SRF Ltd. — Interim / Quarterly Report 2024

Oct 27, 2023

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The Corporate Relationship Department, BSE Limited Ist Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001 Scrip Code- 503806

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

SRF/SEC/BSE/NSE

27.10.2023

Dear Sir,

Unaudited Financial Results for the quarter and half year ended 30.09.2023 alongwith Limited Review Report for the quarter and half year ended 30.09.2023

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 27[th] October, 2023 (commenced at 10.30 a.m. and concluded at 02.25 p.m.) has inter-alia considered and approved –

1. Unaudited Consolidated Financial Results for the quarter and half year ended 30.09.2023 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter and half year ended 30.09.2023)

2. Unaudited Standalone Financial Results for the quarter and half year ended 30.09.2023 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter and half year ended 30.09.2023)

Thanking you,

Yours faithfully,

For SRF LIMITED

Rajat Digitally signed by Rajat Lakhanpal Lakhanpal Date: 2023.10.27 14:32:58 +05'30'

Rajat Lakhanpal Sr. VP (Corporate Compliance) & Company Secretary

Encl: As above

SRF LIMITED Block-C Sector 45 Gurugram 122 003 Haryana India Tel: +91-124—4354400 Fax: +91-124—4354500 E-mail: info@srf.com Website: www.srf.com Regd. Office: Unit No. 236 & 237, 2nd Floor DLF Galleria, Mayur Place Noida Link Road Mayur Vihar Phase 1 Extension Delhi 110091

Corporate identity No. L181010L1970PLC005197

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

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

B S R & Co. LLP

Chartered Accountants

Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 pursuant to Regulation 33 and Regulation 52(4) 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 to August 2021, as amended

To the Board of Directors of SRF Limited

1. We have reviewed the accompanying Statement of unaudited standalone financial results of SRF Limited (hereinafter referred to as "the Company") for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 ("the Statement).

2. This Statement, which is the responsibility of the Company's management and approved by its 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) 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, as amended. 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 oflnterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants oflndia. 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.

4. 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 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) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/202 1/613 dated 10 August 2021, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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or B S R & C o . LLP
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Partner
Gurugram Membership No.: 090075
27 October 2023 UDIN: 23090075BGYULD4444
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Registered Office:

14th Floor, Central 8 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 into8SR& Co LLP (a Limited Liability Partnership with LLP Registration No. AA8-8181) with effect from October 14, 2013

Page 1 of 1

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SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

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

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SRF LIMITED

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

E-mail: info@srf.com Website: www.sf.com CIN --L181010L1970PLC005197

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

(Rs. in Crores, except per share data)

				Stndalone	Stndalone
S.No.	Paricular	30-Sep-23	Quarer Ended 30-Jun-23	30-Sep-22	Half Year 30-Sep-23	Ended 30-Sep-22		Year Ended 31-ar-23
		(1)	(2)	(3)	(4)	(5)		(6)
		Unaudited	Unaudited	Unaudited	Unaudied	Unaudited		Audited
1	Revenue fom operations
	a.Sale of producs	253277	2726.51	2901.01	5259.28	5962.99		11806.09
	b.Other operating revenues	5421	47.21	70.3	101.42		111.72	267.75
	Totl Revenue fom operatons	2586.98	273.72	2971.84	5360.70	6074.71		12073.84
2	Other incme	38.11	20.97	40.90	59.08		5707	106.06
3	Totl Income	2625.09	2794.69	3012.74	519.78	6131.78		12179.90
4	Expenses
	a.Costofmaterals consumed	1191.09	1370.11	1351.41	2561.20	2800.19		5504.52
	b.Purchasesof stok-in-trade	18.52	20.26	41.52	38.78		55.51	109.72
	c.Changes in inventoresof fnished goads,work-in-progress andsockin trade	21.35	(61.80)	82.4	(40.5)		28.36	21.91
	d.Employee benefs expense	19202	181.96	164.56	373.98		326.14	684.19
	e.Finance cast	6327	52.50	40.75	11577		6750	175.82
	f.Deprecationand amorisatonexpense	133.21	128.6	114.58	261.85		219.83	468.4
	g. Power and fuel	288.9	298.52	310.87	587.01		665.08	1230.86
	h.Exchangecurrencyfucuation(gain)/lass	23.64	22.40	27.07	46.04		39.87	86.71
	i.Other expenses	277.73	291.03	307.3	568.76		630.85	1241.87
	Totl expenses	2209.32	2303.62	240.63	4512.94	433.33		9524.04
5	Prf befre txforte perod	415.77	491.07	572.11	906.84	1298.45		2655.86
6	Tax expense
	- Tax expense	107.05	125.67	165.13	232 72		383.04	682.02
	- Ta adjustment related to earier vears	-	-	(32.17)	.		(32.17)	(49.52)
7	Net Prft afer txfrte period	308.72	365.40	439.15	674.12		94758	202336
8	Oer ComprehensiveIncome
	A.Itemsthatwlnotbe reclassiedto proft orlass
	()(a) Gan/ (lass)an remeasurementof defned benefobligation	2.41	(972)	1.36	(7.31)		(11.05)	(12.14)
	(i)(b) Incometaxan item(i)a) above	(0.61)	2.45	(0.8)	1.84		3.86	4.24
	B.Items thatwi be recassifedto prft orlass
	()(a)Efecveporion of gain/(lass)an hedginginstrmentsinacshfaw hedge	(42.84)	103.52	(134.65)	60.68	(297.60)		(252 29)
	(i)(b) Income tax an item(i)(a)above	10.78	(26.05)	36.55	(15.27)		84,14	67.58
	(i)(a)Cast of hedgingresere	(212)	1.06	1.91	(1.06)		4.60	3.81
	(ii)b)Incmetaxanitem(ii)(a) above	0.54	(0.27)	(0.38)	0.27		(1.12)	(0.9)
9	TotlOher Comprehensive Income/(loss) frte perod	(31.84)	70.99	(95.69)	39.15	(217.17)		(189.59)
10	TotlComorehensiveIncomefrte perod	276.88	436.39	343.46	713.27		730.41	1833.7
11	Pad up equity sare cpta (Rs 10 each flly pad up)	29642	296.42	296.2	296.2		296.42	296.42
12	Other equityexcludingrevaluationrsere	9566.96	939462	7955.26	9566.96	7955.26		8956.11
13	Net Worh	9863.38	9691.04	8251.68	9863.38	8251.68		9252.53
14	CapitalRedemptionResere	10.48	10.48	10.48	10.48		10.48	10.48
15	Basic andDlutedEPSfar theperod(annualised)	10.2	12.33	14.81	2274		31.97	6826

