SRF Ltd. — Interim / Quarterly Report 2022

Jan 25, 2022

The Corporate Relationship Department, BSE Limited Ist 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 25.01.2022

Dear Sir,

Unaudited Financial Results for the quarter and 9 months ended 31.12.2021 alongwith Limited Review Report for the quarter ended 31.12.2021

Pursuant to Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we wish to inform you that the Board of Directors at its meeting held today i.e 25th January, 2022 (commenced at 11.15 a.m and concluded at 03.10 p.m.) has inter-alia considered and approved –

• 1. Unaudited Consolidated Financial Results for the quarter and nine months ended 31.12.2021 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 31.12.2021)
• 1. Unaudited Standalone Financial Results for the quarter and nine months ended 31.12.2021 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 31.12.2021)

Thanking you,

Yours faithfully,

For SRF LIMITED

Rajat Lakhanpal 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 Noida Link Road Mayur Vihar Phase 1 Extension Delhi 110091

Corporate identity No. L181010L1970PLC005197

BSR&Co. LLP

Building No. 10,12th Floor, Tower-C, Telephone: +91 124 718 1000 Gurugram — 122 002. India

Chartered Accountants

OLF Cyber City, Phaso-ll, Fax: +591 124 235 9613

Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 31 December 2021 and year-to-date results for the period from 1 April 2021 to 31 December 2021 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBIWHO/DDHS/P/CIR/2021/613 dated 10 August 2021

To the Board of Directors of SRF Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of SRF Limited ("the Company") for the quarter ended 31 December 2021 and year-to-date results for the period from 1 April 2021 to 31 December 2021 ("the Statement").
• This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "interim Financial Reporting' ("ind AS 34°), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021. Our responsibility is to issue a report on the Statement based cn our review.
• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of india. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• Based on our review conducled as above , nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements} Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Fpr BS R&Co.LLP artered Accountants 10.:101248WiW-100022 Kaushal Kishor Partner

Delhi Membership No.: 090075 25 January 2022 UDIN:22090075AAAAAA3393

BSRECo (a pestnaratip Gr with Registration No. 8461223) convoriod into 8S R& Co. LLP (a 14th Floor, Canienl @ Wing and Nash C Wing, Nosco IT Park 4, Nosco artinership wih LLP Registration No AAB-8181) with effect from Gcteber 14. 2013 Center, Wostorm E spross Highway, Goregaen (£081), Mumbai - 400063

Registered Gifice

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

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

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

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

	ASsre
	Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase i Extn, Deihi - 110091	SRF LIMITED
	Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900E-mail: info@srf.com Website: www.srf.com CIN —L18101DL1970PLC005197
	STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
							(Rs. in Crores)
8.No.	Particulars	34-Dec-2141	Quarter ended30-Sep-21	Standalone31-Dec-20	Nine Months Ended31-Dec-21	31-Dec-20	Year Ended31-Mar-21
		i]Unaudited	(2)Unaudited	(3)Unaudited	(4)Unaudited	(5)Unaudited	(8)Audited
+	[Revenue from operationsa. Sale of products	2634.40	2267.84	1791.08	7082.20	4782.34	6887.49
	b. Other operating revenuesTotal Revenue from operations	30.772665.17	23.392294.23	19.784810.86	74,007156.20	82.774865.14	100.836988.32
	jOther income3__{Total Income	15.892681.06	16.872308.10	24441835.30	52.927209.12	47.144912.25	63.307051.62
24	{Expensesa, Cost of materials consumedb. Purchases of stock-in-trade	1327.8528.47	1,164.5715.84	918.9610.18	3529,3674.35	2243.3542.84	3278.5060.49
	6 Changes in inventories of finished goods, work-in-progress and stock in	(112.65)	(69.51)	(70.73)	(147.46)	(11.53)	(28.21)
	d. Employee benefits expensee. Finance cost	177.4223.92	148.8018.91	132.7022.80	479.1966.05	386.4692.20	534.13111.21
	f. Depreciation and amortisation expenseg. Power and fuel	106.81263.80	105.34230.02	96.82171.98	313.08695.96	287.05448.93	383.60632.06
	h. Exchange currency fluctuation (gain) / loss	(30.68)	(21.31)	(7.26)	(59.86)	16.26	7.24
	i. Other expensesTotal expenses	283.332068.27	254.241856.87	190.131465.58	776.545724.21	$29.654035.21	762.665741.65
6	5__ Profit before tax for the period Tax expense	612.79	461.23	369.72	1484.91	877.04	1309.97
	- Tax expense- Tax adjustment related to earlier years	209.54-	139.53-	114.08(1.01)	478.39-	264.03(1.04)	385.92(1.01)
78	__ Net Profit after tax for the periodOther Comprehensive Income	403.25	344.70	256.65	1006.52	614.02	925.06
	A, Items that will not be reclassified to profit or loss(ia) Gain / (loss) of defined benefit obligation{i)(b) Income tax on item (i)(a) above	(1.64)0.57	2.55(0.89)	4.76(1.68)	{2.14)0.75	3.86(14.35)	2.41(0.84)
	B. tems that will be reclassified to profit ar losseeeportion of gain / (loss) on hedging instruments in a cash flow	41.40	60.37	15.54	62.75	00.16	132.33
	(i)(b) Income tax on item (i)(a) above	(12.67)	(22.75)	(5.42)	(22.10)	(31.50)	(46.24)
	(ii)(a) Cost of hedging reserve(ii)(b) income tax on item (ii)(a} above	(3.02)0.83	2.39(0.70)	--	0.58(0.18)	--	0.95(0.33)
10	9 Total Other Comprehensive Income for the period Total Comprehensive Income for the period	25.47428.72	40.97352.67	13.49269.84	39,661046.18	61.17675.19	88.281013.34
44	Paid up equity share capital (Rs.10 each fully paid up)	296.42	59.26	59.25	296.42	59.25	59.25
124314	Other equity excluding revaluation reserve[Net Warth* Paid Up Debt Capital**	6975.027271.44250.00	6781.856841.10250.00	6009.176068.42250.00	6975.027271.44250.00	6009.176068 42250.00	6235.046294.26250.00

