SRF Ltd. — Annual Report 2024

May 7, 2024

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The Corporate Relationship Department, SSE 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

07.05.2024

Dear Sirs,

Audited Financial Results (Standalone & Consolidated) for the quarter and the year ended 31.03.2024 and outcome of Board Meeting

In continuation of our letter dated 30.04.2024, 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, 2024.

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, 2024 in the prescribed format.

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

• (i ) 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 11.30 a.m. and concluded at 03.00 p.m.

This is for your information and records.

Thanking you,

Yours faithfully, s vWe ..de ..

Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

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 Galleria, Mayur Place Naida Link Road Mayur Vihar Phase-1 Extension Delhi 11 91

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

Corporate Identity No. L18101DL1970PLC005197

Building No. 10, 12th Floor, Tower-C DLF Cyber City, Phase - II Gurugram - 122 002, India Tel: +91 124 719 1000 Fax. +91 124 235 8613

Chartered Accountants

B S R & Co. LLP

Id,Enc2. #ult s.Rene

To the Board of Directors of SRF Limited

Report on the audit of the Standalone Annual Financial Results

We have audited the accompanying standalone annual financial results of SRF Limited (hereinafter referred to as the "Company") for the year ended 31 March 2024, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52(4) 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) 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 2024.

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.

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) 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 Registered Office: Ca Cae,o,-o, •- ••• '-'-"'" '° ••un< -•�'""'" W <• �,,a 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, � '" w,th LLP Reg,stration No. AAB-8181) w,th effect from October 14, 2013 OS o a O Western Express Highway, Goregaon (East), Mumbai - 400063 Page 1 of 3 7 I[! 9fi - 7

B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

1. 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 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.

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) (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 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 rcsult rcprcocnt Page 2 of 3

• \v

Page 2 of 3

B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

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 safeguards.

• a. The standalone annual financial results include the results for the quarter ended 31 March 2024 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 07 May 2024

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-or B S R & Co. LLP
Chartered Accountants
Fir s Regis /W-100022
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/ Partner
Membership No.: 09075
UDIN: 24090075BKGTYL3404
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SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 2024

SRF General [Restricted uet · 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, 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 -- L 18101DL 1970PLC005197

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

						(RinCrores)	(RinCrores)
				Standalone
S.No.	Pariculars	31-Mar-24	Quarer Ended 31-Dec-23	31-Mar-23	Year 31-Mar-24	Ended 31-Mar-23
		(1)	(2)	(3)	(4)		(5)
		Audited#	Unaudited	Audited#	Audited	Audited
1	Revenue fom operations
	a.Sale of products	2857.61	2449.03	3085,61	10565 92		11806.09
	b.Other operating revenues	62 02	57.31	56.81	220.75		267.75
	Total Revenue from opertions	2919.63	2506.34	3142.2	10786.67		12073.84
2	Other incme	3255	27.79	33.65	119.2		106.06
3	Totl Income	295218	2534.13	316.07	10906.09		12179.90
4	Expenses
	a.Cost of materials cnsumed	1357 07	1278.01	1394.81	5196.28		5504.52
	b.Purchases ofstock-in-trade	20.96	23.87	13 01	8361		10972
	c.Changes in inventories offnishedgoods, work-in-progress and stockin trade	23.72	(9759)	44.66	(114.32)		21.91
	d.Employee benefts expense	20849	20786	17960	790 33		68419
	eFinance cost	6800	51.83	56 50	235.60		175.82
	fDeprecationand amorisaton expense	15268	141.32	126.0	555 85		468.44
	g.Power andfue	276.85	271.04	279.98	1134.90		1230 86
	h.Excange currency fuctuation(gain)/ loss	18 50	1439	2485	78.93		86.71
	i.Otherepense	366.87	291.40	30684	122703		1241.87
	Total expenses	2493.14	2182.13	2426.65	9188.21		9524.04
5	Proft befre tax fr the period	459.04	352.00	749.2	1717.88		2655.86
6	Tax expense
	- Taxexpense	120.00	91.71	176 82	444.3		68202
	-Taxadiustment related toearier vears	(98.06)	(2.52)	(8.10)	(100 58)		(49.52)
7	Net Proft afer tax forthe period	437.10	262.81	580.70	1374.03		2023.36
8	Oter Comprehensive Income
	AItems thatwilnotbereclassifed toproftorloss
	()(a)Gan /(loss)on remeasurement ofdefnedbeneft oblgation	(0.48)	3.20	(3 60)	(4.59)		(1214)
	(i)(b) Income taxon item(i)a)above	0.13	(0.81)	1.26	1.16		4.24
	B.Items thatwil be relassifed toproft orloss
	(i)a)Efectveprion ofgain/(loss) on heginginstrmentsin acsh fowhedge	54.9	12.73	91.15	127.90		(252.29)
	(i)(b)Incometax onitem (i)(a) above	(13.72)	(3.20)	(26.91)	(3219)		67.58
	(ii)(a)Costofhedgingresere	010	(0.74)	(28)	(1.70)		3.81
	()(b) Incometaxon item(i)a) above	(0.02)	018	0.79	0.43		(0.79)
9	TotalOtherComprehensive IncomeI(loss)frtheperiod	40.50	11.36	59.91	91.01		(189.59)
10	TotalComprehensiveIncomefr the period	47.60	274.17	640.61	1465.04		1833.77
11	Paidupequitsharecpital(Rs.1Oeachflypaidup)	296.2	296.2	29642	296 42		296.2
12	Other equityexcludingrevaluation resere	1021627	983 27	8956.11	1021627		8956 11
13	Net Worh	10512.69	1013969	9252 53	10512.69		925253
14	CapitalRedemption Resere	10.8	1.8	10.8	10.48		10.8
15	BasicandDlutedEPSfor theperiod (notannualised)	14.75	8.87	19.59	46 35		68.26

