.97
	Stamp dutyonpurchaseofInvestments				0.08		0.1 5
	Changes inworking capital:
	Adjustments fr(increase)/ decreaseinoperating assets
	Trade receivables			(507.14)		(400.10)
	Inventories			(665.67)		(259.83)
	Loans (Current)				(1.24)		1.07
	Loans (Non-current)				(4.16)		(0.61)
	Other assets (Current)			(23.11)			35.70
	Other assets(Non-currnt)				(1.85)		(396)
	Adjustmentsfor increase/(decrease)in operatng liabilities:
	Trde payables				510.11	480.23
	Provisions				6.68		7.6
	Other liabilites (Non-current)				0.34		-
	Otherlabilities(Current)				21.58		16.44
	Cash generated from operations			2,507.32		2,026.99
	Income taxes paid (netof refunds)			(401.60)		(255.31)
	Net cash generated fom operating activities			2,105.72		1,71.68
B	CASH FLOW FROM INVESTING ACTIVITIES
	Payment made for acquistion ofbusiness bysubsidar				(9.96)		.
	NetSale/(purchases) of current investments				10284	(188.57)
	Stamp duton purchase of Investments				(0.08)		(0.15)
	Interestrceived				31.60		0.09
	Bankbalances not considered as	cash and cash equivalents			14.98	(134.52)
	Paymentfr purchase of proper,plant.equipmentcpitalwork-in-progress and			(1,832.07)		(1,214.35)
	intangible assets
	Prceedsfom disposal of prper, plant and equipment				14.95		9.66
	Grant received fromGoverment	of Republic ofHungar			-		28.16
	Net cash used in investing actvities			(1,587.74)		(1,499.68)
			i
			l
			{+

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091

Tel. No (Regd office) : (+91 - 11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN - L 18101DL 1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

10 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2022

			(Rs. in Crores)
		Year Ended
	Pariculars	31-Mar22	31-Mar-21
		Audited	Audited
C	CASH FLOW FROM FINANCING ACTIVIES
	Prceeds fom issue of shares	0.20	750.00
	Cost incurred on issueof shares	-	(11.99)
	Prceedsfrmborrowings (Non-currnt)	533.15	1,304.84
	Repayment of borrwings(Non-current)	(470.94)	(1,990.1)
	Net prceedsI(repayment)fom borowings (Current)	84.98	14.78
	Dividends onequit share capital paid	(211.74)	(140.78)
	Paymenttowardslease liabilit	(25.68)	(20.19)
	Finance costs paid	(11725)	(157.36)
	Net cash used in fnancing activities	(207.28)	(251.11)
D	EFFECT OF EXCHANGERTE MOVEMENTS	1.49	0.96
	Net increase in cashand cash equivalents	312.19	21.85
	Cash and cash equivalents atthebeginning of the year	138.29	116.44
	Cash and cash equivalents at the end ofthe year	450.48	138.29

Notes:

Cash flow attributable to the operating, investing and financing activities of discontinued operations is presented below:

		(Rs. inCrores)	(Rs. inCrores)
	Year Ended
Pariculars	31-Mar-22	31-Mar-21
	Audited	Audited
Net cashgenerated fom operating activities		-	(1.64)
Net cashgeneratedfom investing activities		-	17.91
Netcsh used infnancingactivites		-	(0.06)

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»

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 &237, Second Floor, Mayur Vihar Place, Naida Link Road, Mayur Vihar Phase I Extn, Delhi­ 110091 Tel. No (Regd office) : (+91-11) 49482870 Fax .(+91-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN -- L 18101DL 1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

11 Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 disclosure

				Consoldated
S No.	Particulars	Quarter Ended			Year	Ended
		31-Mar-22	31-Dec-21	31-Mar21	31-Mar-22	31-Mar-21
		Audited	Unaudited	Audited	Audited	Audited
1	Debt service coverge ratio {(Earnings befre depreciation, interest and	4.40	4.7	3.84	4 35	1.99
	tax- current Tax) (Gross Interest and lease payments +scheduled
	principal repayment of long term debts)} - Not annualised
2	Interest service coverge ratio {(Earnings befre depreciation, interest	19.21	23.71	19.18	20.99	1265
	and tax - current tax) ' Gross interest and lease payments)} - Not
	annualsed
3	Bad debts to accounts receivable rtio% (Bad debts including prvision	0.03%		0.55%	0.06%	110%
	fr doubtful debts / Average trade receivables) - Not annualised
4	Debtor turnover (Sale of products/ Average trade receivables)­	7.79	7.95	8.46	8.03	7.66
	Annualsed
		-·�---·
5	Inventory turnover (Sale of productsAverage Inventory) - Annualised	6.63	6.85	725	6.83	6.22
6	Operating margin " (Earningsbeforeinterest and tax / Total revenue	23 20%	2270%	20 62%	2 1 7 3 %	20.79%
	fromoperationsincludingother operatingmcome) - Notannualised
7	Net profitmargin (Profitaftertax 'Totalrevenuefromoperations	1706%	1 5 . 1 1 %	14.63%	15 19%	14.26%
	mcludmgother operaungmcome) - Notannualised
8	Debt equity ratio Total debt including lease liabilities ' Total equity)	0.43	0.44	0.51	0.43	0.51
9	Longterm debttoworingcapital	32 2	4 57	6 8 1	,"' ,)---	6 8 1
	((Non current borrowings currentmaturityof long termborrowmgs
	lease liabilities)/ Working capital)
10	Totaldebts toTotal assets	023	0.24	0.26	023	0.26
	(Ttal debtincluding leaselabilities/Ttalassets)
1 1	Curent rtio(Total curent assets/ Total curentlabilties)	1 18	I1 1	I10	1 . 1 8	I10
12	Curent labilityRatio(Total curent liabilities/Total liabilities)	062	0.68	0.59	0.62	0.59

12 The figures for the previous year / periods have been regrouped wherever necessary to comply with amendments in Schedule Ill of the Companies Act, 2013.

1 The figures of the last quarters ended March 3 1 , 2022 and March 3 1 , 2021 are the balancing figures between the audited figures in respect of full financial year and published year to date figures upto third quarter of the relevant financial years. The figures upto the end of the third quarter had only been reviewed and not subject to audit.

Place: Gurugram Date : May 09, 2022

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For and o behalf of the Board
Ashish Bharat Ram
Chairman and Managing Director
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u
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SE
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DECLARATION

In terms of regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, read with SEBI circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that M/s BSR & Co. LLP, Chartered Accountants, New Delhi ( Registration No. 101248W/W-100022), the Statutory Auditors of the Company have issued an Audit Report with unmodified opinion on the audited financial results of the Company for the period ended on 31 5 March 2022 (both Standalone and Consolidated).

For SRF LIMITED

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RAJAT LAKHANPAL VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

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RAHULJAIN PRESIDENT & CFO

GURUGRAM

09.05.2022

SRF LIMITED Block-C Sector-45 Gurugram 122 003 Haryana India Tel: +91-124-4354400 Fax: +91-124-43541500 E-mail: info@sf.com Website: www.srf.com

Regd. Office: Unit No. 236 8 237, 2nd Floor DLF Galleria, Mayur Place Noida Link Road Mayur Vihar Phase-1 Extension Delhi 110091

SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.

Corporate Identity No. L181010\1970PL.C005197