* Refer note 5

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

** Paid up Debt Capital comprises of listed Debentures only

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

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

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021 (Rs. in Crores)

io "dASRF
Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase Extn, Delhi - 110091		SRF LIMITED
	Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900
	E-mail: info@srf.com Website: www.sri.com CIN ~L18101DL1970PLC005197
STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
						(Rs. in Crores)
		Quarter Ended	Standalone	Nine Months Ended		Year Ended
Particulars	31-Dec-21(1)	30-Sep-21(2)	31-Dec-20(3)	31-Dec-21(4)	31-Dec-20(5)	34-Mar-21(6)
Segment Revenue	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
a) Technical Textiles Business (TTB)b) Chemicals Business (CB)	$37.771422.04	557.884120.86	366.97903.39	1588.583653.40	839.522487.03	1240.113636.85
c) Packaging Film Business (PFB)d) Others	601.55107.05	$29.4986.29	468.9373.80	1675.88246.98	1390.18154.36	1888.04232.02
Total Segment RevenueLess: Inter Segment Revenue	2668.413.24	2294.823.29	1813.092.23	7164.848.64	4871.095.98	6997.028.70
Revenue from OperationsSegment Results	2665.17	2291.23	1810.86	7156.20	4865.11	6988.32
(Profit before interest and tax from each Segment)
a) Technical Textiles Business (TTB)b) Chemicals Business (CB)	113.38418.38	132.50252.59	67.93190.88	379.56892.13	104.11454.27	176.90730.14
c) Packaging Film Business (PFB)d) Others	129.04857	89.285.79	132.838.26	335.5318,26	438.4416,82	567.7925.59
Total Segment ResultsLess/{Add}:	669.34	480.16	399.91	1623.48	1013.64	1500.39
i) Finance Costii) Other Unallocable Expenses (Net of Income)	23.9232.63	18.9110.02	22.807.39	66.0572.52	92.2044.40	411.2179.21
Profit before tax for the period	612.79	451.23	369.72	1484.91	877.04	1309.97
Segment Assetsa) Technical Textiles Business (TTB)	1839.99	1803.33	4503.69	1839.99	1503.69	1594.08
b) Chemicals Business (CB)c) Packaging Film Business (PFB)	6842.101962.60	6183.531772.30	5588.061570.84	6842.104962.60	5588.061570.84	5723.011667.82
d) Others	195.69	172.85	176.10	195.69	176.10	171.97
Total segment assetse) Unallocable	10840.381609.51	9932.011608.35	8838.691147.74	10840.381609.51	8833.691147.74	9186.881564.42
f) Assets classified as held for saleTotal	3.0012452.89	5.2211545,58	9986.43	3.0012452.89	9986.43	10711.30
Segment Liabilities
a) Technical Textiles Business (TTB)b) Chemicals Business (CB)	427.511091.26	497.29830.78	250.42613.92	427.511091.26	250.42613.92	336.77707.94
c) Packaging Film Business (PFB)d) Others	329.0947.48	273.3634.34	287.7025.00	329.09847.48	287.7025.00	338.2232.85
Total segment liabilitiese) Unaliocable	1895.343285.10	1635.773067.70	1177.042739.96	1895.343285.10	4177.042739.96	1415.783000.25

