SRF Ltd. — Interim / Quarterly Report 2024

Jul 24, 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

24.07.2023

Dear Sir,

Unaudited Financial Results for the quarter ended 30.06.2023 alongwith Limited Review Report for the quarter ended 30.06.2023

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 24[th] July, 2023 (commenced at 10.45 a.m. and concluded at 02.25 p.m.) has inter-alia considered and approved –

1. Unaudited Standalone Financial Results for the quarter ended 30.06.2023 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 30.06.2023)

2. Unaudited Consolidated Financial Results for the quarter ended 30.06.2023 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 30.06.2023)

Thanking you, Yours faithfully, For SRF LIMITED

Rajat Digitally signed by Rajat Lakhanpal Lakhanpal Date: 2023.07.24 14:25:43 +05'30'

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

Encl: As above

Chartered Accountants

B S R & Co. LLP

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

Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 30 June 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 10 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 June 2023 ("the Statement").

• 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 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 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/ HS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to issue a report on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (S 2410 "Review of Interim Finan al In ation Perfo ed by the Independent Auditor of the Entity", issued by the Insti te of Chartered Accountants o ndia. A RE) ci form rm

review of interi nancial in ation consists of making inquiries, primarily of persons tu fl

responsib r nancial and accounting matters, and applying analytical and other review m fi form

p cedures. A review is substantially less in scope than an audit conducted in accordance w h le fo fi

Standards on Auditing and consequen y does not enable us to obtain assu nce that we would ro it

become aware of a significant ma ers that might be identified in an audi Accordingly, we do tl ra

not express an audit opinion. ll tt t.

1. A ention is awn to the t that the gures r the t ee months ended 31 March 2023 as reported in the Statement e the ba ng gures be een audited gures in respect of the tt dr fac fi fo hr

previous nancial year and the published year to dat res up to the third quarter of the ar lanci fi tw fi full

previou financial ye h ures up to nd of the e figuthird quarter of previou had only b n reviewed and not subjected to audit. s fi ar. T e fig the e s finanP1� 6y

Registered Office:

BSR&Co.(apartnership firm with Registration No BA61223) converted into B SR & Co. LLP (a limited Liability Partnership with LLP Registration N AA8-8181) with effect from October 14, 2013

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

Page 1 of 2

B S R & Co. LLP

Limited Review Report (Continued) SRF Limited

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 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 infonnation 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 I0 August 2021, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP

Gurugram 24 July 2023

Chartered Accountants 248W /W-100022 MemtfGrship No.: 090075 UDIN:23090075BGYUKZ3617