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

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3RF.General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.

✓o S-

SRF LIMITED

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

E-mail: info@srf.com Website: www.srf.com CIN - L181010L1970PLC005197

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

						(Rin Crores)
			Stndalone
		Quarer Ende		Half Year	Ended	Year Ended
Pariculars	30-Sep-23	30-un-23	30-Sep-22	30-Sep-23	30-Sep-22	31-Mar-23
	(1)	(2)	(3)	(4)	(5)	(6)
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue
a) Technicl Texies Business (TB)	506.15	464.65	466.21	970.80	1037.23	1893.88
b) Chemicls Business (CB)	1407.01	1647.23	1808,30	3054.24	3515.13	7326.01
c) PackagingFim Business (PFB)	550.40	543.7	596.95	1093.87	1316.70	2471.21
d)Other	126.86	118.71	100.38	245.57	205.98	392.61
Totl Segment Revenue	2590.42	2774.06	2971.8	5364.48	6075.04	12083.7
Less: Inter Segment Revenue	3.45	034	-	3.79	0.33	9.87
Revenue fom Operations	2586.97	277372	2971.84	5360.69	6074.71	12073.84
Segment Result
(Proft before interestand tax fromeach Segment)
a) TechniclTexies Business (TTB)	74.82	60.51	62.80	13533	178.87	261.20
b) Chemicals Business(CB)	349.32	460.67	517.15	809.99	1040.25	2340.30
c) Packaging Fim Business (PFB)	50.34	31.24	43.01	818	209.97	332.35
d) Others	33.09	23.16	7.59	56.5	14.35	34.82
Totl Seament Result	507.57	575.58	630.55	1083.15	143.4	2968.67
Less/(Add):
i)FinanceCost	63.27	52.50	40.75	115.77	67.50	175.82
inOter UnallocbleExpenses(net ofincme)	28.53	3201	17.69	60.54	7.9	136.99
Proft beforetx for the perod	41577	491.07	572.11	906.84	1298.45	2655.86
Segment Asset
a)Technicl TexiesBusness (TTB)	1941.46	1857.30	1924.07	1941.6	1924.07	1766.50
b)Chemicls Business(CB)	102663	10141.39	8382.40	10266.34	8382.40	9623.78
c)PackagingFim Business(PFB)	2324.25	2191.16	232782	232425	2327.82	2181.83
d)Oters	160.39	159.87	157.41	160.39	157.1	164.98
Total segment asset	14692.4	14349.72	12791.70	14692.4	12791.70	13737.09
e)Una ocbe	1579.55	1399.13	1412.53	1579.55	1412.53	1814.32
Totl	16271.99	1574.85	1420423	16271.99	14204.23	15551.41
Segment Liabilites
a)TechniclTexies Business (TTB)	514.81	487.60	446.37	514.81	446.37	391.76
b)Chemicls Business(CB)	931.64	1055.08	1242.37	931.64	1242.37	1320.97
c)PacagingFim Business(PFB)	711.55	605.07	481.30	711.55	481.30	563.17
d)Others	41.31	49.69	37.29	41.31	37.29	52.53
Totlsegmentlabites	2199.31	2197.4	2207.33	2199.31	2207.33	2328.43
e)Unalocable	4208.28	3859.35	3744 20	4208.28	374420	3969.3
Total	6407.59	6056.79	5951.53	6407.59	5951.53	6297.86

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

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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 AND HALF YEAR ENDED SEPTEMBER 30, 2023