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

110091

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

E-mail: info@srf.com Website: www.srf.com CIN —118101DL1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 25, 2022. The review report of the Statutory Auditors is being filed with BSE and National Stock Exchange. For more details on the standalone results, visit the Investors section of our website at www.srf.com and financial! results at Corporates section of www.nseindia.com and www.bseindia.com.
• 2 These financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2043 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
• 3 Secured Redeemable Non-Convertible Debentures of the face value of Rs.10 Lacs each aggregating to Rs. 250 Crores were issued and allotted on September 17, 2020 at coupon rate of Three Months T Bill plus 188 bps. These are secured by a first pari-passu charge over some of the moveable praperties of the Company. Asset cover as on December 31, 2021 is 3.45 times.
• 4 The listed Commercial Papers aggregating to Rs. 350 Crores were outstanding as on December 31, 2021. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings. During the period ended December 31, 2021, the Company has repaid all commercial papers due and payable on the respective due dates.
• 5 Change in Capita! Structure during the Quarter:

a) Pursuant to the approval given by the shareholders through Postal Ballot on October 6, 2021, the Board at its meeting held on October 15, 2027, issued and allotted 236,980,820 fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 4:1 (Le. 4 Bonus Equity shares for every 1 existing equity share of the Company) to the shareholders who held shares on October 14, 2021 (Record date). Accordingly, basic and diluted earnings per share of periods presented have been calculated based on the weighted average number of shares outstanding in respective periods, as increased for issuance of bonus shares.

b) Nomination and Remuneration Committee in its meeting held on November 1, 2021 allotted 1,95,000 equity shares of Rs 10 each fully paid up to the eligible employees under Part B- SRF ESPS 2018 (ESPS Scheme) of SRF Long Term Share Based Incentive Plan (SRF LTIP). Trading approval in respect of these shares has been received from both BSE Ltd and National Stock Exchange of India Ltd. The proportionate cost relating to these shares allotted, along with Rs. 17.50 Crores consequential witholding tax, have been recognised as "Employee Benefits Expense".

Post the issuance of bonus shares and shares under ESPS Scheme, the total paid up equity share capital of the Company has increased from Rs. 59.25 Crores to Rs. 296.42 Crores.

• 6 The Board at its meeting held today has approved second interim dividend for 2021-22 of Rs. 4.75 per fully paid up equity share of Rs. 10 each, aggregating Rs. 140.80 Crores.
• 7 Mr. Arun Bharat Ram has decided to step down as Executive Chairman from the closing of business hours on March 31, 2022. Shareholders at the Annual General Meeting held on August 31, 2021 had approved his appointment as Chairman Emeritus for the period from April 1, 2022 to March 31, 2027 on the terms and conditions as fully described in the explanatory statement of the Notice of the Annual General Meeting. Consequenily, the Board has appointed Mr. Vellayan Subbiah (Independent Director) as Chairman of the Board of Directors w.e.f April 1, 2022.

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase | Extn, Delhi - 110094 Tel. No (Regd office) : (+91-11) 49482870 Fax : (491-11) 49482900

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

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

	Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase Extn, Delhi - 110094		SRF LIMITED
		Tel. No (Regd office) : (+91-11) 49482870 Fax : (491-11) 49482900
	E-mail: info@srf.com Website: www.s.com CIN ~L18101DL1970PLC005197NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
8	Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
				Standalone		(Ratios / percentages as applicable)
SINo	Particulars	34-Dec-21	Quarter Ended30-Sep-21	31-Dec-20	Nine Months Ended31-Dec-21	31-Dec-20	Year Ended31-Mar-21 *
		(4)Unaudited	{2)Unaudited	(3)Unaudited	(4)Unaudited	(5)Unaudited	(6)Audited
1	Debt service coverage ratio [(Earnings before depreciation, interest andtax - current tax) / (Gross interest + scheduled principal repayment oflong term debts)} - Not annualised	4.16	4.10	3.33	4.06	1.45	4.73
2	interest service coverage ratio [(Earnings before depreciation, interest!and tax - current tax) / Grass interest] - Not annualised	26.36	22.08	17.61	23.64	11.65	13.57
3	Bad debts to accounts receivable ratio % (Bad debts including provisionfor doubtful debts / Average trade receivables) - Not annualised	-	0.04%	0.55%	0.03%	0.58%	1.33%
4	[Debtors turnover (Sale of products / Average trade receivables) -Annualised	8.01	7.37	7.62	7.73	7.27	7.74
5	jInventory turnover (Sale of products / Average inventory) - Annualised	6.51	6.31	6.39	621	5.51	5.75
&	]Operating margin % (Earnings before interest and tax / Total revenuefrom operations) - Not annualised	23.89%	20.52%	21.68%	21.67%	19.92%	20.34%
7	{Net profit margin % (Profit after tax / Total revenue from operations) -Not annnualised	15.13%	13.60%	14.17%	14.07%	12.62%	13.24%
8	Debt equity ratio (Total debt / Total equity)	0.36	0.37	0.39	0.36	0.39	0.44
9	Long term debt te working capital ((Non current borrowings + currentmaturities of long term borrowings) / Working capital]	1.60	1.84	4.30	1.60	4.30	1.66
	10 Total debts to total assets (Total debts / Total assets)	0.21	0.22	0.24	0.21	0.24	0.24
	11 [Current ratio (Total current assets / Total current liabilities)	1.26	1.28	1.71	1.26	1.74	1.43