Net Worth = Paid up share capital (excluding forfeited shares) + Other equity # Refer note 9 A Refer note 6

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5Rf - General [Restricted use]- Is 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, 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 - L181010L1970PLC005197

STATEMENT OF STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

					(Rs. in Crores)
			Stndalone
		Quarer Ended		Year	Ended
Pariculars	31-Mar-24	31-Dec-23	31-Mar-23	31-Mar-24	31-Mar23
	(1)	(2)	(3)	(4)	(5)
	Audited#	Unaudited	Audited#	Audited	Audited
Segment Revenue
a) Technicl Texiles Business (TB)	468.85	458.36	430.70	1898.01	1893.88
b) Chemicals Business (CB)	1800.42	1382.67	2072.52	6237.33	7326.01
c) Packaging Film Business (PFB)	547.89	555.1	546.53	2197.18	2471.21
d) Oters	16.16	113.57	94.29	465.30	392.61
Total Segment Revenue	292332	2510.01	3144.04	10797.82	12083.71
Less: Inter Segment Revenue	3.69	3.67	1.62	1 1 . 15	9.87
Revenue from Operations	2919.63	2506.34	3142.42	10786.67	1207384
Segment Result
(Proft before interestand taxfom eachSegment)
a) Technicl TexilesBusiness (TB)	69.69	68.66	48.27	273.68	261.20
b) ChemiclsBusiness(CB)	497.97	320.52	738.53	1628.48	2340.30
c) PackagingFilm Business (PFB)	17.21	23.76	38.50	122.55	332 35
dlOthers	15.56	21.21	11.33	93.02	34.82
Totl Seament Result	600.43	434.15	836.63	2117.73	2968.67
Less/(Add):
i) Finance Cost	68.00	51.83	56.50	235.60	175.82
i)OtherUnalocableExpenses(net ofincome)	73.39	30.32	30.71	164.25	136.99
Proft befre taxfrthe period	459.04	352.00	749.42	1717.88	2655.86
Segment Assets
a) TechnicalTexilesBusiness (TB)	2041.96	1967.34	1766.50	2041.96	1766,50
b) Chemicls Business (CB)	1689.28	1613.17	9623.78	10689.28	962378
c) Packaging Film Business(PFB)	2321.37	2307.46	2181.83	2321.37	2181.83
d) Others	18.30	16731	164.98	18.30	164.98
Totl segment asset	15230.91	15055.28	13737.09	15230.91	13737.09
e) Unallocble	2133.73	1770.06	1814.32	213373	1814.32
Totl	17364.64	16825.34	15551.41	17364.64	15551.41
SegmentLabities
a) TechnicalTexilesBusness (TB)	525.38	502.10	391.76	525.38	391.76
b) Chemicls Business (CB)	133.67	911.50	1320.97	133.67	1320.97
c) PackagingFilmBusiness (PFB)	622.3	667.70	563.17	622.43	563.17
d) Oters	41.60	43.83	52.53	41.60	52.53
Totlsegmentlabites	2223.08	212513	2328.43	2223.08	232843
e) Unallocble	4627.85	4559.50	3969.3	4627.85	3969.43
Totl	6850.93	6684.63	6297.86	6850.93	6297.86

Refer note 9

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5RF 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, 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 DL1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 7, 2024. The audit report of the Statutory Auditors is being filed with BSE Limited and National Stock Exchange of India Limited. For more details on the standalone results, visit the Investors section of our website at www.srf com and financial results at "Corporates Announcements" 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 The listed commercial papers aggregating to Rs. 200 crores were outstanding as on March 31, 2024. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings. During the quarter and year ended March 31, 2024, the Company has repaid all commercial papers due and payable on the respective due dates

