SRF Ltd. — Interim / Quarterly Report 2023

Jul 21, 2022

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SF
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The Corporate Relationship Department, BSE Limited

1st Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001

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

Scrip Code- 503806

SRF/SEC/BSE/NSE

21.07.2022

Dear Sir,

Unaudited Financial Results for the quarter ended 30.06.2022 alongwith Limited Review Report for the quarter ended 30.06.2022

Pursuant to Regulation 33 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 21s July, 2022 (commenced at 1 1 . 3 0 a.m. and concluded at 03.30 p.m.) has inter-alia considered and approved --

• Unaudited Standalone Financial Results for he quartet ended 30.06.2022 (copy closecd alongwith Limited Review Report by Statutory Auditors for quarter ended 30.06.2022)

• Unaudited Consolidated Financial Results for the quarter ended 30.06.2022 (copy enclosed alo L i m i t e d Review Auditors for quarter ende 30

Thanking you,

Yours faithfully,

ForSRF LIMjD f

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@srt.com Website; www.srt.com

Regd. Office:

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

Corporate Identity No. 11810101197091€005197

B S R & Co. LLP

Chartered Accountants

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

Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 30 June 2022 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 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 standalone financial results of SRF Limited ("the Company") for the quarter ended 30 June 2022 ("the Statement").

2. 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 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 on our review.

3. 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.

4. Attention is drawn to the fact that the figures for the three months ended 31 March 2022 as reported in these unaudited standalone financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had b en revie ed and not subjected to audit.

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Registered Office

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

B S R & C o (apartnership firm with Registration No, BA61223) converted i n t o 8 S R & Co LLP (a Limited Liability Partnership with LLP Registration No. AA8-8181) with e ect from October 14, 2013

B S R & Co. LLP

1. Based on our review conducted 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 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.

Gurugram

21 July 2022

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For B S R & Co. LLP
cnserea Mess.rs
Firm's Registration No.:101248W, +-100022
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Partner
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✓o SF

SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2022

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5RF .General [Restricted use] Th mal, document can be used by tecipvents for its tended 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, Del hi ­ 11 91

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

E-mail: info@srf.com Website: www.srf.com CIN - L 18 101 DL 1970PLC005197

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

(Rs. in Crores, except per share data)