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

10 Limited Review :

The Limited Review, as required under Regulation 33 and Regulation 52(4) read with Regulation 63(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securilies and Exchange Board of India operational circular SEBVHO/ODHS/P/CIR/202 1/613 dated August 10, 2021 has been completed by the Statutory Auditors.

For and onibehalf of the Board

Ashish Bharat Ram Managing Director

pQ-

Place : Gurugram Date : January 25, 2022

BSR&Co. LLP

Chartered Accountants

Building No. 10, 12th Floor, Tower-C, Telephone: +91 124 719 1000 OLF Cyber City. Phaso-H, Fax: +91 124 235 8613 Gurugram - 122 002, India

Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 31 December 2021 and year-to-date results for the period from 1 April 2021 to 31 December 2021 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63(2) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational Circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021

To the Board of Directors of SRF Limited

• 1, We have reviewed the accompanying Statement of unaudited consolidated financial results of SRF Limited ("the Parent'), and its subsidiaries (the Parent and its subsidiaries together referred to as "Ihe Group") for the quarter ended 31 December 2021 and year-to-date results for the period from 1 April 2021to 31 December 2021 ('the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63(2) 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.
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "interim Financial Reporting" ('Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) read with Regutation 63(2) 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. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accardance with the Standard on Review Engagements (SRE) 2410 "Review of interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also perfarmed procedures in accordance with the circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the following entities:
  • a. SRF Global BV
  • SRF Flexipak (South Africa) (Pty) Limited
  • SRF Industries (Thailand) Limited -~ 9 ang
  • SRF Industex Belting (Pty) Limited
  • SRF Europe Kft
  • SRF Holiday Home Limited
  • © SRF Employees Welfare Trust (controlled trust)

erbtiotes BSR&Co. Uatntty (9 parmorstip Partnorship Arm with win LLP Registratan Registration No. No. BAG AAB-8181)

aRegistered Office res 1223) converted nto 8S R & Co. LLP (a 14th Flocs, Central B Wing and North C Wing, Nesce IT Park 4, Nasco wih offect from October 14, 2013 Center, Westorn Express Highway, Goregaon (Easy, Mumbai : 400063

BSR&Co. LLP

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in india, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52(4) read with Regulation 63(2) 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, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total revenues of Rs. 701.44 crores (before consolidation adjustments) and Rs. 1,806.33 crores (before consolidation adjustments), total net profit after tax of Rs. 102.61 crores (before consolidation adjustments) and Rs. 277.71 crores (before consolidation adjustments) and total comprehensive income of Rs. 103.64 (before consolidation adjustments) and Rs. 274.28 crores (before consolidation adjustments), for the quarter ended 31 December 2021 and for the period from 1 April 2021 to 31 December 2021 respectively, as considered in the unaudited consolidated financial results. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the Parent's management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Our conclusion is not modified in respect of this matter.

1. All of these subsidiaries are located outside India whose Interim financial information and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other audilors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the interim 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 reviewed these conversion adjustments made by the Parent'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 Parent and reviewed by us.

Our conclusion is not modified in respect of this matter.

1. The Statement includes the interim financial information of three Subsidiaries which have not been reviewed, whose interim financial information reflects total revenues of Rs. 0.03 crores (before consolidation adjustments) and Rs. 0.36 crores (before consolidation adjustments), total net loss after tax of Rs. 0.83 crores (before consolidation adjustments) and Rs. 1.33 crores (before consolidation adjustments) and total comprehensive loss of Rs. 0.83 crores (before consolidation adjustments) and Rs 1.33 crores, for the quarter ended 31 December 2021 and for the period from 1 April 2021 to 31 December 2021 respectively, as considered in the Statement. According to the information and explanations given to us by the Parent's management, these interim financial information are not aterial to the Group.

