SRF Ltd. — Annual Report 2023

May 9, 2023

� + IF

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 Bandra (E) Mumbai 400 051

Scrip Code-SRF

Scrip Code- 503806

SRF/SEC/BSE/NSE

09.05.2023

Dear Sirs,

In continuation of our letter dated 01Audited Financial Results (Standalone & Consolidated) for the quarter and the year ended .05.2023, we wish to inform you that Board of Directors at its meeting 31.03.2023 and outcome of Board Meeting

.05.2023, we wish to inform you that Board of Directors at its meeting 05.2023, we wish to inform you that Board of Directors at its meeting , we wish to inform you that Board of Directors at its meeting 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 31, 2023.

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 enclose the following:

• (i) Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/year ended March 31, 2023 in the prescribed format.

• (ii) Auditors Report on the Audited Financial Results -- Standalone and Consolidated

• (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 10.30 a.m. and concluded at2.MQ p.m.

This is for your information and records.

Thanking you,

Yours faithfully, forSR� & COMPANY SECRETARY 1 RAJAT LAKHANPAL Encl: As above Sr. VP (CORPORATE COMPLIANCE)

SRF LIMITED

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

Regd. Office:

Unit No. 236 & 237, 2nd Floor DLF Ga eria, 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. L18101DL1970PLC005197

B S R & Co. LLP

Chartered Accountants

Building No. 10, 12th Floor, Tower-C, DLF Cyber City, Phase - II, Gurugram - 122 002, India Tel: +91 124 719 1 0 Fax: +91 124 235 8613

ere ant 4ut0rs Repol

To the Board of Directors of SRF Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of SRF Limited (hereinafter referred to as the "Company") for the year ended 31 March 2023, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

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 of the Listing Regulations 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 loss and other financial information for the year ended 31 March 2023.

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 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 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records

M

Registered Office:

14th Floor, Central B Wing and North C Wing, Nesca IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 3 w

B S R & C o . (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No, AAB-8181) with effect from October 14, 2013

B S R & Co. LLP

Independent Auditor's Report (Continued)

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• SRF Limited

• accounting policies; making judgments and estimates that are reasonable and prudent; and the design, 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 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 standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error. but to do so. 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 Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results The Board of Directors are responsible for overseeing the Company's financial reporting process. that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. 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 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, that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible 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 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 and Board of Directors. 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 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. underlying transactions and events in a manner that achieves fair presentation. 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 Page 2 of 3

• 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.

B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

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 safeguards.

Other Matter

• a. The standalone annual financial results include the results for the quarter ended 31 March 2023 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 2023

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For B S R & Co. LLP
Chartered Accountants
No.:101248W/W-100022
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Partner
Membership No.: 090075
UDIN:23090075BGYUKQ4351
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SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

S4RF. G ral [Restricted use] - This mail, document can be used by recipients for its Intended purpose only

1/0 SSFF

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Nolda 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

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

				(Rs.in	Crores, except	persharedata)
				Standalone
S.No.	Pariculars	31-Mar-23	Quarer ended 31-Dec-22	31-Mar-22	Year 31-Mar-23	Ended 31-Mar-22
		(1)	(2)	(3)	(4)	(5)
		Audited#	Unaudited	Audited#	Audited	Audited
1	Revenue fom operatons
	a,Sale of products	3085.61	2757.49	2754.35	11806.09	9836.55
	b.Otheroperating revenue	56.81	9922	42.89	267.75	116.89
	Totl Revenue from operations	3142.42	2856.71	2797.24	12073.84	9953.44
2	Otherincome '	3365	15.34	10.99	106.06	63.91
3	Totl Income	316.07	287.05	2808.23	12179.90	1001.35
4	Expenses
	a.Cost of materialscnsumed	1394.81	130952	1218.90	5504.52	474826
	b.Purchasesof stock-in-trade	13.01	41.21	65.92	109.72	137.27
	c.Changesin inventories offnishedgoods,work-in-prgressand stock in tade	44.66	(51.11)	(45.79)	21.91	(193.25)
	d. Employeebenefts expense	179.60	178.5	179.29	684.19	658.48
	e. Financecst	56.50	51.82	28.0	175.82	94.45
	f,Deprecatonand amorisation expense	126.0	122.21	16.15	468.4	419.23
	g.Power andfe	279.98	285.81	288.27	1230.86	98423
	h.Exchangecurrency fuctuation (gain) /loss	24.85	21.99	(11.54)	86.71	(71.0)
	i.Oterexenses	306.8	304.18	308.50	1241.87	1085.04
	Total expenses	2426.65	226408	2138.10	952404	7862.31
5	Profitbefre tax frtheperiod	749.42	607.97	670.13	2655.86	2155.04
6	TaxexpenseAA
	-Taxexpense	17682	122 16	186.95	682.02	665.34
	-Taxadjustment relateto earieryear	(8.1)	(9.25)	(17.31)	(49.52)	(17.31)
7	Net Proft afer tax fr theperiod	580.70	495.06	500.49	2023.36	1507.01
8	Other ComprehensiveIncome
	AItems thatwilnotberecassifed toprft orloss
	(i)a)GainI(oss) onremeasurement of defnedbeneft oblgation	(3.60)	2.50	(5.16)	(1214)	(7.30)
	(i)(b) Income tax onitem(i)a) above	1.26	(0.87)	1.80	4.24	2.55
	BItems thatwllbe reclassfedto proft or loss
	(l)a)Efectveporion ofgain/(loss)on hedginginstruments in acsh fowhedge	91.15	(45.8)	(22.76)	(252 29)	39.99
	(i)(b)Income taxon item (i)(a)above	(26.91)	10.35	9.07	67.58	(13.03)
	(i)(a) Costofhedging resere	(2.78)	2.00	0.90	3.81	1.8
	(i)b)Income taxon item(ii)a)above	0.79	(0.6)	(0.27)	(0.79)	(0.5)
9	TotalOther ComprehensiveIncome/ (oss)frtheperiod	59.91	(32.32)	(16.42)	(189.59)	23.24
10	TotlComprehensive Income for the period	640.61	462.74	484.07	1833.77	1530.25
11	Paid up equitsharecpital (Rs.10 eachfypaidup)	296.2	296.2	296.42	29642	296.42
12	Other equitexcudingrevaluationresere	8956.11	820.10	7327.36	8956.11	7327.36
13	Net Worh*	9252.53	8716.52	762378	9252.53	7623.78
14	PaidUp DebtCapital**	-	-	250.00	-	250.00
15	Debenture RedemptionResere	-	-	62.50	-	62.50
16	Basic and DilutedEPS frthe period(annualsed)	19.59	16.70	16.88	68.26	50.86