The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on October 27, 2023. 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 Announcements" of www.nseindia.com and www.bseindia.com,

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

• 3 The listed Commercial Papers aggregating to Rs. 200 Crores were outstanding as on September 30, 2023. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings, During the quarter ended September 30, 2023, the Company has repaid all commercial papers due and payable on the respective due dates,

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

								(Ratios / percentges	(Ratios / percentges	(Ratios / percentges	as applicable)
						Stndalone
SI. No.	Parcular	30-ep-23		Quarer Ended 30-un-23		30-Sep-22	Half Year Ended 30-ep-23 30-Sep-22				Year Ended 31-Mar-23
		(1)		(2)		(3)	(4)		(5)		(6)
		Unaudied		Unaudited		Unauditd	Unaudited		Unaudited		Audid
1	Debt sericecoveragerto [(Earnings beforedepreciaton,interest andtax­		3.33		3.02	1.64		3.16		2.47	3.09
	curent tax)/(Gross interest and lease payments + scheuleprncipal
	repayment of long ter debts)] - Notannualsed
2	Interest serice coverage ratio[(Earings before depreciaton,interest andtax­		6.83		7.90	13.28		7.35		17.19	13.10
	curent tax)/ Gross interst and leasepayments] - Notannualised
3	Bad debts to accounts receivable rato%(Bad debts incuding provision for		-		0.01%	0.05%		-		0.05%	0.04%
	doubtul debts/Average tradereceivables) - Notannualsed
4	Debtors turover(Sale of producs/Average tradereceivables) - Annualsed		6.96		7.38	7.51		7.44		8.57	8.47
5	Inventorturover{Sale of producs/Averageinventor) - Annualised		5.19		5.74	5.80		5.53		6.47	6.56
6	Operatingmargin%{Earings before interest and tax/Total revenuefrom	18.52%		19.60%		20.62%	19.08%		22.49%		2345%
	operatons includingother operatingincme) - Notannualised
7	Net proft margin% (Proft afertax/Totalrevenuefromoperations including	11.93%		13.17%		1478%	12.58%		15.60%		16,76%
	other operatngincome) - Notannnualised
8	Debt equity ratio (Total debt incuding leaselabilities/Total equity)		0.34		0.31	0.35		0.34		0.35	0.34
9	Long term debtto workingcpital [(Non curentborowings + curent maturies		1.84		1.67	1.65		1.84		1.65	1.46
	of long term borrowings+lease liabities)/Working capital]
10	Total debts to totalassets{Total debt incudinglease liabiliies/Total assets)		0.21		0.19	0.20		0.21		0.20	0.20
11	Current ratio(otal current assets/Total curent liabiiies)		1.38		1.36	1.25		1.38		1.25	1.44
12	Current liability ratio (Total current liabities/Totallabites)		0.54		0.57	0.64		0.54		0.64	0.55

@ LI M 7 Z 0 3 4 S J =e° {ND

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

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SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, 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 -- L18101DL1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

5 Standalone unaudited statement of assets and liabilities as at September 30, 2023

					(sin Crores)
				As	at
			Paricular	30-Sep-23	31-Mar23
				Unaudited	Audited
		ASSETS
		Non-current asset
		Proper, plant and equipment		8211.06	7309.25
		Right-of-use assets		258.28	258.87
		Capitalwork-in-progress		2134.02	212895
		Other intngible assets		108.51	106.08
		Intngible assets underdevelopment		0.61	-
		Financa assets
		Investments		108.04	92.82
		Loans		296.60	291.35
		Othersfnancialasset		161.43	65.33
		Non-curenttx assets (net)		94.37	85.57
		Other non-curent assets		145.39	209.72
		Totl non-urent asset		11518.31	10547.94
		Current asset
		Inventories		195238	1848.67
		Financial assets
		Investments		553.27	490.05
		Trade receivables		1391.63	1436.38
		Cash andcash equivalents		267.46	527.25
		Bank balancs other than above		765	8.8
		Loans		163.08	243.35
		Otherfnancial assets		180.95	240.64
		Other current assets		237.24	208.65
		Total current asset		4753.66	5003.47
		Totl asset		16271.97	15551.41
		EQUIT AND LABILTIES
		Equit
		Equitsharecpital		297.44	297.44
		Other equit		9566.96	8956.11
		Total equit		9864.40	925355
		Labities
		Non-current labities
		Financallabilities
		Borrwings		1865.3	126.53
		Leaselabilites		90.54	96.53
		Otherfnanciallabities		2556	159.47
		Provisions		54.6	51.84
		Deferred ta liabites(net)		814.84	749.34
		Oher non-current liabities		116.27	29.20
		Totl non-urent liabilities		2967.10	2812.91
		Curentliabilities
		Financia liabiltes Borrowings Leaselabilities		1384.55 27.34	1312.73 25.90
1 a • l&, N ~vow/		Trade payabes (a) Totl outstanding dues of micro enterprses and smaenterprses (b) Total outstnding dues of creditors other than micro enterprses and small enterrses Other fnancal liabilites Other current liabities �rovisions urrent tx liabilities (net) Total current labilties Total labilties		64.09 1490.75 354.60 98.38 9.11 11.65 340.47 6407.57	67.79 1581.38 382.99 96.23 6.28 11.65 344.95 6297.86
		Totalequit and liabities		16271.97	15551.41