• 4 Disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

							(Ratios	/percentages as applicable)	/percentages as applicable)	/percentages as applicable)
						Standalone
SI. No.	Pariculars	31-Mar-24		Quarer Ended 31-Dec-23		31-Mar-23		Year Ended 31-Mar-24 31-Mar-23
		(1)		(2)		(3)		(4)		(5)
		Audited		Unaudited		Audited		Audited		Audited
1	Debt sercecovergeratio[(Earningsbefor deprecation,inteest and tx­		4.17		2.90		4 22		3.34	3.09
	crrent tax)I(Grssinterestandlease payments+sceduledprincipal
	repayentof long term debs)]-Not annualised
2			8.17		6.5		10.53		7.35	13.10
	Interest sericcvergeratio[(Earningsbefredeprciaton,interestandtx­
	current tax)IGrss interest and leasepayments] - Notannualsed
3	Bad debts to accountsreceivable ratio%(Bad debts includingprvision for		-				0.03%		-	0.04%
	doubtul debts/Average tradereceivables) - Notannualised
4	Debtors turover (Sale of productsIAverage traderecevables) - Annualised		765		6,89		822		710	8.7
5	Inventorturover (Sale of products/Averageinventor) - Annualised		5.92		5.01		6.28		5.64	6 56
6	Operatngmargin% (Earings before interest andtax/Total revenue from	1805%		16.11%		25.65%		18.11%		23.45%
	operations including other operatngincome) - Notannualised
7	Netprft margin% (Profafer tax/Total revenue from operatons incuding	14.97%		1049%		18.8%		12.74%		16.76%
	other operatingincome) - Notannnualsed
8	Debt equityratio(Total debt including leaselabiites/Total equit)		0.35		0.37		0.34		0.35	0.34
9	Long term debt to working capital [(Non current borrwings + currentmaturites		2.83		2.54		1.6		283	1.46
	of long term borowings + leaselabiltes)/ Working capital]
10	Totaldebts to total assets(Total debt including lease liabilites/Total assets)		0.21		0 22		020		021	0 20
11	Curent ratio (Total current assets/Total curentlabilities)		1.23		1.28		1.4		1.23	1 44
12	Current liabiity ratio(Total curentlabilities/Totallabilites)		0.59		0.55		0.55		0.59	055

5 In December 2023, the operations of Technical Te ile Business plant, lo ted in Manali Industrial Area, Chennai, Tam Nadu, were disrupted due to cyclone with flooding and waterlogging in the plant preresumed in a phased manner by February m2024ises. . This The Company is covered undex1 incident led to damage of ceca r its rtainsurance policin items of Propy eon a rty, P'Rlant and Eeinstatement Value basisquipment and il Invento' against the esry. Plant opertimaatetions d loswseerse . iBn ased on the current best estimates of air and restoration expenses incurred till March 31, 2the management, the accounting i024 and relampact of the aboted compensation receivable) has ve incident (impairment of propebeen considered in these results, anrty, plant and equipment, write d does nodown of t ea d ra ent iteri · rod} __ affect on the glych, any additional cost towards further repair and maintenance, replacement of items of property, plant and equange in estimates (including for financial results for the insurance cquarter and laim receivable fyear ended Marorch m 3insurer) wo1 , 2024. The Companuld be considered in the period of y is in the process of lreplnipcmeuacrre nt, e�me;i enj o[id a.. il njns qSe. nt of * GURUGRAM * ol Br\Ba {e rbuon l artfe ' io'ann d year ended March 31, Reduction Certificates (CER's) and has written back Rs. 98.06 crores in respect of assessment years 2008-09 2024, the Company has reassessed its uncertain tax position in relation to past years on taxabai t' g-oi' " come fr adjustments in relation to earlier years' after taking into consideration favourable orders received from Income Tax Appellate tribunal ("ITAT") in re ove assessment years, elapse of statutory time for further appeal by tax authorities and favourable judicial precedents (Previous year: Rs. 32 17 crores along with interest income of Rs. 20.15 crores in respect of assessment year 2006-07). Related interest income in respect of assessment years 2008-09 and 2009-10 will be considered in the period in which a requisite level of certainty is achieved. other assessment years, and will consider their impact in the releConsidering that the in-principle matter of taxability of CERs is yet to avant periottain a finalitd. y, the Company will continue to re-assess its tax position, including in relation to

SRF - General [Restricted use] - This mail, document can be used by reciprents (or 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.com Website: www.srf com CIN - L181010L 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

7 Standalone audited statement of assets and liabilities as at March 31, 2024

7 Standalone audited statement of assets and labilties as at March 31, 2024
		(Rs in Crores)
	As	at
Pariculars	31-Mar-24	31-Mar-23
	Audited	Audited
ASSETS
Non-current asset
Prper, plant and equipment	10078 20	7309 25
Right-of-use assets	248.59	258.87
Capital work-in-progress	744.79	2128.95
Other intangible assets	111.76	106.08
Financial assets
Investments	629.77	92.82
Loans	50.04	291.35
Others fnancial assets	190.8	65.33
Other tax assets (net)	206,85	85.57
Other non-current assets	114 23	209 72
Total non-current assets	12374.71	10547.94
Current asset
Inventories	1901.01	1848 67
Financial assets
Investments	405.58	490.05
Trade receivables	1538.00	1436,38
Cash and csh equivalents	361.7	527.25
Bank balances other than above	8.21	8.8
Loans	32205	243.35
Other fnancial assets	201.8	240.64
Other current assets	251,83	208 65
Total current asset	4989.93	5003.47
Total asset	17364.64	15551.41
EQUITY AND LABILTIES
Equit
Equitshare cpital	297.	297.44
Other equit	10216.27	8956.11
Total equit	10513.71	9253.55
Labities
Non-current labites
Financial labilites
Borrowings	166206	1726.53
Lease liabilties	815	96.53
Otherfnancial liabilites	0,80	159.7
Provisions	60.96	51.84
Defered taxlabilites (net)	880.28	749.34
Other non-current liabiltes Total non-current labities Current liabites Financiallabilities Borrowings Lease liabilites Trade payables (a)Total outstanding dues of micro enterprises and smalenterprises (b)Total outstanding dues of creditors other than micro enterprises and smalenterprises Otherfnancial liabiltes Other current liablities Provisions Curent taxlabilties(net)	122 75 2808.60 1949.45 27.51 84.28 1483.53 404.56 73.97 727 11.76	29 20 / 28129 v ze 25 67.79 1581.38 382.99 96.23 628 11.65	% is .pi -
Totl current labities	4042.33	3484.95	:
Total liabities	6850.93	6297.86
Totl equit and labilities	1736464	15551.41

• 6 y g , 0 O * GURUGRAM * 3 {­ , @ or" / - h.