Refer notes 5

Refer notes 5 and 8

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

• ** Paid up Debt Capital comprises of listed Debentures only

• Refer note 9

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5RF - General [Restricted use]- This mail, document can be used by recipients for its intended purpose only.

O s=

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

STATEMENT OF STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

(Rs. in Crores)

					(Rs.in Crores)
			Standalone
		Quarr Ended		Year	Ended
Pariculars	31-Mar-23	31-Dec-22	31-Mar-22	31-Mar-23	31-Mar-22
	(1)	(2)	(3)	(4)	(5)
	Audited#	Unaudited	Audited#	Audited	Audite
Segment Revenue
a) Technicl Texiles Business (TB)	430.70	425.95	496.66	189388	2085.24
b) Chemicls Business (CB)	2072.52	138.36	1558.86	732601	521226
c)Packaging Fim Business (PFB)	546.53	607.98	651.63	2471.21	232751
d)Others	94.29	92.34	93.36	39261	340.34
Totl Segment Revenue	314.04	2864.63	2800.51	12083.71	9965.35
Les:InterSeamentRevenue	1.62	7.92	3.27	9.87	11.91
Revenue from Opertions	3142.42	2856.71	2797.24	12073.84	9953.4
Segment Result
(Prftbefre interest and taxfrm each Segment)
a)TechniclTexies Business (TB)	48.27	34.06	91.28	261.20	470.84
b)ChemiclsBusiness (CB)	738.53	561.52	505.22	2340.30	1397.35
c)PacagingFilm Business (PFB)	38.50	83.88	147.19	332.35	482.72
d) Others	11.33	9.14	4.09	34.82	20.35
Totl Segmnt Result	836.63	688.60	74778	2968.67	2371.26
Less/{Add):
i)Finance Cost	56.50	51.82	28.40	15.82	94.45
i)OtherUnalocbleEense(netofincome)	30.71	28.81	49.25	136.99	121.77
Proft befretaxfor the period	749.42	607.97	670.13	2655.86	2155.04
Segmnt Asset
a)Technicl Texiles Business (TB)	1766.50	1804.73	1830.61	1766.50	1830.61
b) Chemicls Business (CB)	9623.78	9299.08	7154.46	9623.78	7154.6
c)PacagingFilmBusiness (PFB)	2181.83	2230.12	2198.19	2181.83	2198.19
c)Others	164.98	154.03	174.94	164.98	174.94
Totalsegment asset	13737.09	13487.96	11358.20	13737.09	11358.20
e) Unalocble	1814.32	1568.34	157702	1814.32	1577.02
fAssetsclassifed asheldfor sale	-	-	3.00	-	3.00
Totl	15551.41	15056.30	12938.22	15551.41	12938.22
SegmentLiabilites
a)Technicl Texiles Business(TB)	391.76	311.78	416.95	391.76	416.95
b)Chemicls Business (CB)	1320.97	1467.7	938.85	1320.97	938.85
c) PacagingFilmBusiness (PFB)	563.1	532.83	390.99	563.17	390.99
d)Oters	52.53	3701	37.02	52.53	37.02
Totlsegmentlabilities	2328.43	2349.39	1783.81	2328.43	1783.81
e)Unalocble	3969.43	3989.37	352961	3969.43	352961
Totl	6297.86	6338.76	5313.42	6297.86	5313.42

Refer note 9

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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

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 09, 2023. 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 b n 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.

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3 The disclosures as per SEBI Operational Circular SEBI/HO/ HS/P/CIR/2021/613 dated August 10, 2021, as updated, applicable to Large Corporate
Borrowers are as follows:
Annexure A;
S.no0. Particulars Details
f Nare of the Company SRF Limited
2 CIN L181010L1970PLC005197
3 Outstanding long term borrowings of the Company as on March 31, 2023
Borrowing as per circular no.SEBIIHOIDDHS/PI/CIR/2021/613 Rs. 428.19 crores
4 Highest credit rating during the financial year 2022-23, along with name of the Name of Agency : CRISIL Limited
Credit Rating Agency Rating : CRISIL AA+/Stable
5 Namne of Stock Exchange in which the fine shall be paid, in case of shortfall in the The National Stock Exchange of India Ltd
required borrowing under the framework
We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated
August 10, 2021, as updated.
S.no. Particulars Details
1 Name of the Company SRF Limited
2 CIN L181010L1970PLC005197
3 Report filed for FY FY2023
4 Details of the borrowings (all figures in Rs. Crores):
S.no. Particulars Details
0 3-year block period (Specify financial years) FY 2022, FY 2023 and FY 2024
(ii) Incremental borrowing done In FY (2023) (a) Nil
(@o Mandatory borrowing to be done through issuance of debt securlies during NL
FY(2023) (b) = (25% of a)
(v) Actual borrowings done through debt securities in FY (2022) carried forward to FY Nl
( 3) (c)
(v) Shortfall in the borrowing through debt securities, if any, for FY (2022) carried Not Applicable
forward to FY (2023) ()
(vi) Quantum of (d), which has been met from (c) (e) Not A licable
(in) Shortfall, f any, in the mandatory borrowing through debt securt es for FY (2023) Nd
(after adjusting for any shortfall in borrowing for FY (2022) which was carried
forward to FY (2023)} (= (b)-[(c)-(e)] {If the calculated value is zero or negative,
write "ir)
5 Details of penalty to be paid, if any, in respect to previous block (a figures in Rs. C«ores):
() 3-year Block period (Specify financial years) FY 2022, FY 2023 and FY 2024
(ii) Amount of fine to be paid for the block, if applicable Fine = 0.2% of {(d)-(e)} Nil
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N 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.comWebsite:www.srf.com CIN -L18101DL1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