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

✓o SF

SRF LIMITED

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

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

E-mail: info@srf.com Website: www.srf.com GIN - L18101DL 1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

• 6 Standalone unaudited cash flow statement for the half year ended September 30, 2023

			(Rs. in Crores)
		Half Year Ended
	Paricular	30-Sep-23	30-Sep-22
		Unaudited	Unaudited
A	CASH FLOW FROM OPERTING ACTIVITIES
	Prft before tax	906.84	1298.5
	Adjustment for:
	Finance costs	115.77	67.50
	Interest Income	(24.90)	(37.15)
	Net gain on sale of prper, plant and equipment	(0.05)	(1.53)
	Net gain on fnancial assets measured at fair value through proft and loss	(11.54)	(3.90)
	Credit impaired assets provided / wrten of/ (wrten back)	(0.18)	0.74
	Amorisation of grant income	(11.69)	-
	Depreciaton and amorisaton expense	261.85	21983
	Prper, plant and equipment and inventor discrded / prvided / (wrten back)	6.38	(0.82)
	Provision / liabilites no longer required writen back	(3.55)	(22.90)
	Net currency exchangefuctuaton (gain)/loss	(36.51)	2.17
	Employee share based payment expense	4.27	4.18
	Stamp dutonpurchase of investments	0.07	0.02
	Adjustments for (increase)/ decrease inoperating assets:­
	Trade receivables	43.67	(70.32)
	Inventories	(10702)	(18045)
	Loans ( curent)	(0.47)	(029)
	Loans (non-curent)	(2.71)	(24.73)
	Other assets ( curent)	44.01	(153.86)
	Other assets(non-current)	(5.98)	(7.29)
	Adjustments fr increase/(decrease) in operatngliablites:­
	Trade payables	(95.27)	283.56
	Prvisions	5.5	4.07
	Other liabites(current)	(39.99)	45.24
	Cash generated from operatons	1048.45	1422.52
	Income taxespaid(netofrefunds)	(189.20)	(19291)
	Net cash geerated fom operating activities	859.25	1229.61
B	CASH FLOW FROM INVESTING ACTIVITIES
	Net purchases of currentinvestments	(51.68)	(3.86)
	Stampduton purchaseofinvestments	(0.07)	(0.02)
	Purchase of non-curentinvestments	(19.33)	-
	Sale of non-curent investments	4.11	-
	Interestreceived	20.02	12.08
	Bank balances not considered ascash andcash equivalents	0.42	29.85
	Paymentfr purchase ofprper,plant andequipment, capital work-in-	(1112.36)	(1099.49)
	prgress and other intangible assets
	Proceedsfrm disposal of proper,plant andequipment	1.46	2.9
	Loans given to subsidiaries	(253.04)	(93.50)
	Repayment of loansgivento subsidiaries	357.77	86.32
	Net cash used in investng activites	(1052.70)	(1066.13)

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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, Neida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091

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

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

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

• 6 Standalone unaudited cash flow statement for the half year ended September 30, 2023

			(Rs.in Crores)
		Half Year Ended
	Pariculars	30-Sep-23	30-Sep-22
		Unaudited	Unaudited
C	CASH FLOW FROM FINANCING ACTIVITIES
	Proc ds frm long term borowings	406.58	-
	Repayment of long ter borowings	(213.19)	(465.18)
	Net prceeds from / (repayment of shor term borrowings	(3.70)	398.33
	Dvidends on equit share capital paid	(107.36)	(16.60)
	Payment towards lease liabit	(1.65)	(14.35)
	Finance costs paid	(131.02)	(67.37)
	Net cash used in financing activities	(66.34)	(255.17)
	Net decrease in cash and cashequivalent	(259.79)	(91.69)
	Cash and cash equivalents at the beginning of the perod	527.25	319.64
	Cash and cash equivalent at the end of the period	267.46	227.95

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

2 SF

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - I I 009 l Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN - Ll8I0IDLI 970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

7 Limited Review :

The Limited Review, as required under Regulation 33 and Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/ HS/P/CIR/2021/613 dated August IO, 2021 as amended has been completed by the Statutory Auditors.

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----- Start of picture text -----

Place: Gurugram
Date : October 27, 2023
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----- Start of picture text -----

For and on behalf of the Board
Ashish Bharat Ram
Chairman and Managing Director
��
----- End of picture text -----

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

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

8 S R & Co. LLP

Chartered Accountants

Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 pursuant to Regulation 33 and Regulation 52(4) 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 SEBl/HO/DDHS/P/ClR/2021/613 dated 10 August 2021, as amended

To the Board of Directors of SRF Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of SRF Limited (hereinafter referred to as "the Parent"), and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 September 2023 and year to date results for the period from 1 April 2023 to 30 September 2023 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) of the Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/ HS/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 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52(4) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/ HS/P/CIR/2021/613 dated 10 August 2021, as amended. 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 oflnterim 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.