[' | 2¢3

BSR &Co. LLP

Our conclusion is not modified in respect of this matter.

—- For BS R & Co. LLP : artered Accountants (0.:101248WiW-100022 Yo Kaushdf Kishore Part Membership No.: 090075 UDIN:22090075AAAAABB419 Delhi

25 January 2022

BUPS

ae) SRF LIMITED

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

A" , SRF LIMITED

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

E-mail. info@srf.com Website: www.srfcom CIN — L18101DL1970PLC005 197

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

saeA"	,	SRF LIMITED
	Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vilar Place,Noida Link Road, Mayur Vihar Phase Extn, Delhi - 110091Tel. No (Regd office) : (+91-11} 49482870 Fax : (+91-11) 49482900
	E-mail. info@srf.com Website: www.srfcom CIN — L18101DL1970PLC005 197STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
			Quarter Ended	Consolidated		Nine Months Ended	(Rs. in Crores}Year Ended
§.No.	Particulars	31-Dec-21Unaudited	30-Sep-21Unaudited	34-Dec-20Unaudited	34-Dec-21Unaudited	34-Dec-20Unaudited	34-Mar-21Audited
4	Revenue from operationsfa) Sale of producis	3344.14)	2814.53	2129.43	8807.47	$705.53)	8295.40}
2	b) Other operating revenuesTotal Revenue from operationsfOther income	31.73)3345.87]40.67.	24.442838.97414.42	16.98]2146.4421.68)	76.778884.24)35.57,	86.86$792.39	404.648400.04]$4.49)
34	_ Total income{Expenses	3358.54)	2850.09	2168.09]		41.53
					8919.81	5833.92	8454.53)
	a) Cost of materials consumedb) Purchases of stock-in-tradec) Changes in inventories af finished goads, work-in-progress and stock in trade	1739.7344.95)(143.27)	4502.2214.44(86.55)	1119.6111.30(112.29)	4,535.3188.77(220.85)	2,748.30}44.05)(77.18)	4027.68)62.92(71.68);
	d) Employee benefits expense	206.77,	177.73	187.86	565.50)	446.09	621.40)
	e) Finance costsf) Depreciation ang amortisation expense	29.41132.39	23.36)130.29	28.49)416.56]	80.24385.63}	107.80)334.60	133.95453.08)
	9) Power and fuelh) Exchange currency fluctuation (gain) / loss	300.48)(33.53)	263 82:(20,60}	194.62)(24.48)	795.79}(61.31)	507 62(2.80)	717.34](11,86)
	i) Other expenses	349.63}	312.99:	230.67	952.12!	824.45]	909.03)
56	Total expenses[Profit before tax for the period from continuing operations}Tax expense related to continuing ope	2626.26730,28}	2317.67.$32.42	1725.34442.75	7122.20!1797.61	4732.931100.99	6841.88)1612.65}
	- Tax expenseTax adjustment related to earlier years	224.74+	149.97-	119.51(1.01)}}	514.34]:	285.20(4.01);	415.41(1.01}}
7?8	__ Net Profit after tax for the period from continuing operations[Profit / (loss} before tax for the period from discontinued operations #	505.54+	382,45:	324.25)(1.85)	1283.27)-]	816.86)(2.14)	1198.25)(2.73),
Q10	{Tax expense / (benefit) related to discontinued operations #[Net Profit / (loss} after tax for the period frorn discontinued operations #	++	:+	(2.33)0.48	a;	{2.36}0.22)	(2.42) (0.31)
42	11_ Net Profitor the period (7+10)[Other Comprehensive IncomeA Items that will not be reclassified to profit or loss	505.54	"382,48	324,73	4,283.27	817.02	1,197.94]
	(i) Gain f (oss) of defined benefit obligationIncome tax on item (i) above	(1.64)0.57	2.55](0.89)	4.76}(4.66)	(2.44)0.75)	3.86(1.35)	2.683](0.84)
	B items that will be reclassified to profit ar loss(i) Effective portion of gain / (loss) on hedging instruments in a cash			-
	flow hedgeIncome tax on iter (i) above	44.40)(12.66)	60.37(22.75)	15.51(5.42)	62.75(22.09)	90.16(31.50)	432.33(46.24)
	(ii) Cost of hedging reserve	(4.99)	1.95)	+	(2.85)	-	3.46}
	Income tax on item (ii) above(iii) Exchange differences on translation of foreign operations	0.83}(0.64)	{0.70) (50.48)	- 47.35)	(0.18)(46.99)	$9.64	(0.33)36.44)
	413 Total Other Comprehensive Income for the period	25.87,	{9.95)	60.54	(10.75)	120.84	127.50}
1445	[Total Comprehensive Income for the period[Paid up equity share capital (Rs.10 each fully paid up)	$31.41296.42	372.80)$9.25	385.27;59.25)	1272.52296. 42.	937.8359.25	1325.44)59.25)
	46 Other equity excluding revaluation reserve	7762.45]	7466.67	6520.90)	7762.45	$520.90]	8796.16
47°	[Net Worth™	8058.87]	1925.92	6580.15)	8058.87:	6580.15	6895.41
4819	Paid Up Debt Capital"[Debenture Redemption Reserve	250.00)62.40)	250.00)62.80	250.00)62.50	250.00)62 50)	250.0062.50	259.00)62.50
17	Basic and Diluted EPS for the period from continuing operations (not annualised}*™	17.05)	12.91	10.96	43.31	27.69	40.58
1819	[Basic and Diluted EPS for the period from discontinued operations (not annualised)"*"Basic and Diluled EPS for the period from continuing and discontinued operations (not	-17.06]	+12.91	0.02)40.98]	-43.31	0.0427.70	(0.01):40.57