4	Additional discosures:
				(Ratios	/ percentges as applicable)
				Stndalone
SI. No.	Pariculars	31-Mar-23 (1)	Quarr Ended 31-Dec-22 (2)	31-Mar-22 (3)	Year Ended 31-Mar-23 31-Mar-22 (4) (5)
		Audited#	Unaudited	Audited#	Audited	Audited
1	Debtserice coverage ratio [(Earings before depreciation, interest and tax­	4.22	3.96	4.	3.09		4.06
	curent tax) / (Gross interest and lease payments + scheduledprincpal
	repayment of long termdebts)] - Notannualsed
2	Interest sericcoverage ratio [(Earings befre depreciation,interest andtax­	1053	10.78	17.82	13.10		19.04
	currentax)IGrssinterest and leasepayments] - Not annualsed
3	Baddebtsto accounts receivable ratio%(Bad debtsincludingprovisionfor	0.03%	-	0.02%	0.04%		0.05%
	doubtfuldebts/Average traderecivables) - Notannualsed
4	Debtorsturover (Sale ofproductsIAverage tradereceivables) - Annualsed	8.22	7.36	7.92	8.7		8.33
5	Inventorturover(Sale ofproducts/Averageinventor) - Annuaised	6.28	5.50	6.28	6.56		6.8
6	Operatng margin%(Earings befre interest and taxITotal revenuefom	25.65%	23.10%	24.97%	23.45%	22.60%
	operationsincuding other operatingincome) - Notannualised
7	Net prft margin%(Proft afer tax/Total revenuefom operations incuding	18.48%	17.33%	17.89%	16.76%	15.14%
	otheroperating income) - Notannnualised
8	Debt equityratio(Ttaldebtincludingleaseliabilities/ Totalequity)	0.34	0.37	0.38	0.34		0.38
9	Long term debt toworkingcapital[(Non current borowings + currentmaturites	1.6	1.62	1.77	1.46		1.7
	oflong term borrwings+lease liabilities)/Workingcpital]
10	Ttaldebts to totalassets (Totaldebt includingleaselabiites/Total assets)	0.20	0.21	0.22	0.20		0.22
11	Current ratio(Total current assetsITotal curentliabilities)	1.44	1.26	1.35	1.44		1.35
12	Curntliabityratio (Totalcurrentlabilties/Total liabilities)	0.55	0.65	0.61	0.55		0.61

5 During the year, the Company has received a favorable income tax assessment order pertaining to a prior year. Based on the Order, the Company has recognised interest income of Rs. 20.15 crores as other income and has written back Rs. 32.17 crores as 'Tax adjustments related to ear lier years' in the statement of profit and loss. Tax adjustments, if any, in relation to the pending assessments for certain other years, and involving a similar matter, will be considered in the periods in which a requisite level of certainty is achieved.

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

O SF

SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Neida 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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

6 Standalone audited statement of assets and liabilities as at March 31, 2023

6 Standalone audited statement of assets and labilities as at March 31, 2023
		(R.in Crores)
	As	at
Paricular	31-Mar-23	31-Mar-22
	Audited	Audited
ASSES
Non-urrent asset
Proper, plant and equipment	7309.25	5750.50
Right-of-use assets	258.87	255.35
Capital work-in-progress	2128.95	1617.04
Other intangible assets	106.08	108.13
Financialassets
Investments	92.82	92.82
Loans	291.35	410.05
Others fnancalassets	65.33	140.53
Non-curent tax assets (net)	85.57	21.31
Other non-current assets	209.72	207.48
Tot non-urrent asset	1057.94	8603.21
Current asset
Inventories	188.67	1750.88
Financial assets
Investments	490.05	316.74
Trade receivables	1436.38	1350.99
Cash and csh euivalents	527.25	319.64
Bank balances other than above	8.8	8.87
Loans	243.35	178.42
Otherfnancial assets	240.6	226.51
Oter curent assets	20865	179.96
Total cu ent asset	5003.47	4332.01
Asset classifed as held for sale	.	3.00
Totl asset	15551.41	12938.22
EQUIT AND LIABILITIES
Equit
Equt share cpitl	297.44	29744
Other equit	8956.11	7327.36
Totl equit	9253.SS	7624.80
Liabilities
Non-current liabilities
Financial liabites
Borowings	126.53	1189.73
Lease liabilities	96.53	95.18
Otherfnancial labilties	159.47	153.53
Provisions	51.84	44.86
Defered tax liabilites(net)	749.34	613.04
Other non-currentliabities	29.20	-
Totl non-urrentliabilities	2812.91	2096.34
Current labites
Financiallabities
Borowings	1312.73	1585.17
Lease liabities	25.90	20.66
Trade payables
(a) Total outstanding dues ofmicro enterrises andsmalenterprises	67.79	55.98
(b)Totl outsandingdues of creditors otherthan micro enterprisesandsmalenterprises	1581.38	1284.39
Otherfnancalliabltes	382.99	148.15
Other current liabilites	96.23	10756
Prvisions	6.28	5.2
Current taxliabities (net)	11.65	9.75
Totl current labities	348.95	3217.08
Totl liabilites	6297.86	5313.42
Totlequit and labltes	15551.41	12938.22