					Standalone	Standalone
S.No.	Pariculars	30-Jun-22		Quarer ended 31-Mar-22		30-Jun-21		Year Ended 31-Mar-22
		(1)		(2)		(3)		(4)
		Unaudited		Audited		Unaudited		Audited
1	Revenue fom operations
	a. Sale of products	3061.98		2754.35		2179.96		9836.55
	b.Other operatingrevenues		40.89		42.89		19.84		116.89
	TotalRevenue fom operations	3102.87		2797.24		2199.80		9953.44
2	Other income		16.17		10.99		20.16		63.91
3	Total Income	3119.04		2808.23		2219.96		10017.35
4	Expenses
	a.Cost of materials consumed	1448.78		1,218.90		136.94		4748.26
	b. Purchases of stock-in-trade		13.99		65.92		27.04		137.27
	c.Changesin inventories offnishedgoods,work-in-prgress and stock in trade		(54.08)		(45.79)		24.70	(193.25)
	d. Employee benefts expense		161.58		179.29		152.97		658.8
	e.Finance cost		26.75		28.0		23.22		94.45
	f.Depreciaton and amorisationexpense		105.25		106.15		100.93		419.23
	g.Powerand fuel		35421		288.27		202.14		984.23
	h.Exchange currency fuctuation (gain)/ loss		12.80		(11.54)		(7.87)		(71.0)
	iOther expenses		323.2		308.50		239.00	1085 04
	Total expenses	2392.70		2138.10		1799.07		7862.31
5	Prof beforetxfor the period		726.34		670.13		420.89	2155.04
6	Tax expense
	-Tax expense		217.91		186.95		129.32		665.34
	- Tax adjustmentrelated to earlier years		-		(17.31)		-		(1.31)
7	Net Prof afer tax fr theperiod		508.43		500.49		291.57	1507.01
8	Other ComprehensiveIncome
	A.Items that wilnot bereclassifed to prf or loss
	(i)a) Gain/ (loss) of defned beneft obligation		(12.41)		(5.16)		(3.05)		(7.30)
	(i)b)Income taxon item (i)a) above		4.34		1.80		1.07		2.55
	B.Items thatwillbe recassifedto proftorloss
	(i)a) Efective porion of gain/ (loss) onhedging instrumentsin a cashfow hedge	(162.95)			(22.76)		(39.02)		39.99
	(i)(b)Income tax onitem(i)(a) above		47.59		9.07		13.32		(13.03)
	(ii)a) Costofhedgingresere		2.69		0.90		1.21		1.8
	(ii)b)Incometax on item (ii)a) above		(0.74)		(0.27)		(0.31)		(0.5)
9	TotalOther ComprehensiveIncome for theperiod	(121.48)			(16.42)		(26.78)		23.24
10	Total ComprehensiveIncome for the period		386.95		484.07		264.79	1530.25
1 1	Paidup equitshare capital(Rs.10 each fuly paid up)		296.2		296.2		59.25		296.42
12	Otherequitexcluding revaluation resere	716.38		732.36		6500.03		7327.36
13	Net Worh*	8012.80		7623.78		6559.28		7623.78
14	PaidUpDebtCapital**		250.00		250.00		250.00		250.00
15	Debenture Redemption Resere		62.50		62.50		62.50		62.50
16	Basic and Diluted EPSfor the period (notannualised)		17.15		16.88		9.84		50.86

Refer note 8

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

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

✓o GFE

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 18101 DL 1970PLC005197

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED JUNE 30, 2022

(Rs. in Crores)

							(Rs.in Crores)
				Standalone
			Quarer	Ended			Year Ended
	Pariculars	30-Jun-22	31-Mar22		30-Jun-21		31-Mar-22
		(1)	(2)		(3)		(4)
		Unaudited	Audited		Unaudited		Audited
SegmentRevenue
a) TechnicalTexilesBusiness	(TTB)	571.02		496.66		492.93	2085.24
b) Chemicals Business (CB)		1706.83	1558.86		1110.50		5212.26
c) Packaging Film Business (PFB)		719.75		651.63		544.84	2327.51
d) Others		105.60		93.36		53.64	340.34
Total Segment Revenue		3103.20	2800.51		2201.91		9965.35
Less:Inter Seamen! Revenue		0.33		3.27		2.11	11.91
Revenue fom Operations		3102.87	2797.24		2199.80		9953.44
Segment Results
(Prft befreinterest and tax fomeach Segment)
a)TechnicalTextlesBusiness	(TTB)	116.07		91.28		133.68	470.84
b) Chemicals Business (CB)		523.10		505.22		221.16	1397.35
c)Packaging Film Business(PFB)		166.96		147.19		117.24	482.72
d) Others		6.76		4.09		1.90	20.35
Total Segment Results		812.89		747.78		473.98	2371.26
Less/(Add):
i) FinanceCost		26.75		28.0		23.22	94.5
ii) Other Unalocable Expenses	(Net ofIncome)	59.80		49.25		29.87	121.77
Proftbefre taxfr the period		726.34		670.13		420.89	2155.04
SegmentAssets
a) TechnicalTexiles Business	(TTB)	2034.73	1830.61		1764.21		1830.61
b) ChemicalsBusiness (CB)		7952.76	7154.6		5951.88		7154.6
c) Packaging FilmBusness (PFB)		2412.76	2198.19		1743.		2198.19
d) Others		186.62		174.94		181.5	174.94
Totalsegment assets		12586.87	11358.20		9640.98		11358.20
e)Unallocabe		1413.26	1577.02		1636.64		157.02
fAssetsclassifed asheld forsale		-		3.00		-	3.00
Total		14000.13	12938.22		1127.62		12938.22
Segment Labilities
a) Technical Texiles Business	(TTB)	487.63		416.95		431.16	416.95
b) Chemicals Business (CB)		1177.90		938.85		808.77	938.85
c) PackagingFilm Business (PFB)		633.91		390.99		285.05	390.99
d) Others		56.69		37.02		19.65	37.02
Total segment liabilities		2356.13	1783.81		1544.63		1783.81
e)Unalocable		3630.18	3529.61		3172.70		3529.61
Total		5986.31	5313.42		4717.33		5313.42