Page 2 of 2

vO SPF

SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2023

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

vO SE

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

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

			(Rs.in	Crores,except	per share dat)
			Stndalone
S.No.	Paricular	30-un-23	Quarer ended 31-Mar-23	30-un-22	Year Ended 31-Mar23
		(1)	(2)	(3)	(4)
		Unaudited	Audited#	Unaudited	Audited
1	Revenue from operations
	a. Sale of products	2726.51	3085.61	3061.98	11806.09
	b. Other operating revenues	47.21	56.81	40.89	267.75
	Totl Revenue from operations	273.72	3142.42	3102.87	12073.84
2	Other income	20.97	33.65	16.1	106.06
3	Totl Income	2794.69	316.07	3119.04	12179.90
4	Expenses
	a. Cost of materials consumed	1370.11	1394.81	1448.78	5504.52
	b. Purchases of stock-in-trade	20.26	13.01	13.99	109.72
	c. Changes in inventories of fnished goods, work-in-progress and stock in trade	(61.80)	44.66	(5.08)	21.91
	d.Employee benefs expense	181.96	179.60	161.58	684.19
	e. Finance cost	52.50	56.50	26.75	175.82
	f. Depreciation and amorisation expense	128.64	126.40	105.25	468.
	g. Power and fuel	298.52	279.98	354.21	1230.86
	h.Exchange currency fuctuation (gain)/ loss	22.40	24.85	12.80	86.71
	i Other expenses	291.03	306.84	323.2	1241.87
	Totl expenses	2303.62	2426.65	2392.70	9524.04
5	Proft befre tx fr the period	491.07	749.42	726.34	2655.86
6	Tax expense
	- Tax expense	125.67	176.82	217.91	682.02
	- Tax adjustment related to earler vears	-	(8.10)	-	(49.52)
7	Net Profit afer tx for the period	365.40	580.70	508.43	2023.36
8	Other Comprehensive Income
	A.Items that will not be reclassifed to profit or loss
	(i)(a) Gain / (loss) on remeasurement of defned beneft oblgation	(9.72)	(3.60)	(12.1)	(12.14)
	(i)(b) Income tax on item (i)(a) above	2.5	1.26	4.34	4.24
	B.Itemsthat wil be reclassifed to prftor loss
	(i)(a)Efectve porionofgain / (loss) on hedging instruments in a cash fow hedge	103.52	91.15	(162.95)	(252.29)
	(i)(b) Income tax on item(i)(a) above	(26.05)	(26.91)	47.59	67.58
	(ii)(a) Cost of hedging resere	1.06	(2.78)	2.69	3.81
	(i)(b) Income tax on item(i)(a) above	(0.27)	0.79	(0.74)	(0.79)
9	Totl Other Comprehensive Income/ (oss) fr the period	70.99	59.91	(121.48)	(189.59)
10	TotlComprehensive Income for the period	436.39	640.61	386.95	1833.77
1 1	Paid up equity share capital (Rs.10 each fuly paid up)	296.2	296.42	296.42	296.42
12	Other equityexcluding revaluation resere	9394.62	8956.11	716.38	8956.11
13	Net Wor	9691.04	9252.53	8012.80	9252.53
14	PaidUpDebt Capital	-	-	250.00	-
15	DebentureRedemptonResere	-	-	62.50	-
16	Capital RedemptionResere	10.8	10.8	10.8	10.8
17	Basic and Diluted EPS fr the period (annualised)	12.33	19.59	17.15	68.26
Net Worh=Paid up share capital (excludingforeited shares)+ Other equity
paid	up Debt Capitalcomprises of listed Debenturesonly
#Refrnote 6

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

SE

✓o

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 C I N -- L 18101 DL 1970PLC005197

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED JUNE 30, 2023

(Rs. in Crores)

				(Rs. in Crores)
		Stndalone
		Quarer Ended		Year Ended
Pariculars	30-un-23	31-Mar-23	30-un-22	31-Mar-23
	(1)	(2)	(3)	(4)
	Unaudited	Audited#	Unaudited	Audited
Segment Revenue
a) Technical Textiles Business (TTB)	464.65	430.70	571.02	1893.88
b) Chemicals Business (CB)	1647.23	2072.52	1706.83	7326.01
c) Packaging Film Busness (PFB)	543.47	546.53	719.75	2471.21
d) Others	118.71	94.29	105.60	392.61
Totl Segment Revenue	274.06	314.04	3103.20	12083.71
Less: Inter Seament Revenue	0.34	1.62	0.33	9.87
Revenue fom Operations	273.72	3142.42	3102.87	12073.84
Segment Result
(Prft befre interest and tax from each Segment)
a) Technical Textiles Business (TTB)	60.51	48.27	116.07	261.20
b) Chemicals Business (CB)	460.67	738.53	523.1	2340.30
c) Packaging Film Business (PFB)	31.24	38.50	166.96	332.35
d) Oters	23.16	11.33	6.76	34.82
Totl Segment Result	575.58	836.63	812.89	2968.67
Less/(Add):
i) Finance Cost	52.50	56.50	26.75	175.82
ii) OtherUnalocableExpenses(net of income)	32.01	30.71	59.80	136.99
Profit befretx fr the period	491.07	749.42	726.34	2655.86
Segment Asset
a) Technical Texties Business (TB)	1857.30	1766.50	2034.73	1766.50
b) Chemicals Business(CB)	10141.39	9623.78	7952.76	9623.78
c) PackagingFim Business (PFB)	2191.16	2181.83	2412.76	2181.83
d) Others	159.87	164.98	186.62	164.98
Totl segment asset	14349.72	13737.09	12586.87	13737.09
e) Unalocable	1399.13	1814.32	1413.26	1814.32
Totl	15748.85	15551.41	14000.13	15551.41
Segment Labities
a) Technical Textiles Business (TTB)	487.60	391.76	487.63	391.76
b) Chemicals Business (CB)	155.08	1320.97	11790	1320.97
c) Packaging Film Business (PFB)	605.07	563.17	633.91	563.17
d) Others	49.69	52.53	56.69	52.53
Totl segment labities	2197.4	2328.43	2356.13	2328.43
e)Unalocable	3859.35	3969.3	3630.18	3969.43
Totl	6056.79	6297.86	5986.31	6297.86