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

s ­ ­ 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 STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

8 Standalone audited cash flow statement for the year ended March 31, 2024

					(Rs inCrores)
				Year	Ended
			Pariculars	31-Mar24	31-Mar-23
				Audited	Audited
A			CASH FLOW FROM OPERTING ACTIVITIES
			Prft befre tax	171.88	2655.86
			Adjustments for:
			Finance costs	235.60	175.82
			Interest Income	(44.95)	(59.90)
			Net gain on sale of prpery, plant and equipment	(4.77)	(6.19)
			Net gain on fnancial assets measured at fir value thrugh proft and loss	(22.87)	(9.10)
			Credit impaired assets prvided / writen of/ (writen back)	(0.17)	0.52
			Amorisation of grant income	(18.7)	(3.35)
			Depreciaton and amorisation expense	555.85	468.
			Prper, plant and equipment and inventor discarded / prvided / (writen back)	1 1 . 1 7	2.98
			Prvision / liabilites no longer required writen back	(12.54)	(27. )
			Net currency exchange fuctuaton (gain) / loss	(38.62)	(43.37)
			Employee share based payment expense	8.54	8.1
			Stamp dut on purchase of investments	0.13	0.07
			Adjustments fr (increase)/ decrease in operatng assets:­
			Trade receivables	(101.30)	(89.87)
			Inventories	(59.23)	(97.23)
			Loans (curent)	(2.28)	(1.59)
			Loans (non-current)	(5.32)	(30.00)
			Other assets ( curent)	56.55	(101.20)
			Other assets (non-current)	(1.81)	(23.62)
			Adjustments fr increase/ (decrease) in operatng liablities:­
			Trade payables	(81.84)	307 57
			Prvisions	10.11	783
			Other liabilites (current)	82.17	121.44
			Cash generated from operations	2267.53	3256.08
			Income taxes paid (net of refunds)	(364.69)	(467.98)
			Net cash generated fom operatng activites	1902.84	2788.10
B			CASH FLOW FROM INVESTING ACTIVITIES
			Net saleI(purchases) of curent investments	17.34	(16421)
			Stamp duty on purchase of investments Purchase of non-current investments	(0.13) (555.28)	(0.07) -
			Sale of non-curent investments	411	-
			Interest received	47.54	3721
			Bank balancs not considered as cash and cash equivalents	0.07	30.39
			Deposit made with Non Banking Financial Company (NBFC)	(25.00)	-
			Payment for purchase of prper, plant and equipment, capital work-in­	(1865.39)	(2373.79)
			progress and other intangible assets
			Prceeds fom disposal of proper, plant and equipment	14.97	15.58
			Loans given to subsidiaries	(365.04)	(278.16)
			Repayment of loans bysubsidiaries	562.7	404.89
'a� &Cr� 0 [+ [ G U R G R 8, zs"	\Net cash used in investing activities - +] 5 A v			(2074.04)	(2328.16)
SRF -General [Restricted use] - This mai, document can be used by recipients for its intended purpose only,

✓ �

GS

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 GIN- L 18101DL 1970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

8 Standalone audited cash flow statement for the year ended March 31, 2024

8	Standalone audited cash flow statement for the year ended March	31, 2024
			(Rs. in Crores)
		Year	Ended
	Paricular	31-Mar-24	31-Mar-23
		Audited	Audited
C	CASH FLOW FROM FINANCING ACTIVITIES
	Prceeds frm issue of shares	-	*
	Prceeds fom long term borrwings	814.67	818.2
	Repayment of long term borrwings	(369.70)	(672.25)
	Net prceeds frm shor term borowings	86.7	22.69
	Dividends on equit share capital paid	(213.71)	(21332)
	Payment towards lease liabit	(37.11)	(32.47)
	Finance costs paid	(274.90)	(175.0)
	Net cash generated fromI(used in) fnancing activities	5.72	(252.33)
	Net increaseI(decrease) in cash and cash equivalent	(165.48)	207.61
	Cash and cash equivalents at the beginning of the year	527.25	319.64
	Cash and cash equivalent at the end of the year	361.7	527.25

• Amount in absolute: Rs. 38,000

• 9 The figures of the last quarters ended March 31, 2024 and March 31, 2023 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 7, 2024

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For and on behalf of the Board
k
Ashish Bharat Ram
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SRF • General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.

