SRF Ltd. — Interim / Quarterly Report 2024

Jul 25, 2023

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- 503806

Scrip Code-SRF

SRF/SEC/BSE/NSE

25.07.2023

Dear Sir,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter ended 30.06.2023)

In continuation of our letter dated 19[th] July, 2023 informing about hosting of earning call to discuss Un-Audited financial results for quarter ended 30[th] June, 2023, please find enclosed Investors presentation, of the same for your reference and record.

The same is also available on the Company’s website i.e. www.srf.com

Thanking you,

Yours faithfully,

For SRF LIMITED

Rajat Digitally signed by Rajat Lakhanpal Lakhanpal Date: 2023.07.25 12:32:26 +05'30'

RAJAT LAKHANPAL

Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

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Disclaimer

Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties like regulatory changes, local, political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.

SRF Limited may, from time to time, make additional written and oral forward-looking statements, including communication to stakeholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent SRF -General [Restricted use] -This mail, document can be used by recipients for its intended purpose only.events or circumstances.

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COMPANY OVERVIEW

Q1 FY24 RESULTS OVERVIEW

Q1 FY24 SEGMENTAL PERFORMANCE OUTLOOK

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01. Company Overview

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Snapshot

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Exports to Operations in Close to
15 ₹ 14,870 cr.
90+ 4 Manufacturing 8,000 Revenue
Countries Countries Facilities Global Workforce
35% 50% 15% ₹ 3,708 cr. ₹ 2,162 cr.
Packaging Chemicals Technical Textiles & EBITDA PAT
Others
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Note: On Consolidated basis as on 31st March 2023

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Overview - Business Profile

Specialty Chemicals

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• Intermediates for AI / API / Applications

• Contract Manufacturing, Custom Research & Synthesis

Chemicals

Fluorochemicals

Films for Flexible Packaging

• Bi-axially Oriented Polyethylene Terephthalate (BOPET)

• Bi-axially Oriented Polypropylene (BOPP)

• Aluminium Foil (Upcoming)

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Packaging
Films
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• Refrigerants

• Pharma Propellants

• Industrial Chemicals

• Fluoropolymers (Upcoming)

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Others
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• Coated Fabrics

• Laminated Fabrics

• Tyre Cord Fabrics (Nylon & Polyester)

• Belting Fabrics

• Polyester Industrial Yarn Revenue EBIT No of Plants (In Rs. Crore) (In No)

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Technical Textiles

Note: On Consolidated basis as on 31st March 2023

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Manufacturing Facilities

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FLUOROCHEMICALS & SPECIALTY CHEMICALS

2 National Operations

1. Rajasthan, India - Bhiwadi

2. Gujarat, India - Dahej

TECHNICAL TEXTILES

4 National Operations

1. Madhya Pradesh, India - Malanpur, Bhind

2. Tamil Nadu, India - a. Manali b. Gummidipoondi

3. c. Viralimalai

PACKAGING FILMS

4 National Operations

1. Uttarakhand, India - Kashipur

2. Madhya Pradesh, India -

3. a. Special Economic Zone (SEZ)

4. b. Bagdoon, Pithampur

5. c. Industrial Growth Centre, Pithampur

6. 3 International Operations

7. KwaZulu - Natal, South Africa

8. Rayong, Thailand

9. Jaszfenyszaru, Hungary

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LAMINATED FABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
1 COATED FABRICS
1
1 National Operation
1. Tamil Nadu, India -
1
Gummidipoondi
1 2a
2 2b 2c
International Operations
1 3 4 5
2b
2a
2c South Africa Thailand Hungary
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LAMINATED FABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
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Market Leadership Across Businesses

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Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles	Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles
• Established relationship with marquee customers • Capability in scaling up pilot processes and creating value through operational excellence • High levels of customer engagement backed by strong R&D, technical service, product and quality management under one roof • Handling complex reactions - halogenation, ethylation, hydrogenation, nitration, diazotization, grignard, isomerization, amination, organocatalysis, and decarboxylation		• Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals • Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations • One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers • Among the top five global manufacturers of key Fluorochemical products		• Recognized for expertise in developing, manufacturing and marketing innovative, superior film products • Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness • Highly efficient asset base offering value added products near customer locations		• Domestic market leader in Tyre Cord manufacturing and Belting Fabrics • 40% share in India’s Nylon Tyre Cord market. 5thlargest player globally • 2ndlargest manufacturer of Conveyor Belting Fabrics in the world

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Growth Levers

Focus on building leadership businesses

Build and maintain market leadership in business segments

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Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

Focus on building high-end value-added products

Continue to build new competencies in the Chemicals Technology space

Greater focus on ESG initiatives

• Benefit the communities where we work

• Embrace diversity, equity & inclusion

• Enhance focus on the 3R’s- Recycle, Reuse & Reduce

• Increase consumption of green/renewable sources of energy

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Build a Company known and respected for its R&D capabilities

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02. Q1 FY24 Results Overview