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5RF • General [Restricted use] - Thls mail, document can be used by reciplents for Its Intended purpose only

2 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- 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, 2023

7 Standalone audited cash flow statement for the year ended March 31, 2023

7	Standalone audited cash flow statement fr the year ended March 31, 2023
			(Rs.in Crores)
		Year Ended
	Pariculars	31-Mar23	31-Mar22
		Audited	Audited
A	CASH FLOW FROM OPERTING ACTIVITIES
	Proft before tax	2655.86	2155.04
	Adjustment fr:
	Finance costs	175.82	94.5
	Interest Income	(59.90)	(32.20)
	Net gain on sale of prper, plant and equipment	(6.19)	(3.09)
	Net gain on fnancial assets measured at fair value thrugh proft and loss	(9.10)	(7.06)
	Credit impaired assets provided / writen of	0.52	0.76
	Amorisation of grant income	(3.35)	-
	Depreciation and amorisation expense	468.	419.23
	Prper,plant and equipment and inventor discarded / prvided / (wrten back)	2.98	18.83
	Prvision / labites no longer required writen back	(27. )	(2.59)
	Net currency exchange fuctuation (gain) / loss	(43.37)	(21.27)
	Employee share based paymentexpense	8.1	1 1.1 1
	Stamp duton purchase of investments	0.07	0.08
	Adjustmentsfr(increase)/ decrease inoperating assets :­
	Trade receivables	(89.87)	(331.15)
	Inventories	(97.23)	(472.29)
	Loans ( curent)	(1.59)	(1.04)
	Loans (non-current)	(30.00)	(4.16)
	Other assets (curent)	(101.20)	44.44
	Otherassets (non-current)	(2362)	(1.85)
	Adjustmentsfr increase/ (decrease) in operatingliabilities:­
	Trade payables	307.57	142.65
	Prvisions	7.83	5.05
	Other liabilies(curent)	121.44	(15.34)
	Cash generated from opertions	3256.08	1999.60
	Incometaxespaid(netofrefunds)	(467.98)	(361.99)
	Net cash generated from operating activities	2788.10	163761
B	CASH FLOW FROM INVESTING ACTIVITIES
	Net sale/ (purchases) of curent investments	(164.21)	102.84
	Stamp dutonpurchase of investments	(0.07)	(0.08)
	Purchase ofnon-curent investments	-	(5.06)
	Interest received	37.21	31.57
	Bank balances not considered as cash and cash equivalents	30.39	104.84
	Paymentfr purchase ofprper,plant and equipment,capital work-in-	(2373.79)	(1575.85)
	progress and other intangible assets
	Proceeds from disposal of prper, plant and equipment	15.58	14.95
	Loansgiven to subsidiaries	(278.16)	(230.20)
	Repaymentofloans received frm subsidiaries	404.89	277.41
	Net cash usedininvesting activities	(2328.16)	(1279.58)

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

.?O 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 - 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, 2023

7 Standalone audited cash flow statement for the year ended March 31, 2023

			(Rs.in Crores)
		Year Ended
	Pariculars	31-Mar23	31-Mar22
		Audited	Audited
C	CASH FLOW FROM FINANCING ACTIVITIES
	Prceedsfrm issue of shares	•·	0.20
	Prceeds fom long ter borowings	818.42	455.36
	Repayment of long term borowings	(672.25)	(41405)
	Net prceeds frm shor term borrwings	22.69	157.22
	Dividends on equit share capital paid	(213.32)	(211.74)
	Payment towards lease labit	(32.47)	(25.68)
	Finance costs paid	(175.40)	(86.42'
	Net cash used infinancing activities	(252.33)	(125.11)
	Net increase in cash and cash equivalent	207.61	232.92
	Cash and cash equivalents at the beginning of the year	319.64	86.7
	Cash and cash equivalent at the end of the year	527.25	319.64

Amount in absolute: Rs. 38,000

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vO
GFF
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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-Ll8101DL1970PLC005197

NOTES TO THE STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

• 8 As per the relevant accounting standards, the Company continues to reassess its MAT utilization and its recognition. Basis current profitability and reassessment of certain tax positions, the Company has recognized an additional MAT credit of Rs. 94.13 Crore pertaining to earlier years (including Rs. 74.02 Crores which was previously written off during the year 2020-21), and the same has also been utilised in current financial year.

• 9 The figures of the last quarters ended March 31, 2023 and March 3 1 , 2022 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.

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For and on behalf of the Board
Place : Gurugram Ashish Bharat Ram
Date : May 09, 2023 Chairman and Managing Director
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SRF- General [Restricted use]- This mail, document can be used by recipients for ls intended purpose only

B S R & Co. LLP

Chartered Accountants

Building No. 10, 12th Floor, Tower-C, DLF Cyber City, Phase - 11, Gurugram - 122 002, India Tel: + 9 1 1 2 4 719 1000 Fax: +91124 235 8613

In02EB dent Au0ts RED0

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 2023, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

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 consolidated audited financial statements of the subsidiaries, the aforesaid consolidated annual financial results:

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

Holding Company:

SRF Limited

Subsidiaries:

1. SRF Global BV

2. SRF Flexipak (South Africa) (Pty) Limited

3. SRF Industries (Thailand) Limited

4. SRF lndustex Belting (Pty) Limited

5. SRF Europe Kft

6. SRF Holiday Home Limited

7. SRF Altech Limited

8. SRF Employees Welfare Trust (Controlled Trust)

9. b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

10. 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, o consolidated net profit and other comprehensive loss and other financial information of the Group for· year ended 31 March 2023.

w

Registered Office:

14th Floor, Central 8 Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

8SR&Co.(a partnership firm with Registration No. 8461223) converted into BSR&Co. LLP (a Limited Liability Partnership with (LP Registration No. AAB-9181) with effect from October 14, 2013

Page 1 of 4

B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

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 a basis for our opinion on the consolidated annual financial results.