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

Chartered Accountants

B S R & Co. LLP

r0Enc3n. AL,1Mets.ROI

To the Board of Directors of SRF Limited

Report on the audit of the Consolidated Annual Financial Results

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 2024, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 and Regulation 52(4) 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 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

• SRF Flexipak (South Africa) (Pty) Limited

• SRF Industries (Thailand) Limited

• SRF lndustex Belting (Pty) Limited

• SRF Europe Kft

• SRF Holiday Home Limited

• SRF Altech Limited

• SRF Employees Welfare Trust (Controlled Trust)

• b. are presented in accordance with the requirements of Regulation 33 and Regulation 52(4) 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 f

• �@!v the Group for the year ended 31 March 2:.��.aw,,

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

B S R & C o ['prnesl firm with Registration No BA61223) converted into8SR& Co LLP [a Limited Labity Partnership with LLP Registration No AAB-8181) with effect from October 14, 2013

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 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/ HS/P/CIR/2021/613 dated 10 August 2021. The respective Management and Board of Directors 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

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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 decision sers taken on the basis of these consolidated annual financial results.

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Page 2 of 4

B S R & Co. LLP

Independent Auditor's Report (Continued)

SRF Limited

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 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 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/CMD1/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to . 7

Page 3 of 4

B S R & Co. LLP

Independent Auditor's Report (Continued) SRF Limited

. Other Matters

• a. The consolidated annual financial results include the audited financial results of seven subsidiaries, whose financial statements reflects Group's share of total assets (before consolidation adjustments) of Rs. 3,824.35 crores as at 31 March 2024, Group's share of total revenue (before consolidation adjustments) of Rs. 2,508.31 crores, Group's share of total net profit after tax (before consolidation adjustments) of Rs. 149.80 crores and Group's share of net cash outflows (before consolidation adjustments) of Rs. 46.05 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 and 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 generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial information 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 results for the quarter ended 31 March 2024 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 07 May 2024

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For B S R & Co. LLP
Chartered Accountants
tratic 100022
/9a)Mks»be
1/ Partner
Membership No.: 090075
UDIN: 24090075BKGTYM4159
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Page 4 of 4

, /-::; SRF LIMITED S-FF

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

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

==> picture [49 x 27] intentionally omitted <==

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 - LI8 l 01 DLI 970PLC005 l 97

STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

				(Rs.inCrores, except	(Rs.inCrores, except	per share data)
				Consoldated
			Quarer Ended		Year	Ended
S.No.	Pariculars	31-Mar24 (1)	31-Dec-23 (2)	31-Mar23 (3)	31-Mar-24 (4)	31-Mar-23 (5)
		Audited#	Unaudited	Audited#	Audited	Audited
	Revenue from operations
1	a) Sale of products	3505,92	2994.03	3719 30	12910.35	14591.82
	b) Other operatng revenues	6382	59.01	58.79	228.17	278.43
	Total Revenue from operatons	3569.74	3053.04	378.09	13138.52	14870.25
2	Other income	23.39	18.75	2233	83.02	74.93
3	Total Income	3593.13	3071.79	3800.42	13221.54	14945.18
4	Expenses
	a) Cost of materials consumed	1791.01	1631.18	1779.82	6695.60	712521
	b) Purchases of stock-in-trade	24.	39.25	6.70	118.56	27722
	c) Changes in inventories of fnished goods, work-in-progress and stock in trade	18.06	(115.74)	101.91	(105.38)	(8.92)
	d) Employee benefts expense	246.60	243.83	214 15	935.03	813.80
	e) Finance costs	90.00	6737	65.90	302.29	204.82
	fDepreciaton and amorisation expense	185.89	168.89	154.64	672.62	575.32
	g) Power andfuel	328.80	319 42	344.01	1,344.81	1472.25
	h)Excangecurrency fuctuation (gain)/loss	15.79	18 08	28 01	76 74	104.00
	i) Other expenses	449.22	351.19	371.89	1,489.08	1,557.9
	Total expenses	3149.81	2723.47	3067.03	11529.32	12121.19
5	Proft befre tax for the period	43.32	348.32	733.39	1692.22	2823.99
6	Tax expense
	- Taxexpense	121.85	97.41	179.04	459.7	711.17
	- Taxadjustment related to earlieryears	(100.74)	(2 52)	(8.10)	(10326)	(49.52)
7	Net Proft afer tx fr the period	422.21	253.4	562.45	1335.71	2162.34
8	Other Comprehensive Income
	AItems that wilnot be reclassifed to profor loss
	()Gan /(loss)on remeasurements of the defned beneft obligation	(1.67)	3,20	(3.0)	(5.92)	(11.95)
	Income tax on item(i) above	0.13	(0.80)	1.25	1.19	4.24
	B Items thatwil be reclassifed to profor loss
	() Efectveporion of gain/(loss) on hedginginstrumentsin acash fow hedge	55.59	12.20	91.70	12847	(25241)
	Income taxon item()above	(13.7)	(3 20)	(26 91)	(32.19)	67.58
	(i) Cost ofhedgingresere	0.10	(0.74)	(2.53)	(1.77)	5.02
	Income tax on item (i) above	(002)	018	0.79	0.43	(0.79)
	(iii) Exchange diferences on translaton of foreign operations	(62.85)	65.64	(1962)	(69.08)	(732)
9	Total Other Comprehensive Income /(loss) fr the period	(22.4)	76.48	41.28	21.13	(195.63)
10	Total Comprehensive Income/ (loss) fr the period	399.77	329.91	603.73	1356.84	1966.71
1 1	Paid up equitsharecpital (Rs 1Oeach fulypaid up)	296.2	296.2	296.2	296.2	296.2
12	Otherequitexcluding revaluation resere	11181.58	10886.3	1002961	11181.58	10029.61
13	Net Worh	11478.00	11182 85	10326 03	11478.00	10326.03
14	CapitalRedemptionResere	10.48	10.8	10.48	10.48	1048
15	BasicandDiluted EPS for the period (not annualsed)	14.24	8.55	18.97	45.06	72.95