4. We also performed procedures in accordance with the circular issued by the Securities and Exchange Board oflndia under Regulation 33(8) ofthe Listing Regulations, to the extent applicable.

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

6. Parent Company:

7. SRF Limited

Subsidiaries:

• a. SRF Global BV

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

• c. SRF Industries (Thailand) Limited

Registered Office:

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

B S R & Co . (a partnership firm with Registration No. BA61223) converted into 8 S R &Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Page 1 of 3

B S R & Co. LLP

limited Review Report {Continued)

SRF limited

Subsidiaries ( continued):

• d. SRF Jndustex Belting (Pty) Limited

• e. SRF Europe Kft

• f. SRF Holiday Home Limited

• g. SRF Altech Limited

• h. SRF Employees Welfare Trust (controlled trust)

• 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) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated l O August 2021, as amended, 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 reflects total assets (before consolidation adjustments) of Rs. 3,232.03 crores as at 30 September 2023 and total revenues (before consolidation adjustments) ofRs. 599.77 crores and Rs. 1,173.58 crores, total net (loss)/profit after tax (before consolidation adjustments) of Rs. (1.54) crores and Rs. 2.68 crores and total comprehensive income/ (loss) (before consolidation adjustments) of Rs. (1.54) crores and Rs. 2.61 crores, for the quarter ended 30 September 2023 and for the period from 1 April 2023 to 30 September 2023 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 40.32 crores for the period from 1 April 2023 to 30 September 2023, as considered in the Statement. 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.

All of these subsidiaries 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 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 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. Ou, conclusion is not modified in respect of this matte, r

Page 2 of 3

B S R & Co. LLP

Limited Review Report (Continued) SRF Limited

1. The Statement includes the interim financial information of three Subsidiaries which have not been reviewed, whose interim financial information reflects total assets (before consolidation adjustments) of Rs. 71.55 crores as at 30 September 2023 and total revenues (before consolidation adjustments) of Rs. 32.54 crores and Rs. 59.07 crores, total net profit / (loss) after tax (before consolidation adjustments) of Rs. 1.02 crores and Rs. (1.32) crores and total comprehensive income/ (loss) (before consolidation adjustments) of Rs. 1.02 crores and Rs. (1.32) crores, for the quarter ended 30 September 2023 and for the period from I April 2023 to 30 September 2023 respectively, and cash inflows (net) (before consolidation adjustments) of Rs. 1.70 crores for the period from l April 2023 to 30 September 2023, 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 27 October 2023

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For B S R & Co. LLP
�iered Accountants
Firm's Registration N@.:I0, 'W/W-100022
"
Kaushal Kishore
Partner
« Membership No.: 090075
UDIN :2309007 5BGYULE6806
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Page 3 of 3

vO SRF LIMITED SF=

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

SR+ ·General [Restricted use] • This mall, doament can be used by recipients for its intended purpose only

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..
SSFF
•
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SRF LIMITED

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

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

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

						(Rs.inCrores, except	(Rs.inCrores, except	per share dat)
					Consolidated
				Quarer Ended		Half YearEnded		Year Ended
S.No.	Pariculars	30-Sep-23 (1)		30-Jun-23 (2)	30-Sep-22 (3)	30-Sep.23 (4)	30-Sep-22 (5)	31-Ma23 (6)
		Unaudited		Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Revenue from operations
1	a) Sae of products	3121.43		3288.97	3651.03	641040	7503.25	14591.82
	b)Other operting revenues		5593	49.1	76.75	105.3	119.25	278.43
	Totl Revenue from operations	3177.36		3338.38	3727.78	6515.74	7622.50	1470.25
2	Other income		29.12	11.76	32.74	40.86	42.59	74.93
3	Totl Income	3206.48		3350.14	3760.52	655.62	7665.09	14945.18
4	Expenses
	a) Cost of materals cnsumed	1540.66		1732.75	1785.67	3273.41	3692.63	7125.21
	b) Purchases of stock-in-trde		29.31	25.56	62.5	5.87	137.74	2722
	c) Changes in inventores of fnished goods, work-in-prgress and stock in trade		50.09	(57.79)	104.68	(7.70)	(19.64)	(8.92)
	d) Employee benefts expense		22663	21.97	195.27	4.60	389.48	813.80
	e) Finance costs		79.29	65.63	4.7	14.92	76.97	20482
	fDepreciation and amorisation expense		161.23	156.61	139.30	31.84	270.03	57532
	g) Power and fel		33.79	352 80	37.68	696.59	783.98	147.25
	h) Exchange curenc fuctuation (gain) / loss		19.11	23.73	36.08	42.84	60.95	10.00
	i)Other expenses		341.56	347.11	400.71	688.67	813.31	1557.9
	Totlexpenses	2791.67		2864.37	3142.4	5656.04	6205.42	12121.19
5	Proftbefore txfor the period		414.81	485.77	618.08	900.58	1459.67	2823.99
6	Taxexpense
	- Taxexpense		114.03	126.8	169.26	240.51	402.85	711.17
	- Taxadjustment related to earieryears		.	.	(32.17)	-	(32.17)	(49.52)
7	NetProfafer tx for theperiod		300.78	359.29	480.99	660.07	1088.99	2162.34
8	Other ComprehensiveIncome
	A Items thatwinotberecassied to proft or loss
	(i)Gain/(loss) on remeasurementsofthe defned benefobligaton		2.1	(9.86)	136	(7.5)	(11.05)	(11.95)
	Income taxon item(i)above		(061)	2.7	(0.8)	1.86	3.86	4.24
	BItems thatwibe reclassifed to prfor loss
	(i) Efectiveporion of gainI(loss)onhedging instrments ina cash fow hedge		(42.84)	13.52	(134.65)	60,68	(297.60)	(25241)
	Incme tax on item (i) above		10.78	(2605)	36.55	(15.27)	64.14	67.58
	(i)Cost ofhedging rsere		(2.12)	0.99	1.65	(1.13)	4.24	5.02
	Income taxonitem(ii)above		0.54	(0.27)	(0.38)	0.27	(1.12)	(0.79)
	(iii)Exchange diferences on translaton of foreign operatons		(11.26)	(60.61)	(56.60)	(71.87)	(109.25)	(7.32)
9	TotlOter ComprehensiveIncome/(loss) for te period		(43.10)	10.19	(15255)	(3291)	(32678)	(195.63)
10	TotlComprehensiveIncome/(loss) for theperod		257.68	369.4	328.4	627.16	76221	1966.71
1 1	Paid up equitsharecpital (Rs.10 eachfulypaid up)		296.42	296.42	296.2	296.2	296.42	296.2
12	Other equitexcluding revaluaton resere	1055437		10401.24	8927.39	10554.37	8927.39	10029.61
13	Net Worh	10850.79		1697.66	9223.81	10850.79	922381	1032603
14	CapitalRedemptionResere		10.48	104	10.48	10.48	10.8	10.48
15	Basic and DilutedEPS for the perod(not annualsed)		10.15	12.12	1623	2227	36.74	72.95