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 1 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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:

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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, btain audit

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B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

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 estimates and related disclosures in the consolidated 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 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 statements 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 statements of such entities included in the consolidated annual financial results of which we are the independent auditors. 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 entity 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 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 safeguards.

We also performed procedures in accordance with the circular No CIR/CFD/CMDl/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matters

• a. The consolidated annual financial results include the audited financial results of six subsidiaries, whose financial statements reflects total assets (before consolidation adjustments) of Rs. 4,010.01 crores as at 31 March 2023, total revenue (before consolidation adjustments) of Rs. 2,882.97 crores and total net profit after tax (before consolidation adjustments) of Rs. 137.12 crores and net cash outflows (before consolidation adjustments) of Rs. 87.33 crores for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The independent auditor's reports on financial statements of these entities have been furnished to us by the management.

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 an h w performed by us are as stated in paragraph above.

B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

Certain of these subsidiaries are located outside India whose financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in 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 unaudited financial results of one subsidiary, whose financial statements reflect total assets (before consolidation adjustments) of Rs. 67.11 crores as at 31 March 2023, total revenue (before consolidation adjustments) of Rs. 140.17 crores, total net profit after tax (before consolidation adjustments) of Rs. 2.74 crores and net cash outflows (before consolidation adjustments) of Rs. 12.94 crores for the year ended on that date, as considered in the consolidated annual financial results. These unaudited financial statements have been furnished to us by the Board of Directors.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary, is based solely on such financial statements. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements are not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matter with respect to the financial statements certified by the Board of Directors.

• c. The consolidated annual financial results include the results for the quarter ended 31 March 2023 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 2023

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For B S R &Co. LLP
Chartered Accountants
irm's Registration No.:101248W/W-1 022
Partner
Membership No.: 090 · 5
UDIN:23090075BGYUKR7528
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Page 4 of 4

a SRF LIMITED SSE

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

$RF - General [Restricted use]. Thi mal, document can be used by recipients for its intended purpose only.

. v-0 ssme-

SRF LIMITED

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

E-mail: info@srfcom Website: www.srf.com CIN -Ll8101DL1970PLC005197

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

					(Rs. in	Crores, except	per share data)
				Consoldated
				Quarer Ended		Year	Ended
S.No.		Paricular	31-Mar-23 (1	31-Dec-22 (2	31-Mar22 (3)	31-Mar-23 (4)	31-Mar-22 (5)
			Audited#	Unaudited	Audited #	Audited	Audited
	Revenue from operations
1	a)Sale of prducts		3719.30	3369.27	3505.28	14591.82	1231275
	b) Otheroperatng revenues		58.79	10039	4.14	278.43	120.91
	Totl Revenue from operations		378.09	3469.66	3549.42	1470.25	12433.66
2	Other incomeA		22 33	10.01	7.23	74.93	42.80
3	Total Income		3800.42	3479.67	3556.65	14945.18	12476.46
4	Expenses
	a) Cost of materals consumed		1779.82	165276	1635.79	7125.21	6171.10
	b) Purchases of stock-in-trade		6.70	13281	86.82	27.22	15.59
	c) Changes in inventores of fnished goods, work-in-progressandstock in trade		101.91	(91.19)	(58.90)	(8.92)	(279.75)
	d)Employeebenefts expense		214.15	210.17	213.50	813.80	780.00
	e)Finance costs		65.90	61.95	35.69	204.82	115.93
	fDeprecaton and amorisationexpense		15.6	150.65	131.6	575.32	517.23
	g) Power and fuel		3.01	34.26	339.7	1,47.25	1135.5
	h)Excange curency fuctation(gain)/ loss		28.01	15.04	(11.40)	104.00	(2.71)
	I)Otherexpenses		371.89	37229	395.84	1,557.9	1347.96
	Totalexpenses		3067.03	2848.74	2768.71	12121.19	9890.91
5	Proft before tx for the period		733.39	630.93	787.94	2823.99	2585.55
6	Tax expenseA
	- Taxexpense		179.04	129.28	199.60	711.17	713.94
	- Taxadjustmentrelated to earlieryearsA		(8.10)	(9,25)	(1731)	(49.52)	(17.31)
7	Net Proftafertax frtheperiod		562.45	510.90	605.65	2162.34	1888.92
8	Other Comprehensive Income
	AIems thatwilnotbe relassifed toproft orloss
	(i) Gain/(loss)on remeasurements ofthe defne beneft obligation		(3.0)	2.50	(5.33)	(11.95)	(.7)
	Incme taxoniter(i) above		1.25	(0.87)	1.80	4.24	2.55
	BItems thatwibereclassifedtoprfor loss
	(i)Efectiveporion ofgain/ (loss) fowhedge	on hedging instrments ina cash	91.70	(46.51)	(22.76)	(252.41)	39.99
	Income taxon item(i)above		(26.91)	10.35	9.06	67.58	(13.03)
	(i)Cost of hedging resere		(2.53)	3.31	0.68	5.02	(2.1)
	Income taxonitem(i) above		0.79	(0.6)	(0 27)	(0.79)	(0.45)
	(iii)Exchangediferences on translation of foreign operatons		(19.62)	12155	48.29	(7.32)	1.30
9	TotalOtherComprehensiveIncome	/(loss) for te period	41.28	89.87	31.47	(195.63)	20.72
10	TotlComprehensive Income/(loss) fortheperiod		603.73	600.77	637.12	1966.71	1909.64
11	Paidup equitsharecpta (Rs.10 eacfulypaid up)		296.42	296.2	296.42	296.42	296.42
12	Other equitexcludingrevaluation resere		10029.61	9530.20	8267.92	1002961	8267.92
13	Ne Worh		10326.03	982662	8564.34	10326.03	856434
14	Pad Up Debt Capital		-	-	250.00		25000
15	Debenture RedemptionResere		.		62.50		62.50
16	Basic andDiluted EPSfr theperod(not annualised)		1897	1.24	20.43	72.95	63.75