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

• Refer note no 8

• Refer note no 9

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0/

(< _ 0 0 * GURUGRAM * 4 e:,B�&Co8,, k'

SRF - General [Restricted use] - Tis mail, document

L""7" tedpurpose only

vO 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 - I I 0091 Tel. No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN- L\8101DL\970PLC005197

STATEMENT OF CONSOLIDATED AUDITED SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

(Rs. in Crores)

				Consolidated
			Quarer Ended		Year	Ended
Pariculars		31-Mar24 (1)	31-Dec-23 (2)	31-Mar23 (3)	31-Mar-24 (4)	31-Mar-23 (5)
		Audited#	Unaudited	Audited#	Audited	Audited
Segment Revenue
a) Technical Texiles Business (TTB)		468.85	458 36	430.70	1898.01	1893.88
b) Chemcas Business (CB)		1816.05	1394.13	2101.67	6297 02	7410.88
c) Pacaging Film Business (PFB)		118237	1090 65	1153.05	4489.34	5182 75
d) Others		16.16	113.57	94 29	465.30	392.61
Total Segment Revenue		3573.43	3056.71	379.71	13149.67	14880.12
Less: Inter Segment Revenue		3.69	3.67	1.62	11.1 5	9.87
Revenue fom Operations		3569.74	3053.04	378.09	13138.52	14870.25
Segment Result
(Proft befre Interest and Tax from each Segment)
a) Technical Texiles Business (TTB)		69 82	68 80	48 40	274 22	261.74
b) Chemicals Business (CB)		497.69	321 85	739.25	1627.38	2340.67
c) Packaging Film Business (PFB)		33.07	44.87	40.96	206.50	556.19
d) Oters		15.56	21.21	11.33	93.02	34.82
Totl Segment Result		616.14	456.73	839.94	2201.12	319342
Less/(Add):
i) Finance Costs		90.00	67.37	65.90	302.29	204.82
ii) Other Unalocble Expenses(net ofincome)		82.82	41.04	40.65	206.61	164.61
Proft befre tax fr the period		443.32	348.32	733.39	1692.22	2823.99
Segment Asset
a) Technicl Textles Business (TTB)		2030.5	1955.69	1754.4	2030.45	1754.4
b) ChemcalsBusiness (CB)		10745.87	10687.79	9734.26	10745.87	9734.26
c) PacagingFilm Business(PFB)		6181.15	6311.95	5800.54	6181.15	5800.54
d) Oters		17830	167.31	164.98	17830	164.98
Total segment asset		19135.7	19122.74	17454.22	19135.77	17454.22
e)Unaocable		1346.17	1096.78	1300.30	134617	1300.30
Total		20481.94	20219.52	18754.52	20481.94	18754.52
Segment Labilites
a) Technicl Texiles Business (TTB)		525.38	502.10	391.76	525 38	391.76
b) ChemicalsBusiness (CB)		1042.58	926 19	1352 16	1042.58	1352.16
c) PackagingFilm Business (PFB)	I	1392.08	1472 92	1284 12	1392.08	1284.12
d)Others		41.60	43.83	52.53	41 60	52.53
Totalsegment liabilities		3001.64	2945.04	3080.57	3001.64	3080.57
e)Unalocable		6001.28	6090.60	5346.90	6001.28	5346.90
Total		9002.92	9035.64	8427.47	9002.92	8427.7

Refer Note no.9

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

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✓o
SF
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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 - 110091 Tel. No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN -LI 810 JOLI 970PLC005 l 97

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

• 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 07, 2024. The audit report of the Statutory Auditors is being filed with BSE Limited and National Stock Exchange of India Limited. 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 1 of the Companies Act, 201 3 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

• 3 The listed commercial papers aggregating to Rs. 200 crores were outstanding as on March 3 I, 2024. The Company's commercial paper programme has been rated as CRISIL A l+ by CRISIL and IND A l+ by India Ratings. During the quarter and year ended March 3 1 , 2024, the Company has repaid all commercial papers due and payable on the respective due dates.

• 4 Additional disclosures as per Clause 52 ( 4) of Securities and Exchange Board of India ( Listing Obligations and Disclosure Requirments) Regulations, 2 015 disclosure:

(Ratios/ percentages as applicable)