Refer note 8

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

✓o SSE

SRF LIMITED

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

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

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

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

• The above results of SRF Limited ('the Company') were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 21 , 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 Investors section of our website at www.srf.com and financial results at Corporates section of www.nseindia.com and www.bseindia.com.

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

• 3 Secured Redeemable Non-Convertible Debentures of the face value of Rs. 10 Lacs each aggregating to Rs. 250 Crores were issued and allotted on September 17, 2020 at coupon rate of Three Months T Bill plus 188 bps. These are secured by a first pari-passu charge over some of the moveable properties of the Company Asset cover as on June 30, 2022 is 3.33 times. The previous due date of payment of interest of Rs. 3.55 Crores on these Debentures was June 17, 2022 and it was paid on time. The next due date for payment of interest of Rs. 4.36 Crores on these debentures is September 16, 2022. The redemption is due on September 16, 2022. These debentures have been assigned "CRISIL AA+" rating by CRISIL.

• 4 The listed Commercial Papers aggregating to Rs. 300 Crores were outstanding as on June 30, 2022. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings. During the quarter ended June 30, 2022, the Company has repaid all commercial papers due and payable on the respective due dates.

• 5 The Board at its meeting held today has approved first interim dividend for 2022-23 of Rs. 3.60 per fully paid up equity share of Rs. 10 each, aggregating Rs. 106.71 Crores.

• 6 Pursuant to the approval given by the shareholders through Postal Ballot on October 6, 2021, the Board at its meeting held on October 15, 2021, issued and allotted 236,980,820 fully paid up Bonus Equity shares of Rs. 10 each in the ratio of 41 (i.e 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.

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

				(RatiosIpercentages	(RatiosIpercentages	as applicable)
			Standalone
SI No.	Pariculars	30-Jun-22 (1)	Quarer Ended 31-Mar-22 (2)	30-Jun-21 (3)		Year Ended 31-Mar-22 (4)
		Unaudited	Audited	Unaudited		Audited
1	Debt serice coverage ratio((Earings before depreciation,interest andtax ­	4.58	4.		3.7	4.06
	current tax) /(Gross interest and lease payments+scheduled principal
	repayment of long termdebts)]-Notannualised
2	Interest sericecoverageratio[(Earings beforedepreciation,interest andtax ­	23.6	17.82		18.89	19.04
	curent tax)IGrss interestandleasepayments]-Notannualised
3	Bad debts to accountsreceivableratio%(Bad debts incuding provisionfr		0.02%			0.05%
	doubtful debts/Average tradereceivables) - Notannualised
4	Debtorsturover(Sale of prducts/Averagetradereceivables)- Annualised	8.13	7.92		7.67	8.33
5	Inventorturover(Sale of products/Averageinventor)-Annualised	6.1	6.28		6.51	6.8
6	Operatingmargin%(Earingsbefore interest and tax/Total revenue from	24.27%	24.97%		20.19%	22.60%
	operationsincluding otheroperatingincome) -Notannualised
7	Netprft margin%(Prftafer tax/Totalrevenue frmoperations including	16.39%	17.89%		13.25%	15.14%
	other operatingincome)-Notannnualised
8	Debtequity ratio (Ttaldebt includinglease liabilities/Totalequity)	0.36	0.38		0.42	0.38
9	Long termdebt to workingcapital[(Noncurent borowings +curent maturities	1.50	1.77		1.56	1.77
	of longterm borrowings+leaseliabilities)/Workingcapital]
1O	Total debts tototalassets (Totaldebt incudinglease liabilties/Totalassets)	0.21	0.22		0.25	0.22
1 1	Curent ratio(Total curent assetsITotal currentliabilities)	1.32	1.35		1.1	1.35
12	Current liability ratio(Total currentliabilities/Total liabilities)	0.65	0.61		0.61	0.61