Refer Note 3

+* D, Net worth = Paid up share capilal (excluding forfeited shares) + Other equity

only

aid up Debt Capital comprises of listed Debentures

* Refer Note 6

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

SRFRegistered Office: The Galleria, DLF Mayur Vihar, Unit No, 236 & 237, Second Floor, Mayur Vihar Place,	SRF LIMITEDNoida Link Road, Mayur Vihar Phase Extn, Delhi - 110091
E-mail info@srf.com Website: www-.srfcom CIN - L18101DL1970PLC005 197STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021	Tel, No (Regd office) : (4 91-11) 49482870 Fax : (191-11) 49482900
			Consolidated			(Rs. In Crores)
Particulars	31-Dec-21	Quarter Ended30-Sep-21	31-Dec-20	Nine Months Ended31-Dec-21	34-Dec-20	Year Ended31-Mar-21
Segment Revenuea) Technical Textiles Business (TT)	Unaudited537.77)	Unaudited557.88	Unaudited366 97	Unaudited1588.58}	Unaudited839.52	Audited4240.11
b} Chemicals Business (CB)c) Packaging Film Business (PFB)d) Others	4428.301275.99}107.05;	4126.351074.74)86.29)	905 90}801 97]73.801	3668.343389.04246.98)	2492.29)2312.20)154,36)	3644.89]3291.72232.02!
Total Segment Revenue from continuing operationsLess: Inter Segment Revenue	3349.113.24)	2842,263.29	2148.64)2.23)	8892.88)8.64	5798.37;5.98)	8408.74)8.70}
Revenue from Operations from continuing operationsSegment Results(Profit before interest and Tax from each Seqment)	3345.87	2838.97!	2146.44	8884.24	_ 5192.39	$400.04]
a) Technical Textiles Business (TTB)b) Chemicals Business (CB)c} Packaging Film Business (PFB)	113.51419.24)254.21	132.82)251.07;179.54	47 93189.94212.40)	380.04892.60)570.50}	404.11462.94)679.29	176.90}728.14897.87
d) OthersTotal Segment Results from continuing operationsLess(Add):	8.57795.53:	5.79)569.19	8.26478.53)	18 25)1969.37)	16.82)1253.16)	26.59]1,828.50)
i) Finance Costsi) Other Unallocable Expenses (Net of Income}	29.4435.84)	23.35)13.41	28.497.29	80.24)81.52	107.8044.37	133.95]81.90
Profit before tax for the period from continuing operationsProfit / (loss) before tax for the period from discontinued operations #Total Profit before tax for the period	730.28):730.28}	532.42:532.42	442.75:(1.85)440.90:	1797.61:1797.61	1100.99{2.14)1098.85)	1612.65)(2.73)1603.92]
Segment Assetsa) Tachnical Textiles Business (TTB)	4827.25	1790.47	4493.08	4827.25	1493.08:	1582.15)
b) Chemicals Business (C8)c¢) Packaging Film Business (PFB)d) Others	6871.375146.98)195.69	6209.814909.25]172.85)	5617.524312.81176.10	6871.37.5146.98195.69.	5617.52]4372.84176.10	5741.974543 33)171 97;
Total segment assetse) Unaliocablef) Assets classified as he'd for sale	14041.294001.523.00	13082.38928 22§.22	11699.511086.79	14041,291001.523.00	11599.511086.79)	12039.43889.98
TotalSegment Liabilities	15045.84	14015.82;	12686.30	15045.84	12686,36	12929.44
a) Technicai Textiles Business (TTB)b) Chemicals Business (CB)¢) Packaging Film Business (PF8)	427 611096.941281.86)	497 29)833.58)1240.66	254.70615.12935.69	427.511096.944281.86	254,70)615.12:935.89)	337.44710.221117 90)
d) OthersTotal segment liabilities@) UnaliocableTotal	A7.AB]2853.79)4132.16)6985.95)	34 34)2606.873883.02;6488.89)	25.00:1830.644274.63:6105.14	47.482853.79:4432.16:6985.95:	25.001830.514274 83:6105.14	32.85)2198.113874 88]8072.99;