						Consolidated
			Quarter Ended					Year Ended
S No.	Particulars	31-Mar-24		31-Dec-23		31-Mar-23	31-Mar-24		31-Mar-23
		(1)		(2)		(3)	(4)		(5)
		Audited		Unaudited		Audited	Audited		Audited
I	Debt serice coverge ratio {(Earings befr depreciation,		317		2 45	330		2.71	2.98
	interest and tax - curent Tax)I(Grss Interest and lease payments
	+ scheduled principal repayment of long ter debts)} - Not
	annualised
2	Interest serice coverge ratio ((Earings befre depreciation,		6.87		527	9 47		6 1 1	1267
	interest and tax - curent tax)/ Grss interest and lease payments)}
	Not annualised
3	Bad debts to accounts receivable ratio% (Bad debts including		0 1%	002%		0.09%		0.16%	0 14%
	prvision fr doubtfl debts/ Average trde receivables)- Not
	annualised
4	Debtor turover ( Sale of prducts / Averge trde receivables) ­		750		6 76	8.02		6.93	8.16
	Annualised
5	Inventor turover (Sale of prducts/ Average Inventor)­		5.96		513	6 1 6		5 6 1	6 6 1
	Annualised
6	Operting margin% (Earings befre interest and tax/ Total	14.94%		13.62%		2116%	15.18%		20.37%
	revenuefomoperations includingother opertingincome) - Not
	annualised
7	Net prft margin% (Prft afer tax/ Totalrevenuefom	I	183%	830%		14.89%	10.17%		1454%
	opertions incudingother opertingincome) - Notannualised
8	Debt equitratio (Total debt including lease liabilities/ Total		0.4		0.6	0.3		0.4	0.43
	equit)
9	Long terdebt toworking capital		20 40	1229		31		2040	3.1
	((Non curentborowings+curentmaturitof long ter
	borowings+ lease liabilities)/Working capital)
10	Total debts to Total assets		0.25		0.26	024		0.25	0.24
	(Total debt includinglease liabilities/Ttal assets)
1 1	Curent rtio (Total curent assets/ Total curent liabilities)		103		105	17		103	17
12	Curent liabilit Ratio (Total curent liabilities/Total liabilities)		0.61		0.60	0.58		0.61	0.58

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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 CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

• 5 CONSOLIDATED AUDITED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2024

			(Rin	Crores)
		As at	Asal
	Pariculars	31-Mar24	31-Mar-23
		Audited	Audited
ASSETS
Non-curent assets
Propery, plant and equipment		12845 46	96478
Right-of-use assets		276 64		287 21
Capta wor-n-progress		805.33	2405 54
Otherintangible assets		119 52		114.73
Financial assets
Investments		121.12		416
Loans		50.04		4.82
Ohers fnancialassets		19760		68 21
Defered tax assets		27 56		1865
Non Curent tax assets(net)		21096		9126
Other non-urent assets		178 42		297 13
Total non-urent assets		1432.65	12979.57
Curent assets
Inventores		2326 47	2274 29
Financial Assets
Investments		40558		49005
Trade receivables		1942 82	1785 62
Cash and csh equivalents		399 33		607 98
Bankbalances other thanabove		821		848
Loans		13 09		11 02
Otherfnancialassets		198 03		23484
Other curent assets		35576		36267
Total curent assets		5649.29	5774.95
Total asset		20481.94	18754.52
EQUIT AND LABILTIES
Equit
Equity share capital		2974		2974
Other equty		11181.58	1002961
Total equit		11479.02	10327.05
Labilities
Non-urentliabilites
Fnanca liablities
Borowngs		2251.14	2311.52
Lease liabilties		82 79		97 57
Otherfnancial labilites		0.80		159 47
Provisions		7139		60.80
Defered tax liabiltes(net)		938.7		809 22
Other non-curentliabilities		177 31		72.29
Total non-curent liabilities		352215	3510.87
Curent liabites
Financial Labilities
Borowings		269 10	2042 54
Lease liabiities		27 51		25 90
Trade payables
a) Ttal outstandingdues of	micro enterrses and smal enterrses	84 57		67.79
b) Total outstandingduesof and smallenterrses	creditors other than micrenterrses	2 1 1 3 1 9	2163 48
Otherfnancial labilities		467 42		485 56
Other curentliabilities		9361		108 79
Provisions		8 77		791
Curent taxliabites (net)		16 60		14 63
Total curent liabilies		5480.77	4916.60
Total labites		9002.92	8427.47
Total equit and liabilities		20481.94	18754.52