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

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SRF.General [Restricted ue]. Thi mail, document can be used by recipients far its intended purpose only

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SRF LIMITED

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

E-mail: info@srf.com Website: www.srf.com CIN - LI 8 IO IDL I 970PLC005197

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

STATEMENT OF CONSOLDATED UNAUDITED SE	GMENT INFORMATION	FORTHEQUA	RTER AND HAL	F YE	AR ENDE	D SEPTEMB	ER 30, 2023
							(Rs. in Crores)
			Consolidatd
		Quarr Ended			Half Year	Ended	Year Ended
Parcular	30-Sep-23 (1)	30-un-23 (2)	30-Sep-22 (3)	30-Sep-23 (4)		30-Sep-22 (5)	31-Mar23 (6)
	Unauditd	Unaudid	Unaudited	Unaudited		Unaudited	Audited
Segment Revenue
a)Technicl Texiles Business (TB)	506.15	464.65	466.22		970.80	1037.4	1893.88
b) Chemics Business (CB)	1426.30	1660.54	1830.16		3086.84	3552.59	7410.88
c) Packaging Fim Business (PFB)	1121.51	1094.81	1331.02		221632	282702	5182.75
d) Others	126.86	118.71	100.38		245.57	205.98	392.61
Totl Segment Revenue	3180.82	3338.71	3727.78		6519.53	7622.83	14880.12
Less: Inter Segment Revenue	3.46	033	-		3.79	0.33	9.87
Revenue fom Operatons	317.36	3338.38	377.78		6515.74	7622.50	147025
Segment Result
(Proft before Interest and Ta from each Segment)
a) Technicl Texiles Business (TB)	74.95	6065	62.93		13560	179.14	261.74
b) Chemicls Business (CB)	347.7	460.07	517.28		807.84	1037.49	2340.67
c) Packaging Film Business (PFB)	77.26	51.30	101.44		128.56	396.61	556.19
d) Other	33.09	23.16	759		5625	14.35	3482
Totl Seament Result	533.07	595.18	689.24		1128.25	1627.59	3193.42
Less/(Add):
i) Finance Costs	79.29	65.63	44.7		144.92	76.97	20482
ii) Other Unalocble Expenses (net of income)	38.97	43.78	26.69		82.75	90.95	16461
Proft befre tx for te period	414.81	485.7	618.08		900.58	1459.67	2823.99
SegmentAsset
a) Technicl Texiles Business (TB)	1929.67	1845.37	1911.74		192967	1911.74	1754.44
b) Chemicls Business (CB)	10338.00	10225.24	8445.28	10338.00		8445.28	9734 26
c) Packaging Film Business (PFB)	6114.61	5911.87	5770.74		6114.61	5770.74	5800.54
d) Ohers	160.39	159.87	157.1		160.39	157.1	16498
Totl segment asset	18542.67	18142.35	16285.17	185267		16285.17	1745422
e) Unalocble	1111.90	107007	767.85		1111.90	767.85	1300.30
Totl	19654.57	19212.42	17053.02	1965.57		17053.02	1875.52
SegmentLabites
a) Technical Texies Business (TB)	514.81	487.60	446.37		514.81	446.37	391.76
b) Chemicls Business (CB)	935.78	1060.11	1262.27		935.78	126227	1352.16
c) PacagingFim Business (PFB)	1427.50	1303.06	1355.41		1427.50	1355.1	1284.12
d) Ohers	41.31	49.69	37 29		41.31	37.29	52.53
Totl segmentlabities	2919.40	2900.46	3101.34		2919.40	3101.34	3080.57
e) Unalocble	5883.36	5613.28	476.85		5883.36	4726.85	5346.90
Totl	8802.76	8513.74	7828.19		8802.76	7828.19	8427.47

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SR#-General [Restricted use]. This mall, document can be used bw recipients for its intended purpose only.