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

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

• A Refer Note no. 5 AA Refer Note no.5 and 8 # Refer Note no.9

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SRF - Genera [Restricted use]. Thi mail, document can be used by recipients for its inten purpose only

vO 5

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 - 1 10091 Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srfcom Website: wwwsrf.com CIN -- L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED AUDITED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

						(Rs In Crores)
				Consoldated
			Quarr Ended		Year Ended
	Paricular	31-Mar23 (1	31-Dec-22 (2	31-Mar-22 (3)	31-Mar23 (4)	31-Mar22 (5)
		Audited#	Unaudited	Audited#	Audited	Audited
Segment Revenue
a) Technicl Texiles Business	(TB)	430.70	425.94	496.66	1893.88	2085.24
b)Chemicls Business (CB)		2101.67	1756.62	1572 47	7410.88	5240.78
c) Packaging Film Business (PFB)		115305	1202.68	1390.20	518275	477921
d) Others		94.29	92.34	93 36	392 61	340.34
Totl Segment Revenue		379.71	3477.58	355269	14880.12	1245.57
Less: Inter Segment Revenue		1.62	7.92	327	9.87	11.91
Revenue fom Operatons		378.09	3469.66	3549.42	14870.25	12433.66
Segment Result
(Proft before Interest and Ta	from each Segment)
a) Technicl Texiles Business (TB)		48.40	34.20	91.2	261.74	471.43
b) Chemicls Business (CB)		739.25	563.93	504.31	2340.67	1396.91
c)Packaging Film Business (PFB)		40.96	118.62	275.83	556.19	946.33
d)Others		11.33	9.14	4.09	34.82	20.35
TotlSeament Result		839.94	725.89	875.65	3193.42	2835.02
Less/(Add):
i)Finance Costs		65.90	61.95	35.69	204.82	115.93
ii)OherUnalocbleExpenses (net of income)		4065	33.01	5202	164.61	133.54
Proftbefre tx frteperiod		733.39	630.93	787.94	2823.99	2585.55
Segment Asset
a) Technical Texies Business	(TB)	1754.4	1792.54	1818.01	1754.	1818.01
b) Chemicls Business (CB)		973426	9426.59	719365	973426	7193.65
c) PackagingFilm Business (PFB)		5800.54	5789.24	5633.10	5800.54	563310
d) Others		164.98	154.03	174.94	164.98	174.94
Totl segment asset		17454.22	17162.40	14819.70	17454.22	14819.70
e)Unalocable		1300.30	862.03	953.91	1300.30	953.91
fAssetsclassifed as held for	sale	-	.	3.00	.	3.00
Totl		18754.52	18024.43	15776.61	18754.52	1577661
SegmentLabities
a) Technical Texiles Business	(TB)	391.76	311.78	416.95	391.76	416.95
b) Chemicals Business (CB)		135216	1553.83	950.33	1352.16	950.33
c) PacagingFilmBusness (PFB)		1284.12	1203.64	1449.62	1284.12	1449.62
d) Others		52.53	3701	37.02	52.53	3702
Totlsegmentlabites		3080.57	3106.26	2853.92	3080.57	2853.92
e) Unalocble		5346.90	5090.55	4357.33	5346.90	4357.33
Totl		8427.47	8196.81	7211.25	8427.47	7211.25

Refer Note no.9

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

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vO
SF
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SRF LIMITED

Registered Office: The Ga eria, 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 -Ll8101DL1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

• The above results of SRF Limited ('the Company') and its subsidiaries (Company and its subsidiaries together referred to as "the Group") were reviewed by the Audit Committee and has been approved by the Board of Directors at its meeting held on May 09, 2023. The audit report of the Statutory Auditors is being filed with SSE and National Stock Exchange. For more details on the consolidated results, visit the Investors section of our website at www.srf.com and financial results at "Corporate Announcements" section of www.nseindia.com and www.bseindia.com.

• 2 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.

• 3 The disclosures as per SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, as updated, applicable to Large Corporate Borrowers are as follows:

AnnexureA'
S.no.	Particulars	Details
I	Nae ofte Compav	SRLiited
2	CI	L8101L970PLC005197
3	Outtadig long terborowigs of te Compay
	a on Mach 31, 2023.Borowig a per cicula	R.428.19 crres
	no.SEBIO/ HS//CIR2021/613
4	Higest credit ratigduigte fnacia yea 2022-	Nae ofAgency: CRSILited
	23 aong witte nae of creditrtig agency	Ratig: CRSILA+/Stable
5	Nae of Stock Exchage inwhich the fne sha be	The NationaStockExchage ofndiaLtd.
	pad,i cae of shorfali te requied borowig
	udertefaework

We confirm that we are a Large Corporate as per the applicability criteria given under the SEBI Operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021, as updated.