Refer note 6

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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, 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.comWebsite:www.srf.com CIN -- L 18101 DL 1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 24, 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 Board at its meeting held today has approved first interim dividend for 2023-24 of Rs. 3.60 per fully paid up equity share of Rs.1 O each, aggregating Rs. 106.72 Crores.

• 4 The listed Commercial Papers aggregating to Rs. 200 Crores were outstanding as on June 30, 2023. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings. There were no commercial papers due and repayable by the Company during the quarter ended June 30, 2023.

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

				(Ratios/percentages	(Ratios/percentages	as applcable)
				Stndalone
SI No.	Pariculars	30-Jun-23 (1)	QuarerEnded 31-Mar-23 (2)		30-un-22 (3)	Year Ended 31-Mar-23 (4)
		Unaudited	Audited		Unaudited	Audited
1	Debt sericecoverage ratio[(Earingsbefre depreciation, interest andtax­	3.02		4.22	4.58	3.09
	curent tax)/(Gross interest and leasepayments+scheduled principal
	repayment oflong term debts)] - Notannualised
2	Interest sericecoverage ratio[(Earingsbefore depreciation,interest andtax­	7.90		1053	23.6	13.10
	current tax)IGrss interest and leasepayments] - Notannualised
3	Baddebts to accounts receivable ratio%(Bad debts including prvisionfr	0.01%		0.03%	-	0.04%
	doubtuldebts/ Average tradereceivables) - Notannualsed
4	Debtors turover (Sale of products/Average tradereceivables) - Annualised	7.38		8.22	8.13	8.7
5	Inventor turover(Sale ofproducts/ Averageinventor)-Annualised	5.74		6.28	6.1	6.56
6	Operatingmargin%(Earingsbeforeinterest and tax/Totalrevenue from	19.60%	25.65%		24.27%	2345%
	operations including other operatngincome) - Notannualised
7	Net profmargin%(Proft afer tax/Totalrevenue fromoperationsincluding	13.17%	18.48%		16.39%	16.76%
	other operatingincome) - Notannnualised
8	Debtequity ratio (Totaldebt includingleaseliabilities/Total equit)	0.31		0.34	0.36	0.34
9	Long term debt toworking capital[(Non current borrowings + curent maturities	1.67		1.6	1.50	1.6
	of long termborrowings +leaseliabities)/Workingcapital]
10	Totaldebtsto total assets(Total debtincudingleaseliabites/Total assets)	0.19		0.20	0.21	0.20
1 1	Curent ratio (Total current assets/ Totalcurentlabites)	1.36		1.44	1.32	1.4
12	Current liabilitratio (Total currentlabites/Totallabilities)	0.57		0.55	0.65	0.55

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vO
SFF
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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 - 11009 I

• 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 RES UL TS FOR THE QUARTER ENDED JUNE 30, 2023

• 6 The figures for the quarter ended March 31 , 2023 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.The figures upto the end of the third quarter had only been reviewed and not subject to audit.

• 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/DDHS/P/CIR/2021/613 dated August IO, 2021 as amended has been completed by the Statutory Auditors.