SRF LIMITED < SF 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) : ( +91-1 I) 49482870 Fax : ( +91-11 ) 49482900

E-mail: info@srf.com Website: www.srf.com CIN -LI 81 01DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

• The above results of SRF Limited ('the Company') and its subsidiaries (Company and its subsidiaries together referred to as "the Group") were reviewed by the Audit Committee and has been approved by the Board of Directors at its meeting held on October 27, 2023. 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 "Corporate Announcements" section of www.nseindia.com and www.bseindia.com.

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

• 3 The listed Commercial Papers aggregating to Rs. 200 Crores were outstanding as on September 30, 2023. The Company's commercial paper programme has been rated as CRISIL Al+ by CRISIL and IND Al+ by India Ratings. During the quarter ended September 30, 2023, the Company has repaid all commercial papers due and payable on the respective due dates.

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

(Ratios / percentages as applicable)

				Consolidate	Consolidate
		Quarter Ende			Half Year	Ende		Year Ended
S No.	Partcular	30-Sep-23	30Jun-23	30-Sep22	30Sep23	30Sep22		31-Mar23
		()	(2)	(3)	(4)	(5)		(6)
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited		Audited
I	Debt serice coverage raio {(Ea gs befre depreciaton, interest	255	2.64	168	2.59		2.63	2.98
	ad ta - cuent Ta)/ (Gross Iterest ad leae payments+
	scheduled prncipa repayent of long ter debts)} - Not auaised
2	Interest serice coverge rato((Eaings befre deprciaton,	5.65	6.63	13.6	6.11	1798		1267
	interest ad ta - cuent ta)/ Gross interet ad lee payments)}­
	Not auaised
3	Bad debtsto accutsrceivable rato% (Bad debts incuding	0.01%	001%	0.07%	0.02%	0.08%		0.14%
	prvision fr doubtl debts/ Averge tade reeivable) - Not
	auaisd
4	Debtor tover(Sae of products/Average tade receivables)-	6.82	7.11	7.27	726		8.20	8 16
	Auaised
5	Iventor trover (Saeof products/ Averge Iventor)-	540	5.71	5.93	5.62		6.66	661
	Anuaised
6	Operatng magin % (Eaingsbefre interest ad ta / Total	15.55%	16 52%	17.7%	16.05%	20.16%		20.7%
	revenuefomopertons including oter opertngincome) - Not
	aualised
7	Net prftmagin%(Proftaer ta/Total revenuefom	9.7%	10.76%	12.90%	10 13%	14.29%		14.54%
	opertonsincludingother operatngincome) -Not aualised
8	Debt equit rto(Totadebt including lea liabilites/Total	0.46	0.44	0.42	0.6		0.2	0.43
	equit)
9	Longter debt toworkingcpita	928	6.66	3.98	9.28		3.98	3.1
	((Non cuent borowings+ cuent matt of long tern
	borowings+leae liabilites) / Workingcapita)
I	Totadebts to Total a ets	025	0.25	0.22	0.25		0.22	0.24
	(Totadebt includingleae liabites/ Totaa ets)
I I	Cuentrto (Totacuent a ets/ Totacuentlabites)	1.06	108	12	106		112	117
12	Cuent liabit Rato (TotacurentlabiitesITota labites)	0.59	0.61	0.64	0.59		0.64	0.58

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$.general [Restricted use]. This al, document cn be used by recipients for is intended purpose on