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Abridged Results Overview

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Consolidated figures

Particulars (Rs. Crore)	Q1 FY24	Q1 FY23	% Y-o-Y
Gross Operating Revenue	3,338.4	3,894.7	-14.3%
EBITDA	731.7	1,029.7	-28.9%
EBITDA Margin (%)	21.9%	26.4%
Depreciation	156.6	130.7	19.8%
Interest	65.6	32.5	101.9%
ECF (Gain) / Loss	23.7	24.9
Profit Before Tax	485.8	841.6	-42.3%
Profit After Tax	359.3	608.0	-40.9%
Profit After Tax Margin (%)	10.8%	15.6%
Basic and Diluted EPS (Rs.)	12.12	20.51

EPS is recalculated based on post bonus issued and paid-up capital

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Results Overview - Financial Overview

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Consolidated figures

Key Financial Ratios

PARTICULARS	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23
EBITDA Margin	13.59%	20.43%	22.13%	21.42%	17.69%	19.00%	20.90%	26.05%	25.30%	24.94%
PAT Margin	4.04%	8.78%	9.51%	10.87%	8.38%	8.33%	12.70%	14.26%	15.19%	14.54%
Net Debt to Equity	1.00	0.98	0.71	0.67	0.82	0.83	0.76	0.39	0.32	0.32
Net Debt to EBIDTA	3.80	2.83	1.97	2.11	3.01	2.42	2.48	1.24	0.88	0.88
Asset Turnover	0.73	0.77	0.70	0.68	0.66	0.72	0.66	0.65	0.79	0.79
Debtors Turnover	5.81	7.43	8.79	7.21	8.10	6.90	8.09	6.64	6.94	8.33

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Results Overview - Revenue Share

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Revenue (Rs. Crore)

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Q1 FY24
Total – 3,338.7
118.7
464.7
3.6%
13.9%
49.7%
32.8%
1,094.8
1,660.5
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Q1 FY23
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Total – 3,895.1
105.6
571.0
2.7%
14.7%
44.2% 1,722.4
38.4%
1,496.0
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CB
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PFB TTB Others

CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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Results Overview - EBIT Share

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EBIT (Rs. Crore)

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Q1 FY24
Total – 595.2
23.2
60.6
3.9%
10.2%
51.3
8.6%
77.3%
460.1
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Q1 FY23
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Total – 938.4
6.8
116.2
0.7%
12.4%
55.4%
31.5% 520.2
295.2
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CB
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PFB TTB Others

CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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03. Q1 FY24 Segmental Performance

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Chemicals Packaging Technical Others Films Textiles

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Chemicals Business
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Chemicals Business - Results Update

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Consolidated figures

PARTICULARS	Q1 FY24	Q1 FY23	% Y-o-Y
Segment Revenues	1,660.5	1,722.4	-3.6%
% Contribution to Revenues	49.7%	44.2%
EBIT	460.1	520.2	-11.6%
% EBIT Margins	27.7%	30.2%
% Contribution to EBIT	77.3%	55.4%

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Chemicals Business

Specialty Chemicals Business - Key Highlights

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• Inventory rationalization by customers, some PO rescheduling, currently being witnessed

Market Trends

• The segment reported healthy performance through:

• Sustainable efficiency improvements through technology interventions

• Healthy growth in margin and sales over CPLY

• Ongoing projects progressing as per plan. Expected to commission over the next few quarters; likely to contribute positively going forward

  • Agrochemical companies focusing on inventory rationalization

  • Fundamentally, India's momentum as an alternate specialty chemicals manufacturing base remains intact

  • Certain key raw material prices continue to show signs of softening; still higher than their long-term average

• Engagement with customers for complex downstream products / AIs remains strong

• Launched 2 new products each in Agro and Pharma

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Chemicals Business

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Chemicals Technology Group

• Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies

• Key focus on high end molecules

• Strong internal competencies and capabilities

• Equipped with state-of-the-art R&D facilities and an ingenious team of scientists and engineers

• 2 R&D centres in India – Bhiwadi, Rajasthan and Gurugram, Haryana

• 7 new process patents granted in Q1FY24

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Chemicals Business

Fluorochemicals Business - Key Highlights

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Market Trends

• Business performance was impacted due to:

• Chinese dumping across geographies due to weak local demand

• Weak domestic summer season impacted HFCs demand

• Industrial chemicals witnessed lower demand due to stagnant pharma and agro industry

• Business to focus on commissioning and ramp up of ongoing projects in FY24:

• Projects close to Rs. 1,100 crore expected to be capitalised in FY’24

• PTFE trial runs initiated – customer approvals to commence shortly

• De-stocking of HFCs to continue in the short-term. However, long term global demand outlook for refrigerant gas remains strong and sustainable

• Mandatory installation of AC systems in truck cabins expected to bolster the domestic demand for ref gases in the future – new avenue for industry growth

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Business Packaging Films
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Packaging Films Business - Results Update

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Consolidated figures

PARTICULARS	Q1 FY24	Q1 FY23	% Y-o-Y
Segment Revenues	1,094.8	1,496.0	-26.8%
% Contribution to Revenues	32.8%	38.4%
EBIT	51.3	295.2	-82.6%
% EBIT Margins	4.7%	19.7%
% Contribution to EBIT	8.6%	31.5%

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Packaging Films Business

Key Highlights

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Market Trends

• Business continues to face significant margin pressure.