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For and on behalf of the Board
Place : Gurugram Ashish Bharat Ram
Date : July 24, 2023 Chairman and Managing Director
70
g ±
DI P
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SRF • Genera [Restricted use] This mail, document can be used by recipients for its intended purpose only

Chartered Accountants

B S R & Co. LLP

Building No. 10, 12th Floor, Tower-C, DLF Cyber City, Phase - 11, Gurugram - 122 002, India Tel: +91 124 719 1000 Fax: +91 124 235 8613

Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 30 June 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/ HS/P/CIR/2021/613 dated 10 August 2021, as amended

To the Board of Directors of SRF Limited

• I. 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 June 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 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 l O August 2021, as amended.

• 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/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants 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.

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

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tent
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Registered Office:

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

I4th Floor, Central B Wing and North C Wing, Nesco T Park 4, Nesco Center, Western Express Highway. 6oregaon (East), Mumbai - 40 63

Page 1of 3

B S R & Co. LLP

Limited Review Report (Continued) SRF Limited

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

• SRF Holiday Home Limited

• g. SRF Altech Limited f.

• h. SRF Employees Welfare Trust (controlled trust)

• Attention is drawn to the fact that the figures for the three months ended 31 March 2023 as reported in the Statement 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 the 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) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/61 3 dated 10 August 202 l, 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 two Subsidiaries included in the Statement, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs.461.89 crores, total net profit after tax (before consolidation adjustments) of Rs.16.37 crores and total comprehensive income (before consolidation adjustments) ofRs.16.29 crores for the quarter ended 30 June 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 report of the other auditors and the procedures performed by us as stated in paragraph 3 above.

Both 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 conversj f 'iustments prepared by the management of the Parent and reviewed by us.

." conclusion is not modified in respect of this matter.

Page 2 of 3

B S R & Co. LLP

Limited Review Report (Continued) SRF Limited

1. The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflects total revenues (before consolidation Rs. adjustments) of Rs.138.46 crores, total net loss after tax (before consolidation adjustments) of 14.49 crores and total comprehensive loss (before consolidation adjustments) of Rs.14.49

crores, for the quarter ended 30 June 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.

24 July 2023 Gurugram

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For B S R & Co. LLP �ed Accountants Fi/g'lstration No.:101 /W-100022 / Membership No.: 090075 UDIN:23090075BGYULA4755

Page 3 of 3

✓o s5FE

SRF LIMITED

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER ENDED JUNE 30, 2023

SRF General [Restricted use].Thi mail, document an 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 -LI 810 I DLI 970PLC005 l 97

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

			(Rs. in	Crores, except	per share dat)
			Consoldated
		Quarer Ended			Year Ended
S.No.	Pariculars	30-Jun-23	31-Mar-23	30-un-22	31-Mar23
		(1)	(2)	(3)	(4)
		Unaudited	Audited#	Unaudited	Audited
	Revenue from operations
1	a) Sale of products	3288.97	3719.30	3852.22	14591.82
	b) Other operating revenues	49.41	58.79	42.50	278.43
	Total Revenue from operations	3338.38	3778.09	3894.72	14870.25
2	Other income	11.76	22.33	9.85	74.93
3	Totl Income	3350.14	3800.42	3904.57	14945.18
4	Expenses
	a) Cost of materals cnsumed	1732.75	1779.82	1906.96	7125.21
	b) Purchases of stock-in-trde	25.56	6.70	75.13	277.22
	c) Changes in inventories of fnished goods, work-in-progress and stock in trade	(57.79)	101.91	(124.32)	(8.92)
	d) Employee benefs expense	217.97	214.15	194.21	813.80
	e) Financ costs	65.63	65 90	32.50	20482
	fDepreciation and amorisaton expense	156.61	154.64	130.73	575.32
	g) Power and fuel	35280	344.01	410.30	1472.25
	h) Exchange curencyfuctuaton (gain)/loss	23.73	28.01	24.87	104.00
	i) Other expenses	347.11	371.89	412.60	1557.49
	Totl expenses	2864.37	3067.03	3062.98	12121.19
5	Proft before tx fr the period	485.7	733.39	841.59	2823.99
6	Tax expense
	- Taxexpense	126.48	179.04	233.59	711.17
	- Taxadjustment related toearler years	-	(810)	-	(49.52)
7	Net Proft afer tx fr the period	359.29	562.45	608.00	2162.34
8	Oher ComprehensiveIncome
	A Itemstatwilnot be relassifed toprf orloss
	(i)Gain/(loss) on remeasurementofte defned beneft obligation	(9.86)	(3.40)	(1241)	(11.95)
	Income tax on item(i)above	247	1.25	4.34	4.24
	B Items thatwilbe reclassied to prof or loss
	()Efectve porion of gain/ (loss) on hedginginstruments inacash fowhedge	103.52	91.70	(162.95)	(252.41)
	Income taxonitem()above	(26.05)	(2691)	47.59	67.58
	(ii)Cost of hedging resere	0.99	(2.53)	2.59	5.02
	Income tax on item(i) above	(0.27)	0.79	(0.74)	(0.79)
	(ii)Exchange diferencs on translation offoreign operatons	(60.61)	(19.62)	(52.65)	(7.32)
9	Totl Oher Comprehensive Income /(loss) for the period	10.19	41.28	(174.23)	(19563)
10	Total Comprehensive Income /(loss) fr the period	369.48	603.73	433.7	1966.71
11	Paidup equitsharecptal (Rs.10eachfulypaid up)	296.42	296.42	296.42	296.42
12	Oter equit excluding revaluation resere	10401.24	1029.61	8703.78	1002961
13	Net Wor	1697.66	10326.03	9000.20	10326.03
14	Paid Up Debt Capitl	-	-	250.00	-
15	Debenture RedemptionResere	-	-	62.50	-
16	CapitalRedemption Resere	10.8	10.48	10.8	10.48
17	Basic and Diluted EPSfor the period (not annualsed)	12.12	18.97	20.51	72.95