Refer Note 3

sArF

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at ils meeting held on January 25, 2022. The review report of the Statutory Auditors is being filed with BSE 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 Corporates section of www.nseindia.com and www. bseindia.com.
• These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section [33 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles gencrally accepted in India.
• 3 SRF Industries (Thailand) Limited closed its Technical Textiles Business operations located at Rayong, Thailand w.e.f. October 21, 2019. The financial information of the said business has been classified as Discontinued Operations as per the requirements of Ind AS 105 - "Non -current assets held for sale and discontinued operations". The particulars of said discontinued operations are as under:

%, oOsArFay	SRF LIMITED
	Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase [ Extn,Delhi - 110091Tel. No (Regd office) : (91-11) 49482870 Fax : (+91-11) 49482900
	E-mail: info@srf.com Website: www.srficom CIN - L18101DL1970PLC005 197
	NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2021
	The above results were reviewed by the Audit Committee and approved by the Board of Directors at ils meeting held on January 25, 2022. The review report of the StatutoryAuditors is being filed with BSE 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 Corporates section of www.nseindia.com and www. bseindia.com.
	These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section [33 of the Companies Act, 2013read with relevant rules issued thereunder and other accounting principles gencrally accepted in India.
	SRF Industries (Thailand) Limited closed its Technical Textiles Business operations located at Rayong, Thailand w.e.f. October 21, 2019. The financial information of the said
	business has been classified as Discontinued Operations as per the requirements of Ind AS 105 - "Non -current assets held for sale and discontinued operations". The particulars ofsaid discontinued operations are as under:
			Quarter Ended		Nine Months Ended		(Rs. in Crores) Year Ended
Sane	Particulars	31-Dec-23	30-Sep-21	31-Dec-20	31-Dec-2t	31-Dec-20 31-Mar-21
(a)	Total income		-	229		795	847
ty;	Total expenses	:	:	ald		10.09	11.20
tc}	Profit / {toss} before tax from discontinued operations (a-b)	-	-	(1.85)	-3	(2.14)	(2.73)
(d)	Tax expense / (benefit) related to discontinued aperations			{0.19}	-	(0.22)	10.28)
fe)	Tax adjustment related to earlier years for discontinued operationsNet Profit / (less) after tax from discontinucd opcrations (c-d-e }	-	-	(2.44)0.48	-	(2.14)6.22	(2.14)(0.31)
(fh)		-	-

• 4 Secured Redeemable Non-Convertibic Debentures of the face value of Rs.10 Lacs cach aggregating to Rs, 250 Crores were issued and allotted on September 17, 2070 at coupon rate of Three Months T Bill plus 188 bps. These are secured by a first pari-passu charge over some of the moveable properties of the Company. Asset cover as on December 31, 2021 is 3.45 times
• The listed Commercial Papers aggregating to Rs. 350 Crores were outstanding as on December 31, 202f. The Company's commercial paper programme has been rated as CRISIL Al+ by CRISIL and IND Al+ dates. y India Ratings. During the period ended December 31, 2021. the Company has repaid all commercial papers due and payable on the respective due

6 Change in Capital Structure during the Quarter

a) Pursuant to the approval given by the shareholders (hrough Postal Ballad on October 6, fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 4:1 (.e. 4 Bonus Equity s 2021, the Board at its meeting held on October 15, 2021, issued and allotted 236,980,820 es for every | existing equily share of the Company) to the shareholders who held shares on October 14, 2071 (Record date). Accordingly, basic and diluted earnings per share of periods presented have been calculated based on the weighted average number of shares outstanding in respective periods, as increased for issuance of bonus shares

b) Nomination and Remuneration Committee in its meeting held on November 1, 2021 allotted 1,95,000 equity shares af Rs 10 each fully paid up to the eligible employees under Part B- SRF ESPS 2018 (ESPS Scheme) of SRF Long Term Share Based Incentive Plan (SRF LTIP). Trading approval in respect of these shares has been received from both BSE Ltd and National Stock Exchange of India Lid. The proportionate cost relating to these shares allotted, along with Rs. 17.50 Crores consequenual wiiholding tax, have been recognised as "Employee Benefits Expense".