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._,,,-Q FE

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, 2024

6 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2024

			(Rs. in Crores)
		Year Ended
	Pariculars	31-Mar-24	31-Mar-23
		Audited	Audited
A	CASH FLOW FROM OPERATING ACTIVITIES
	Proft before tax	1,692 22	2,823.99
	Adjustments for:
	Finance csts	302 29	204.82
	Interest Income	(2624)	(44.70)
	Net gain on sale of proper, plant and equipment	(4.74)	(6.00)
	Net gain on fnancial assets measured at fair value through proft andloss	(22 88)	(9.10)
	Creit impaire assets provided / (writen back)	4.22	2.56
	Amorisaton of grant income	(20 49)	(5.04)
	Depreciation and amorisation expense	67.62	575 32
	Proper, plant and equipment /inventor and other assets provided /writen of /(writen back)	12.01	3.87
	Prvision / labiites no longer required writen back	(12.54)	(27. )
	Net unrealsed curency exchange fuctuatons (gain) / loss	(14.25)	(56 97)
	Employee share based payment expense	8.54	8.1
	Stamp dut on purchase of Investments	0.13	007
	Changes in woring capitl:
	Adjustments for(increase)/decrease inopertng assets:
	Trade receivables	(168.71)	(2.15)
	Inventories	(74.18)	(130.70)
	Loans (Current)	(1 88)	(2.26)
	Loans(Non-current)	(5.40)	(30.76)
	Other assets (Current)	74.59	(118 05)
	Oher assets (Non-current)	(1781)	(2362)
	Adjustments for increase/(decrease) in operatingliablites
	Trade payables	(14.24)	122.1
	Provisions	10.70	9.71
	Other liabilites (Non-current)	-	(0.34)
	Other labilties (Curent)	82.46	115.70
	Cash generated from operatons	2,47642	3,49.42
	Incme taxes paid(net of refunds)	(382 56)	(50771)
	Net cash generated from operating activites	2,093.86	2,901.71
B	CASH FLOW FROM INVESTING ACTIVITIES
	Purchase of non-currentinvestments	(135 27)	-
	Sale of non-current investments	4.11
	Net Sale/ (purchases) of currentinvestments	107.34	(164 21)
	Stamp duton purchase of Investments	(0.13)	(0.07)
	Interest reeived	26.51	2725
	Bank balances not consideredascsh andcsh equivalents	(3.15)	27.49
	Payment forpurchase ofproper, plant,euipment,cpitalwork-in-progress and intangible	(2,216 93)	(2,838.18)
	assets
	Deposits madewith NonBankingFinancial Company	(25.00)	-
	Upfront payment made for acquislon ofRight of use asset	-	(27.57)
	Proceedsfrom disposal of proper, plant and equipment	15.19	13.88
	Net cash used in investng activities	(2,227.33)	(2,961.41)

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ST I=

SRF LIMITED

Registered Office: The Galleria, DLF MayurVihar, 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 18101 DL1970PLC005197

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

6 CONSOLIDATED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2024

			(Rs.inCrores)
		Year Ended
	Pariculars	31-Mar-24	31-Mar-23
		Audited	Audited
C	CASH FLOW FROM FINANCING ACTIVITIES
	Prc ds frm issue of shares		.
	Prceeds frm long term borrowings	1,002.67	932 42
	Repayment of long term borowings	(49716)	(758.78)
	Net prceeds of shor term borowings	34 92	486 22
	Dividends on equitshare capital paid	(213 71)	(21332)
	Payment towards lease liabilt	(37.18)	(32.7)
	Finance costs paid	(361.24)	(194.49)
	Net cash generated /(used in) from fnancing activities	(71.70)	219.58
D	EFFECT OF EXCHANGE RATE MOVEMENTS	(3.48)	(2.38)
	Net (decrease) / increaseincash and cash equivalent	(208.65)	157.50
	Cash andcsh equivalents at the beginningoftheyear	607.98	450.48
	Cash and cash equivalent at the end of the year	399.33	607.98

Amount in absolute Rs. 38,000

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

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

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

NOTES TO CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2024

• 7 In December 2023, the operations of Technical Textile Business plant, located in Manali Industrial Area, Chennai, Tamil Nadu, were disrupted due to cyclone with flooding and waterlogging in the plant premises. This incident led to damage of certain items of Property, Plant and Equipment and Inventory. Plant operations were resumed in a phased manner by February 2024. The Company is covered under its insurance policy on a 'Reinstatement Value basis' against the estimated losses. Based on the current best estimates of the management, the accounting impact of the above incident (impairment of property, plant and equipment, write down of inventories, repair and restoration expenses incurred till March 31, 2024 and related compensation receivable) has been considered in these results, and does not have any material affect on the profit for the quarter and year ended March 3 I, 2024. The Company is in the process of replacement / reinstatement of assets and accordingly, any additional cost towards further repair and maintenance, replacement of items of property, plant and equipment, other incidental costs and adjustment from change in estimates (including for insurance claim receivable from insurer) would be considered in the period of incurrence/ change.

• 8 During the quarter and year ended March 3 1 , 2024, the Company has reassessed its uncertain tax position in relation to past years on taxability of income from sale of Carbon Emission Reduction Certificates (CER's) and has written back Rs. 98.06 crores in respect of assessment years 2008-09 and 2009- IO as 'Tax adjustments in relation to earlier years' after taking into consideration favourable orders received from Income Tax Appellate tribunal (ITAT") in relation to the above assessment years, elapse of statutory time for further appeal by tax authorities and favourable judicial precedents (Previous year: Rs. 32.17 crores along with interest income of Rs. 20.15 crores in respect of assessment year 2006-07). Related interest income in respect of assessment years 2008-09 and 2009- IO will be considered in the period in which a requisite level of certainty is achieved.

• Considering that the in-principle matter of taxability of CERs is yet to attain a finality, the Company will continue to re-assess its tax position, including in relation to other assessment years, and will consider their impact in the relevant period.

• 9 The figures of the last quarters ended March 3 1 , 2024 and March 3 1, 2023 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 07, 2024

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Foe [ oo beb•lf of Ob��"'
Ashish Bharat Ram
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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 Mis 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 315 March 2024 (both Standalone and Consolidated).

RAJ�PAL Sr. VP (CORPORA TE COMPLIANCE) & COMPANY SECRETARY GURUGRAM

For SRF LIMITED

�� RAHULJAIN PRESIDENT & CFO

07.05.2024

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 Galleria, Mayur Place Naida 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. L18101DL1970PLC 5197