S.no.	Particulars	Detais
1	Nae ofte Compav	SRLiited
2	CI	L811L970PLC005197
3	Repor fled frFY	FY2023
4	Detas of te borowigs (afgesiRs crre ):
S.No.	Particulars	Detais
(i)	3-yea block period (Specif fnaciayeas)	FY 2022, FY2023 ad FY2024
(ii)	Incrementa borowigdone iFY (2023) (a)	Ni
(iii)	Madator borowig to be donetougissuace	Ni
	of debt secuitieduig FY(2023) (b)=(25%of
	a)
(iv)	Acta borowigs donetougdebt securtiesi	Ni
	FY(2022) caiedfrad to FY (2023)(c)
(v)	Shorfa ite borowig tougdebt secuities, if	NotApplcable
	ay, frFY (2022) caiedfrad to FY(2023)(d)
(vi)	Quatof(d),which ha beenmetfom(c) (e)	Not Applicable
(vi)	Shorfa, if ay,i te madatorborowig	Ni
	tougdebt securties fr FY(2023) {afr
	adjustigfr ay shorfa iborowig frFY
	(2022)which wa caiedfrad to FY(2023)}
	(f=(b)-[(c)-(e)) {Ifte caculated vaue iszer or
	negative,wite "nil}
5	Details of penatto bepaid, if ay,irespect to previousblock(afgesiRs crre):
			/-- l ;

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SSE
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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-Ll8101DLl970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

S.No. Particulars Details (i) 3-year Block period (Specify financial years) FY 2022, FY 2023 and FY 2024 (ii) Amount of fine to be paid for the block, if applicable Nil Fine = 0.2% of {(d)-(e)}

• 4 Additional disclosures :

				(atos/percentages	(atos/percentages	as applicable)	as applicable)
				Consolidated
		Quarer Ended			Year Ended
S No.	Partiulars	31-Mar-23	31-Dec-22	31-Mar22	31-Mar-23	31-Mar22
		(1	(2)	(3)	(4)	(5)
		Audited	Unaudited	Audited	Audited	Audited
I	Debt serice coverage rtio { (Earings befre depreciation,	330	3.70	440	2.98		4.35
	interest and ta - curent Tax)/ (Grss Iterest and lease payments
	+ scheduled prncipal repayment of long ter debts)} - Not
	anualised
2	Iterest serice coverage rtio { (Earings befre depreciation,	9.47	9.86	19.21	12.67	20 99
	interest ad ta-curent ta) / Grss interest ad leae payments)
	Not aualised
3	Bad debts to accouts receivableratio% (Bad debts including	0.09%	-	0.03%	014%	0.06%
	prvision fr doubtfl debts/Averagetradereceivables)- Not
	anualsed
4	Debtortrover (Sale ofprducts/Averagetadereceivables)­	8.02	7.1	7.79	8.16		8.03
	Aualised
5	Inventor trover (Sale ofprducts/AvergeInventor)­	6.16	547	6.63	6.61		6.83
	Aualised
6	Operating magin% (Ear gsbefre interest and ta/Totl	216%	19.97%	23.20%	20.7%	2173%
	revenuefomoprations including other operting income)- Not
	anualised
7	Netproft margin % (roftafer ta/Total revenuefom	14.89%	14.73%	1.06%	14.54%	15.19%
	opertionsincuding other operatingincome)-Notanualsed
8	Debt equitratio (Totaldebt includingleaselabilities/Total	0.3	0.3	043	0.43		0.3
	equit)
9	Long ter debt toworking capital	3.1	411	3.22	3.1		3.22
	((on curent borowings+curentmatuitofong ter
	borowings+leaselabilities)/Working capital)
10	Total debts to Total assets	0.24	0.24	0.23	0.4		0.23
	(Total debt including lease liabilities/ Total assets)
I I	Curentratio (Total cuentasetITotl curentliabilities)	117	12	18	17		18
12	Curent liabilit Ratio (Total cuent liabilities/ Total liabilties)	0.8	0.63	0.62	0,58		062

5 During the year, the Company has received a favorable income tax a essment order pertaining to a prior year. Based on the order, the Company has recognised interest income of Rs. 20.15 crores as other income and has written back Rs. 32.17 crores as 'Tax adjustments related to earlier years' in the Consolidated statement of profit and loss. Tax adjustments, if any, in relation to the pending a essments for certain other years, and involving a similar matter, will be considered in the periods in which a requisite level of certainty is achieved.

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SRFLIMITED

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 -- L181010L1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

• 6 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2023

		(Rs.inCrores)
	As at	As at
Paricular	31-Mar-23	31-Mar-22
	Audited	Audited
ASSES
Non-curent assets
Prpry plant and equipment	96786	8050,54
Rght-ofuse asses	287 21	255,35
Captal worin-progress	2405,54	1671.63
Oter intangibe assets	114.73	119.0
Financial assets
Investments	4.16	4.16
Loans	44.82	14.72
Others fnancal assets	68 21	140.52
Deferedlaassets	18 65	11.60
Non Curenttaxassets(net)	91.26	21.31
Other non-urent assets	297 13	233 06
Total non-curent assets	12979.57	10522.29
Curentassets
Inventores	2274.29	2138.7
FinancalAssets
Investments	490.05	316,74
Trade recevables	178562	1792.5
Cas and csh equvalents	607.98	450.8
Bank balancesotherthanabove	8.48	8.87
Loans	11.02	8 80
Otherfnancialassets	234 84	225 83
Oher curent assets	36267	309 68
Total curent assets	5774.95	5251.32
Assetsclassifed as held for sale		3.00
Total asset	1875452	15776.61
EQUIT AND LIABILITIES
Equit
Equity sare captal	297.4	297.4
Other equly	10029.61	8267 92
Totalequi	1032.05	856536
Liabilities
Non-urent labities
Financial liabilites
Borowings	2311.52	1753.30
Lease liablites	97 57	95.18
Other fnancial liablites	159.47	153.86
Provisions	60 80	51.58
Defered taliabilites (net)	809.22	67746
Other non-rent liablities	7.29	39,56
Total non-curent liabilities	351087	270.94
Curent labities
FinancialLabilites
Borowings	2025	186.05
Lease lablites	2590	20.66
Trdepayables
a) Total outsandng dues of micro enterrses and smaenterrses	67.79	5598
b)Total outstandingduesof creditorsotherthanmicrenterrses and small enterrses	2163 48	2040.37
Otherfnanciallabites	485.56	371.70
Othercurent liabilites	108.79	143.97
Prvisions	7.91	7.38
Curent tax liabiities (net)	14 63	14 20
Total curent labilities	4916.60	40.31
Totalliabilities	8427.47	7211.25
Totalequitand liabilities	1875.52	15776.61