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

•• Paid up Debt Capital comprises of listed Debentures only # Refer Note no.6

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

vO SE

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 1810 IDLI 970PLC005 I 97

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER ENDED JUNE 30, 2023

				(Rs In Crores)
		Consolidated
		Quarer Ended		Year Ended
Paricular	30-un-23 (1)	31-Mar-23 (2)	30-un-22 (3)	31-Mar-23 (4)
	Unaudited	Audited#	Unaudited	Audited
Segment Revenue
a) Technical Texiles Busness (TB)	464.65	430.70	571.02	1893.88
b) Chemicals Business (CB)	1660.54	2101.67	1722.43	741088
c) Packaging Film Business (PFB)	1094.81	1153.05	1496.00	5182.75
d) Others	118.71	94.29	105.60	392.61
Totl Segment Revenue	3338.71	379.7	3895.05	14880.12
Less:Inter Segment Revenue	0.33	1.62	0.33	9.87
Revenue from Operations	3338.38	378.09	3894.72	14870.25
Segment Result
(Proft before Interest and Tax frm each Segment
a)Technical Texiles Business (TB)	60.65	48.0	116.21	261.74
b) Chemicals Business(CB)	460.07	739.25	520.21	2340.67
c) Packaging Film Business (PFB)	51.30	40.96	295.17	556.19
d) Others	23.16	11.33	6.76	34.82
Totl Segment Result	595.18	839.94	938.35	3193.42
Less/(Add):
i) Finance Costs	65.63	65.90	32.50	204.82
ii) Other UnalocableExpenses (net ofincome)	43.78	40.65	64.26	164.61
Profit before tx for the period	485.7	73339	841.59	2823.99
Segment Asset
a) Technical Texiles Busness (TB)	1845.37	1754.44	202226	1754.4
b) Chemicals Business(CB)	10225.24	9734.26	8003.09	9734.26
c) Packaging Film Business (PFB)	5911.87	5800.54	5940.76	5800.54
d)Ohers	159.87	164.98	186.62	164.98
Total segment assets	18142.35	17454.22	16152.73	17454.22
e)Una ocable	1070.07	1300.30	663.67	1300.30
Totl	19212.42	1875.52	16816.40	1875.52
Segment Labites
a) Technical TexilesBusiness (TB)	48760	391.76	487.63	391.76
b) Chemicals Business (CB)	1060.11	1352.16	1202.23	1352.16
c) PacagingFilm Business (PFB)	1303.06	1284.12	1606.91	1284.12
d) Others	49.69	52.53	56.69	52.53
Totl segment liabilities	2900.46	3080.57	3353.46	3080.57
e)Unalocable	5613.28	5346.90	4461.71	5346.90
Totl	8513.74	8427.47	7815.17	842747