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

.,,,o SSE

SRF LIMITED

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

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

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

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

• 8 The figures of the quarter ended March 31, 2022 are the balancing figures between the audited figures in respect of full financial year and published unaudited year to date figures upto third quarter of the relevant financial year.

9 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 SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 has been completed by the Statutory Auditors.

Place : Gurugram Date: July 21, 2022

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For and on behalf of the Board
Ashish Bharat Ram
Chairman and Managing Director
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5RF - General [Restricted use] . This mail, document can be used by recipients for its intended purpose only.

8 S R & Co. LLP

Chartered Accountants

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

Telephone: +91124 719 1000 Fax: +91 124 235 8613

Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 30 June 2022 pursuant to Regulation 33 and Regulation 52(4) read with Regulation 63 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 "the Group") for the quarter ended 30 June 2022 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) read with Regulation 63 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations'), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021.

2. 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 1 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 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.

3. 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. 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

4. also performec rocedures in accordance with the circular issued by the Securities and Exchange Board gulation 33(8) of the Listing Regulations, to the extent applicable.

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(a Limited Liability Partnership with LLP Registration No AA8-8181] with effect from October 14, 2013

Registered Office:

14th Floor, Central B Wing and North C Wing, Nesco IT Pak 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai • 400063

B S R & C o (apartnership firm with Registration No 8461223) converted into 8 S R & C o LLP

1 of 3

B S R & Co. LLP

1. The Statement includes the results of the following entities:

Holding Company:

SRF Limited

Subsidiaries:

• a. SRF Global BV

• b. SRF Flexipak (South Africa) (Pty) Limited

• c. SRF Industries (Thailand) Limited

• d. SRF lndustex Belting (Pty) Limited

• e. SRF Europe Kft

• f. SRF Holiday Home Limited

• g. SRF Employees Welfare Trust (controlled trust)

• h. SRF Altech Limited

• Attention is drawn to the fact that the figures for the three months ended 31 March 2022 as reported in these unaudited consolidated financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

• Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 7 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 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.

• We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total revenues of Rs 854.58 crores (before consolidation adjustments), total net profit after tax of Rs. 103.30 crores (before consolidation adjustments) and total comprehensive income of Rs. 103.20 crores (before consolidation adjustments), for the quarter ended 30 June 2022, 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.

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2 of 3

B S R & Co. LLP

1. The subsidiaries mentioned in paragraph 7 above are located outside India whose interim financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent'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 reviewed these conversion adjustments made by the Parent's management. Our conclusion 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 four Subsidiaries which have not been reviewed, whose interim financial information reflect total revenues of Rs. 34.62 crores (before consolidation adjustments), total net loss after tax of Rs. 2.01 crores (before consolidation adjustments) and total comprehensive loss of Rs. 2.01 crores (before consolidation adjustments), for the quarter ended 30 June 2022, 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 material to the Group.

Our conclusion is not modified in respect of this matter.