• Commodity prices falling leading to inventorycorrections

• Hungary operations showing improvement compared to Q4 FY’23

• SRF’s VAP customer contracts and ETDBW ensures portfolio,

• differentiatedperformance against peers

• Aluminium foil project on track and expected to be commissioned in Q3 FY24

• Several BOPP & BOPET film lines commissioned in India and globally in the recent past, some deferment / delays being witnessed

• Demand supply mismatch scenario expected to continue, especially in BOPET

• Sustainability initiatives, PCR, mono family structures, etc. likely to gain traction

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Business Technical Textiles
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Technical Textiles Business - Results Update

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Consolidated figures

PARTICULARS	Q1 FY24	Q1 FY23	% Y-o-Y
Segment Revenues	464.7	571.0	-18.6%
% Contribution to Revenues	13.9%	14.7%
EBIT	60.6	116.2	-47.8%
% EBIT Margins	13.1%	20.4%
% Contribution to EBIT	10.2%	12.4%

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Technical Textiles Business

Key Highlights

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Market Trends

• Lower Caprolactumprice impacted overallrevenues

• NTCF volumes gaining traction when compared to Q4 FY23

• Improved performance of Belting Fabrics and Polyester Industrial Yarn, with greater emphasis on high-end VAP sales

• Phase – 1 of the Solid Woven Fabric, which is a part of the Belting Fabrics portfolio successfully commissioned

• Government focus on infra development to contributeto growth

• Demand for Nylon Tyre Cord Fabric expected to remain stable

• Domestic demand for Belting Fabrics expected to remain strong

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Others - Results Update

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Consolidated figures

PARTICULARS	Q1 FY24	Q1 FY23	% Y-o-Y
Segment Revenues	118.7	105.6	12.4%
% Contribution to Revenues	3.6%	2.7%
EBIT	23.2	6.8	242.6%
% EBIT Margins	19.5%	6.4%
% Contribution to EBIT	3.9%	0.7%

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Others - Key Highlights

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Coated Fabrics

• SRF continues to maintain its leadership position in the domestic market:

• Achieved highest-ever domestic sales and EBITDA

• o Witnessed increased demand for all categories, particularlyVAPs

• Demand expected to be strong in the near-future

Laminated Fabrics

• SRF retained its price leadership during the quarter: o Plant operating at full capacity

• Demand expected to remain stable

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SRF’s Community Engagement

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• Under the Rural Education Program, summer camps were organized in collaboration with local communities and schools in 9 locations across the country

• Within the ambit of ‘Power of 5’ initiative, free health camps, oral health checkups were organized across several villages. A blood donation camp was also organized in the Nuh district of Mewat, Haryana

• Launched the Microsoft Community Training Platform across 6 States under the ‘Digital Skills for ITIs and Polytechnics’ program

• SRF Foundation’s Vocational Education Program is going places. 16 Students from the Dhar, Indore batch of the Basic Electrician Training Program have been successfully placed at Dhoot Transmission Pvt. Ltd.

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04. Outlook

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Outlook - Chemicals Business

Specialty Chemicals

• Current inventory rationalization seems transitory; may last for a couple of quarters. However, customer traction still strong

• China + 1 remains intact, global customers’ de-risking theme continues

• Focus on commissioning new plants and their ramp up

• In essence, some temporary hiccups witnessed; counter-measures being implemented

Fluorochemicals

• Industrial chemical prices may witness continued pressure

• Lower Chinese inventory levels over the next two quarters

• Strong demand outlook of HFCs

• Focus on PTFE product approvals to ensure plant ramp up

• Expect better performance in H2 FY’24, long term story remains intact

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Outlook - Packaging Films Business

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• Demand supply mismatch and pressure on margins expected to continue

• Downcycle at its peak; industry overcapacity to taper over time

• Focus on value-added products both in BOPP and BOPET

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• Continue to focus on sustainability initiatives and cost optimization

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Outlook - Technical Textiles Business

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• Higher operating leverage and cost optimization by capacity rationalization across various plants

• Demand for NTCF expected to be stable

• Growth in BF and PIY as expansions get completed next year

• Stable business going forward, reasonable order book for ensuing quarters

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About Us

Established in 1970, SRF Limited with an annual turnover of ₹14,592 crore (US$ 1.8 billion) is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles and Coated and Laminated Fabrics. Anchored by a strong workforce of close to 8,000 employees from different nationalities working across twelve manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to more than 90+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 408 patents for R&D and technology so far, of which 139 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.

For further information please contact

Anoop Poojari

CDR India

Email: anoop@cdr-india.com Tel: +91 98330 90434

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THANK YOU

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