Posi the issuance of bonus shares and shares under ESPS Scheme, the total paid up equity share capital of the Company has increased from Rs.59.25 Crores to Rs, 296,42 Crores.

• 7 The Board at its meeting held today has approved second interim dividend for 2021-22 of Rs. 4.75 per fully paid up equity share of Rs. 10 each, aggregating Rs. 140.80 Crores,
• 8 Mr. Arun Bharat Ram has decided to step down as Executive Chairman from the closing of business hours on March 31, August 31, 2021 had approved his appointment as Chairman Emeritus for the period from April 1, 2022 to March 31, 2022. Sharcholders at the Annual General Meeting held on 2027 on the terms and conditions as fully described in the explanatory statement of the Notice of the Annual General Meeting. Consequently, the Board has appointed Mr. Vellayan Subbiah (Independent Director) as Chairman of the Board of Directors w.e.f April 1, 2022.

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase | Extn, Delhi - 110091 Tel. No (Regd office} : (+91-11) 49482870 Fax : (+94-11} 49482900

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

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 34, 2021

sre	1aath
	Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase Extn, Delhi - 110091	SRF LIMITED
	Tel. No (Regd office} : (+91-11) 49482870 Fax : (+94-11} 49482900E-mail: info@sri.com Website: www.srf.com CIN — L18101DL1970PLC005197
	NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 34, 2021
	Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 disclosure
				Cansolidated		(Ratios / percentages as applicable)
			Quarter Ended		Nine Months Ended		Year Ended
S No.	Particulars	co)	Q)	31-Dee-21 30-Sep-21 ] 31-Dec-20 31-Dec-21 31-Dec-20 31-Mar-21QB)	(]	G)	(6)
	I Debt service coverage ratio {(Earnings before depreciation, interest andtax - current Tax) / (Gross Interest + scheduled principal repayment of	4.98	4.15	linaudited Unaudited Unaudited Unaudited Unaudited Audited3.44	4.46	1.68	3.02
	Jong term debts)} - Not annualised2 Interest service coverage ratio {(Earnings before depreciation, interestand tax - current tax) / Gross interest)} - Nat annualised	28.71	23.61	18.05	25.72	12.24	14.03
	3 Bad debts to accounts receivable ratio %% (Bad debts including provisionfor doubtfidl debts / Average trade receivables) - Not annualised	-	0.04%	0.46%	0.03%	0.50%	1.10%
	4 Debtor turnover (Sale of products / Average trade receivables) -Annualised	7.98	7.23	751	7.62	7.36	7.66
	5 laventory turnover (Sale of products / Average Inventory) - Annualised	6.85	6.55	6.64	6.60	5.87	6.22
	6 Operating margin % (Earmings before interest and tax / Votal revenuefrom operations) - Not annualised	22.70%:	19.58%	21.95%	21.14%	20.87%	20, 79%
	7 [Net profit margin % (Profit after tax / Total revenue from operations) -Not annualised	S.11%)	«13.47%	15.11%	14.44%	14.10%	14.26%
	8 Debt equity ratio (Yotal debt / Total equity)	0.43	043	0.59	0.43	0.59	0.49
	9 Long term debt to working capital(CNon current borrowings + current maturity of long term borrowings) /Working capital)	4.33	6.99	3.64	4.33	3.64	6.59
	10 Total debts to Total assets(Total debts / Total assets }	0.23	0.23	0.30	0.25	0.30	0.26
11	Current ratio (Total current assets / Total current liabilities)12 Current liability Ratio (Total current liabilities / Total liabilities)	Lil0.68	1.080.65	1.28O51	ltt0.68	1.28O51	1.400.59

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

Limited Review :

The Limited Review, as required under Regulation 33 and Regulation 52(4) read with Regulation 63(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securities and Exchange Board of India operational circular SEBU/HO/DDHS/P/CIR/202 1/613 dated August 10, 2021 has been completed by the Statutory Auditors

Date : January 25, 2022 Managing Director

For and on behalf of the Board

Place: Gurugram Ashish Bharat Ram