Gurugram 21 July 2022

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ForBSR&co. LLP
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co. LLP
Cha rte re tan ts
Firm's Registration N o · . 022
UDIN:22090075ANILZG2411
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vO SSE

SRF LIMITED

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2022

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

SSE • •

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel. No (Regd office): ( + 91 - 11) 49482870 Fax: ( + 9 1 - 1 1 ) 49482900

E-mail: info@srf.com Website: www.srf.com CIN - L 1 8 1 0 I DL I 970PLC005 I 97

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

			(Rs.in	Crores, except	Crores, except	pershare data)
			Consolidated
			Quarer Ended			Year Ended
S.No.	Pariculars	30-Jun-22 (1)	31-Mar-22 (2)	30-Jun-21 (3)		31-Mar-22 (4)
		Unaudited	Audited	Unaudited		Audited
	Revenuefrom operations
1	a) Sale of products	385222	3505.28	2678.80		12312.75
	b) Otheroperatingrevenues	42.50	44.14		20.60	120.91
	Total Revenue fom operations	3894.7	3549.42	2699.40		12433.66
2	Otherincome	9.85	723		13.78	42.80
3	Total Income	3904.57	3556.65	2713.18		12476.46
4	Expenses
	a) Cost of materials consumed	1906.96	1635.79	1293.36		6171.10
	b) Purchases of stock-in-trade	75.13	86.82		29.1	175.59
	c) Changes in inventories of fnished goods, work-in-progress andstock in trade	(124.32)	(58.90)		8.97	(279.75)
	d) Employeebenefits expense	194.21	213.50		18200	780.00
	e)Finance costs	32.50	3569		27.7	115.93
	fDepreciationand amorisaton expense	130.73	131.60		122.95	517.23
	g) Power and fuel	410.30	339.7		231.79	1135.56
	h) Exchange currency fluctuation (gain)/loss	24.87	(11.0)		(718)	(72.71)
	i) Other expenses	412.60	395.84		289.50	1347.96
	Totalexpenses	3062.98	2768.71	2178.27		9890.91
5	Proft before tax for the period	841.59	787.94		534.91	2585.55
6	Tax expense
	-Tax expense	233.59	199.60		13963	713.94
	- Taxadjustment related to earlier years	-	(17.31)		-	(17.31)
7	Net Proftafertax frthe period	608.00	605.65		395.28	1888.92
8	Other Comprehensive Income
	AItemsthat wilnot be reclassifed to proft or loss
	(i)GainI(loss) of defined beneftobligation	(12.1)	(5.33)		(305)	(747)
	Income tax onitem (i)above	4.34	1.80		1.07	2.55
	B Iemsthatwilbereclassifiedtoproftor loss
	(i)Efectiveporion of gain/(loss) onhedging instruments inacash flowhedge	(162.95)	(22.76)		(39.02)	39.99
	Income tax onitem (i)above	47.59	906		13.32	(13.03)
	(ii) Cost of hedgingresere	2.59	0.68		(2.81)	(217)
	Income taxon item(ii) above	(0.74)	(027)		(0.31)	(0.5)
	(iii) Exchange diferences on translation of foreignoperations	(52.65)	48.29		4.13	1.30
9	Total Other Comprehensive Income fr the period	(14.23)	31.47		(26.67)	20.7
10	TotalComprehensiveIncome fr theperiod	433.7	637.12		368.61	1909.64
11	Paid up equityshare capital(Rs.10 each fullypaidup)	296.2	296.2		5925	296.2
12	Otherequityexcluding revaluaton resere	8703.78	8267.92	7165.08		8267.92
13	NetWorh*	900020	8564.34	724.33		8564.34
14	PaidUp DebtCapital**	250.00	250.00		250.00	250.00
15	DebentureRedemptonResere	62.50	62.50		62.50	62.50
16	Basic andDiluted EPSfor the period (not annualised)	20.51	2043		13.34	63.75

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

** Paid up Debt Capital comprises of listed Debentures only Refer Note 8

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

v-0 SF

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Yihar Phase I Extn, Delhi- 110091 Tel. No (Regd office): ( + 9 1 - 1 1 ) 49482870 Fax: ( + 9 1-11) 49482900