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v-c;) FT=

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, 2023

7 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR YEAR ENDED MARCH 31, 2023

						(Rs. in Crores)
					Year Ended
	Pariculars				31-Mar-23	31-Mar-22
					Audited	Audited
A	CASH FLOW FROM OPERTING ACTIVITIES
	Prft befre tax				2,823.99	2,585.55
	Adjustments for:
	Finance costs				204.82	115.93
	Interest Income				(44.70)	(24.00}
	Net gain on sale of proper, plant and equipment				(6.00}	(2.90)
	Net gain on fnancial assets measured at fir value thrugh proft and loss				(9.1)	(7.06)
	Credit impaired assets prvided / (writen back)				2.56	0.95
	Amorisation of grant income				(5.04)	(1.76)
	Depreciation and amorisation expense				575.32	517.23
	Prper, plant and equipment and inventor discarded / provided				3.87	18.80
	Prvision / liabilities no longer required writen back				(27. )	(2.71)
	Net unrealised curency exchange fuctuatons (gain) / loss				(56.97)	(39. )
	Employee share based payment expense				8.41	1 1.1 1
	Stamp dut on purchase of Investments				0.07	0.08
	Changes in working capital:
	Adjustmentsfor(increase)Idecrease in operating assets:
	Trade receivables				(2.15}	(507.14)
	Inventories				(130.70)	(665.67)
	Loans (Current)				(2.26}	(1.24}
	Loans (Non-curent}				(30.76)	(4.16}
	Other assets (Curent}				(118.05)	(23.11}
	Other assets (Non-current)				(23.62)	(1.85)
	Adjustmentsfr increase/(decrease} in operating labilities:
	Trade payables				122.1	510.11
	Prvisions				9.71	6.68
	Otherlabilities (Non-curent}				(0.34)	0.34
	Other liabities (Curent}				115.70	21.58
	Cash generated from operatons				3,409.42	2,507.32
	Income taxes paid (net of refunds}				(507.71)	(401.60)
	Net cash generated from operating activities				2,901.71	2,105.72
B	CASH FLOW FROM INVESTING ACTIVITIES
	Payment made fr acquislon of businessbysubsidar				-	(9.96)
	Net SaleI(purchases} of current investments				(164.21)	102.84
	Stamp dut on purchase of Investments				(0.07)	(0.08)
	Interest received				27.25	31.60
	Bank balances not consideredas cash and cash equivalents				27.9	104.98
	Payment for purchase of proper,plant, equipment, capitalwork-in-progress and				(2,838.18)	(1,832.07)
	intangible assets
	Upfrnt payment made for acquistion ofRight of use asset				(27.57)	-
	Prceedsfrm disposal of prper, plant and equipment				13.88	14.95
			-
	Net cash used in investing activities	/		iz	(2,961.41)	(1,587.74)
		-
eral	[Restricted use] - Tis mail, document can be used byrecipients for its intendedpurpose only.

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

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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, 2023 7 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR YEAR ENDED MARCH 31, 2023

			(Rs. in Crores)
		Year Ended
	Pariculars	31-Mar-23	31-Mar22
		Audited	Audited
C	CASH FLOW FROM FINANCING ACTIVITIES
	Prceeds frm issue of shares	#	0.20
	Proceeds frm long term borowings	932.2	533.15
	Repayment of long term borrwings	(758.78)	(470.94)
	Net prceeds/ (repayment) of shor term borowings	486.22	84.98
	Dividends on equit share capital paid	(21332)	(211.74)
	Payment towards lease labilt	(32.7)	(25.68)
	Finance costs paid	(194.9)	(117.25)
	Net cash generated /(used in) from fnancing activities	219.58	(207.28)
D	EFFECT OFEXCHANGE RTE MOVEMENTS	(2.38)	1.49
	Net increase in cash and cash equivalents	157.50	312.19
	Cash and cash equivalents at the beginning of the year	450.48	138.29
	Cash and cash equivalent at the end of the year	607.98	450.48

• Amount in absolute Rs. 38,000

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i s
%
<
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-
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'-
L
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O
SSFF
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SRF LIMITED

Registered Office: The Ga eria, 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-L18101DL1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2023

• 8 As per the relevant accounting standards, the Company continues to rea ess its MAT utilization and its recognition. Basis current profitability and rea e ment of certain tax positions, the Company has recognized an additional MAT credit of Rs. 94.13 Crore pertaining to earlier years (including Rs. 74.02 Crores which was previously written off during the year 2020-21), and the same has also been utilised in current financial year.

• 9 The figures of the last quarters ended March 31, 2023 and March 31, 2022 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.

For and on behalf of the Board t Place : Gurugram Ashish Bharat Ram Date : May 09, 2023 Chairman and Managing Director

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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-1 022), 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° March 2023 (both Standalone and Consolidated).

AAJATLAt(

Sr. VP (CORPORA TE COMPLIANCE)

For SRF LIMITED

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RAHULJAIN PRESIDENT & CFO

& COMPANY SECRETARY

@gt

GURUGRAM

09.05.2023

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

Regd. Office:

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

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

Corporate Identity No. L18101DL1970PLC 5197