<

F I

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

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

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

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED SEPTEMBER 30, 2023

5 CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2023

			(Rs.in	Crres)
		As at	As at
Paricular		30-Sep-23	31-Mar-23
		Unaudited	Audited
ASSETS
Non-curent assets
Prpery, plant and equipment		10453.10	9647,86
Right-fuse assets		286.8		28721
Captal wor-n-prgress		2683.27	2405.54
Other intangibleassets		116.18		114.73
Intangible assetsunder development		0.61
Financial assets
Investments		19.38		4.16
Loans		47.57		4,82
Ohersfnancial assets		166.4		68.21
Defred tax assets		20.82		1865
Non Curent taxassets (net)		98.53		91.26
Oter non-urent assets		238 23		297.13
Total non-curent asset		14130.61	12979.57
Curent assets
Inventores		2290.90	2274.29
FinancialAssets
Investments		553 27		49005
Trde recivables		1748 28	1785.62
Cash andcsh equivalents		389.54		60798
Bank balances otherthan above		7.65		8.8
Loans		11.3		11.02
Otherfnancial assets		17 55		234.8
Other curentassets		35 43		362.67
Total curent assets		5523.96	574.95
Total asset		19654.57	18754.52
EQUIT AND LABILTIES
Equit
Equity sare cpital		29744		2974
Other equity		10554 37	10029 61
Total equit		10851.81	10327.05
Labities
Non-urent liabilities
Financal lablities
Borowings		2385,56	2311.52
Leaseliabiities		91.58		97.57
Otherfnancial labities		25.56		159.7
Prvisions		62 99		60.80
Deferedlaliabiities (net)		875.62		809.22
Othernon-curent liabilites		171.18		72.29
Total non-curent liabilities		3612.49	3610.87
Curent liabillties
FinancialLabilities
Borowngs		2471.62	2042.54
Lease lablites		27.34		25 90
Trade payables a) Ttaloutstandingdues ofmicr enterrses and smalenterrses	|64 09		67.79
b)Total outstanding dues ofcreditorsotherthan micr enterrses and smalenterrses		2019.45	2163.48
Otherfnancial liabities		469 56		48556
Other curentliabities		114.84		108.79
Provisons		10.70		7.91
Curenttaxliabilties (net)		1267		14 63
Total curent liabilities		519027	4916.60
Total labities		8802.76	8427.47
Total equit and liabilities		19654.57	18754.52

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

v<:;:) <-FAE

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 DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED SEPTEMBER 30, 2023

6 CONSOLIDATED CASH FLOW STATEMENT FOR THE HALF YEAR ENDED SEPTEMBER 30, 2023

CO	NSOLIDATED CASH FLOW STATEMEN	T FORTHEHALF YEAR ENDED SEPTEMBER 30, 2023
				(Rs.inCrores)
			Half Year	Ended
		Pariculars	30-Sep-23	30-Sep-22
			Unaudited	Unaudited
A	CASH FLOW FROM OPERTING ACTIVITIES
	Proft before tax		900.58	1,459.67
	Adjustments for:
	Finance csts		1492	76.97
	Interest Income		(16.22)	(31.07)
	Net gain on sale of proper,plant and equipment		(0.05)	(1.53)
	Netgain on fnancial assetsmeasured atfairvalue throughprofand loss		(11.54)	(3.90)
	Creit impaired assets provided/(writenback)		0.0	1.47
	Amorisaton ofgrant income		(12.5)	(0.47)
	Depreciation and amorisaton expense		317.84	270.03
	Proper, plant and equipment /inventorand other assetsprovided/writen of /(writen back)		13.94	(0.82)
	Prvision/liabites no longerrequiredwitenback		(3.56)	(22.90)
	Net unrealsed curency exchangefuctuations (gain) / loss		(13.89)	23.75
	Employeeshare basedpayment expense		4.27	4.18
	Stampdutonpurchase of Investments		0.07	0.02
	Changes in working capitl:
	Adjustments for(increase) /decrease	in operatngassets :
	Trade receivables		2622	(12885)
	Inventories		(36.63)	(263.50)
	Loans (Curent)		(0.15)	(0.34)
	Loans (Non-current)		(2.75)	(24.73)
	Other assets (Current)		57.39	(165.19)
	Other assets (Non-curent)		(8.11)	(7.29)
	Adjustments forincrease/ (decrease)	in operatng labilities:
	Tradepayables		(126.53)	206.97
	Provisions		7.20	4.64
	Other liabiltes (Non-current)		022	(0.33)
	Otherlabites (Curent)		(51.52)	3826
	Cash generated from operations		1,189.56	1,435.04
	Income taxespaid(net of refunds)		(196.94)	(214.94)
	Net csh generated fom operatng activites		992.62	1,220.10
B	CASH FLOW FROM INVESTING ACTIVITIES
	Netpurcases of current investments		(51.67)	(386)
	Stamp dutonpurchaseofInvestments		(0.07)	(0.02)
	Sale of non-current investments		4.11	-
	Purchase of non-currentinvestments		(19.33)	-
	Interest received		8.87	7.59
	Bank balancsnotcnsidered ascsh andcshequivalents		0.2	031
	Payment forpurchase of proper,plant, equipment,cpital work-in-progress andintangible		(1,372.79)	(1,239.55)
	assets
	Upfrontpayment madefor acquiston	of Right of use asset	-	(27.57)
	Proceeds fromdisposal ofproper,plant and equipment		1.46	081
	Net cash used in investing activites		(1,429.00)	(1,262.29)

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

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vO
SF
----- End of picture text -----

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 10091

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

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

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2023

• 7 Limited Review :

,

The Limited Review, as required under Regulation 33 and Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securities and Exchange Board of India operational circular SEBJ/HO/DDHS/P/CIR/2021/6 J3 dated August Io, 2021 as amended has been completed by the Statutory Auditors.

Place : Gurugram

Date: October 27, 2023

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Fo, w •• behalf of the Board
I} =
Ashish Bharat Ram
Chairman and Managing Director
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