E-mail: info@srf.com Website: www.srf.com CIN - L 1 8 1 0 I DLl970PLC005197

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED JUNE 30, 2022

					(Rs InCrores)
			Consolidated
		Quarer Ended			Year Ended
	Pariculars	30-Jun-22 (1)	31-Mar-22 (2)	30-Jun-21 (3)	31-Mar-22 (4)
		Unaudited	Audited	Unaudited	Audited
Segment Revenue
a)Technical Textiles Business (TB)		571.02	496.66	492.93	2085.24
b) ChemicasBusiness (CB)		1722.3	157.7	1113.66	5240.78
c)Packaging Film Business(PFB)		1496.00	1390.20	1041.28	4779.21
d) Others		105.60	93.36	53.64	340.34
Total Segment Revenue		3895.05	3552.69	2701.51	1245.57
Less:InterSegment Revenue		0.33	3.27	2.11	11.91
Revenue from Operations		3894.72	3549.42	2699.40	12433.66
Segment Results
(Proft before InterestandTax fromeachSegment)
a)Technical Textiles Business(TB)		116.21	91.42	133.68	471.43
b) Chemicals Business (CB)		520.21	504.31	222.29	1396.91
c)PackagingFilm Business (PFB)		295.17	275.83	236.78	946.33
d) Others		6.76	4.09	1.90	20.35
Total Seament Results		938.35	875.65	594.65	2835.02
Less/(Add):
i)FinanceCosts		32.50	35.69	27.7	115.93
ii) OtherUnalocable Expenses (Net	of Income)	64.26	52.02	32.27	133.54
Prof before taxfrthe period		841.59	787.94	534.91	2585.55
Segment Assets
a)Technical TexilesBusiness (TB)		2022.26	1818.01	1751 07	1818.01
b) Chemicals Business (CB)		8003.09	7193.65	597.1	7193.65
c) Packaging Film Business (PFB)		5940.76	5633.10	4891.89	5633.10
d) Others		186.62	174.94	181.45	174.94
Total segment assets		16152.73	14819.70	12796.82	14819.70
e) Unallocble		663.67	953.91	956.03	953.91
fAssets classifed as held forsale		-	3.00		3.00
Total		16816.40	1576.61	13752.85	1576.61
SegmentLabilities
a)TechnicalTextilesBusiness (TB)		487.63	416.95	431.16	416.95
b) ChemicasBusiness(CB)		1202.23	950.33	810.54	950.33
c)Packaging Film Business (PFB)		1606.91	1449.62	1222.11	1449.62
d) Others		56.69	37.02	19.65	37.02
Totalsegment liabilites		3353.46	2853.92	2483.46	2853.92
e)Unallocable		4461.71	4357.33	4044.02	4357.33
Total		7815.17	7211.25	6527.48	7211.25

Refer Note 8

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vO SSFF

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 009 I Tel. No (Regd offi ce):(+ 9 1 -11) 49482870 Fax: ( + 9 1 - 11 ) 49482900

E-mail: info@srf.com Website: www.srf.com CIN L 1 8 1 0 I DL l 970PLC005 l 97

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

The above results of SRF Limited (the Company) and its subsidiaries (Company and its subsidiaries together referred to as "th Group) were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 2 1 , 2022. Th review report of the Statutory Auditors is being filed with BSE and National Stock Exchange. For more details on the consolidate results, visit the Investors section of our website at www.srf.com and financial results at Corporates section of w .nseindia.com a w .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 33 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.

• 3 Secured Redeemable Non-Convertible Debentures of the face value of Rs. I O Lacs each aggregating to Rs. 250 Crores were issued and allotted on September 17, 2020 at coupon rate of Three Months T Bill plus 1 88 bps. These are secured by a first pari-passu charge over some of the moveable properties of the Company, asset cover as on June 30, 2022 is 3.33 times. The previous due date of payment of interest of Rs. 3.55 Crores on these Debentures was June 17, 2022 and it was paid on time. The next due date for payment of interest of Rs. 4.36 Crores on these debentures is September 16, 2022. The redemption is due on September 16, 2022. These debentures have been assigned "CRISIL AA+" rating by CRISIL

• 4 The Board at its meeting held today has approved first interim dividend for 2022-23 of Rs.3.60 per fully paid up equity share of Rs. IO each, aggregating Rs. I 06.71 Crores.