Refer Note no.6

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

vO sRF LIMITED SFF 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 - 11 91 Tel. No (Regd office):(+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: info@srf.comWebsite:www.srf.com CIN -Ll8101DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 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 July 24, 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 w .srf.com and financial results at "Corporate Announcements" section ofwww.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 Board at its meeting held today has approved first interim dividend for 2023-24 of Rs. 3.60 per fully paid up equity share of Rs. IO each, aggregating Rs. 106. 72 crores.

• 4 The listed Commercial Papers aggregating to Rs. 200 Crores were outstanding as on June 30, 2023. The Company's commercial paper programme has been rated as CRIS IL Al+ by CRIS IL and IND A 1 + by India Ratings. There were no commercial papers due and repayable by the Company during the quarter ended June 30, 2023.

• 5 Disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5

			(Ratios/ percentages	(Ratios/ percentages	(Ratios/ percentages	as applcable)
			Consolidated
		Quarter Ended				Year Ended
S No.	Particulars	30-Jun-23	31-Mar23	30-Jun-22		31-Mar-23
		()	2)	(3)		(4)
		Unaudied	Audited	Unaudited		Audited
1	Debt serice coverge rtio ((Earings befre depreciation,interest	2.64	3.0		5.09	2.98
	and ta -curent Ta)/ (Grss Interest and leae payents +
	scheduled principal repayment of long ter debts)}-Not
	annualised
2	Interest serice coverage rtio( (Eaings befre depreciation,	6.63	9.7	25.11		12.67
	interest and ta - curent ta)/Grossinterest and leae payments)}­
	Not annualised
3	Bad debtsto accountsreceivable ratio%(Bad debts including	0.01%	0.09%		-	0.14%
	prvision fr doubtfl debts/Averge trade receivables) - Not
	annualised
4	Debtor turover (Sale of prducts/ Averge trde receivables)­	7.11	8.02		7.82	8.16
	A ualised
5	Inventor turover (Sale of products/Averge Inventor)­	5.71	6.16		6.56	6.61
	A ualised
6	Operting magin % (Eaings befre interest and ta/ Total	16.2%	216%	22. %		20.37%
	revenue fom opertions incuding other operating income) - Not
	a ualised
7	Net prft magin % (Prft afer ta/ Total revenue fom	10.76%	14.89%	15.61%		14.54%
	operations including other operatingincome) - Notannualised
8	Debt equitratio (Total debt including leae liabiities/ Total	0.	0.3		0.1	0.3
	equit)
9	Long terdebt toworking capital	6.66	3.41		3.25	3.1
	((on curent borowing+ curent maturitoflong ter
	borowing+leae liabilities)/Working capital)
10	Total debts toTotal a ets	0.25	0.24		0.22	0.24
	(Totaldebt including leae liabilities / Total assets )
1 1	Curent ratio (Total curentasets/ Total curentlabilities)	108	17		15	17
12	Curentliabilit Ratio (Totalcurent liabilities/ Total liabilities)	� {9	.- R95		0.66	0.58

« t' / k .- ii,,

/ND\P --

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

• SRF LIMITED

• N

• SFIF 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 -L18101DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2023

• 6 The figures for the quarter ended March 3 1, 2023 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.The figures upto the end of the third quarter had only been reviewed and not subject to audit.

• 7 Limited Review :

• The Limited Review, as required under Regulation 33 and Regulation 52(4) ofSEBI (Listing Obligations and Disclosure Requirements) Regulations, 20 15 , as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 as amended has been completed by the Statutory Auditors.

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Place: Gurugram
Date : July 24, 2023 a
4 S F %
�\JM1r�O /ND\
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For d on behalf of the Board
Ashish Bharat Ram
Chairman and Managing Director
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SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only