• 5 The listed Commercial Papers aggregating to Rs. 300 Crores were outstanding as on June 30, 2022. 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 ended June 30, 2022 the Company has repaid all commercial papers due and payable on the respective due dates.

• 6 Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulations, 201 5 disclosure :

			(Ratios	/percentages	as applicable)	as applicable)
			Consolidated
		Quarter Ended			Year Ended
SNo.	Paricular	30-Jun-22	31-Mar-22	30-Jun-21	31-Mar22
		(l)	(2)	(3)	(4)
		Unaudited	Audited	Unaudited	Audited
I	Debtservice cvergeratio {(Earningsbefredepreciation,interestand tax	5.09	4.0	4.1 1		4.35
	- current Tax)/(GrssInterest andleasepayments+scheduledprincipal
	repayment oflongterm debts)}-Not annualised
2	Interestservice covergeratio {(Earingsbefredepreciation,interest and	25.11	1921	21.38	20.99
	tax-current tax)/Grssinterestandleasepayments)} - Notannualised
3	Baddebtsto accounts receivableratio%(Baddebtsincludingprvision		0.03%	-	0.06%
	fr doubtfldebtsIAvergetrde receivables) - Notannualsed
4 5 6	Debtor turover(Saleof prducts/Avergetradereceivables)­ Annualised Inventorturover (Saleof prducts/AvergeInventor) -Annualised Opertingmargin%(Earingsbefreinterest andtax/Totalrevenuefom operationsincudingother opertingincome)-Notannualised	7.82 6.56 22. %	7.79 6.63 23.20%	7.8 6.86 20.83%	8.03 683 213%
7	Netproft margin%(Proftafertax/Totalrevenuefom opertions	15.61%	17.06%	14.64%	15.19%
	includingotheropertingincome) - Notannualsed
8	Debt equityrtio (Totaldebt incudingleaseliabilties/Totalequity)	0.1	0.3	0.50		0.3
9	Longtenndebt toworking capital	3.25	3.22	4.98		3.22
	((Non curentborrwings+current maturityoflongterm borrwings+lease
	liabilities)/Woringcapital)
10	TotaldebtstoTotalassets	0.22	0.23	0.26		0.23
	(Ttaldebt incudingleaselabilties/Ttalassets)
I I	Currentrtio (TotalcurrentassetsITotalcurrentlabilities)	1 15	L.18	1.12		L.1 8
12	Current liabilt Ratio (Totalcurent liabilities/Ttallabilties)	0.66	0.62	062		062

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SF . General [Restricted use] This mail, document can be used by recipients for ts e only

✓o SRF LIMITED SSE 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 009 I

Tel. No (Regd offi ce):(+9 1 - 11 ) 49482870 Fax: ( + 91 - 11 ) 49482900 E-mail: info@srf.com Website: www.srf.com CIN -- L1 8 101DL1 970PLC005 1 97

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2022

• 7 Pursuant to the approval given by the shareholders through Postal Ballot on October 6, 2021, the Board at its meeting held on October 1 5 , 2021, issued and allotted 236,980,820 fully paid up Bonus Equity shares of Rs. IO each in the ratio of 4: I (i.e. 4 Bonus Equity shares for every I 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

• 8 The figures for the quarter ended March 3 1 , 2022 are the balancing figures between the audited figures in respect of full financial year and published unaudited year to date figures upto third quarter of relevant financial year.

• 9 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, 201 5, as prescribed in Securities and Exchange Board of India operational circular SEBI/I-IO/DDHS/P/CIR/2021/613 dated August 10, 2021 has been completed by the Statutory Auditors.

Place: Gurugram Date : July 21 , 2022

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half of the Board
Ash h harat Ram
Chairman and Managing Director
3
LIM;
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