SRF Ltd. — Interim / Quarterly Report 2023

May 10, 2023

The Corporate Relationship Department, National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Ist Floor , New Trading Ring Rotunda Bandra-Kurla Complex Building, P.J. Towers Bandra (E) Dalal Street, Mumbai 400 051 Mumbai 400 001 Scrip Code- 503806 Scrip Code-SRF

SRF/SEC/BSE/NSE

10[th] May, 2023

Dear Sir,

Presentation- Earnings Call (Audited Financial Results for the quarter and year ended 31.03.2023)

In continuation of our letter dated 06[th] May, 2023 informing about hosting of earning call to discuss audited financial results for quarter and year ended 31[st] March, 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: 2023.05.10 12:37:11 +05'30'

RAJAT LAKHANPAL Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

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SRF Limited Q4 & FY23 Results Presentation May 10, 2023

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Disclaimer
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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 events or circumstances.

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Contents

Company Overview……………………………………………………04

Q4 & FY23 Results Overview…..…..………………….…………10 Q4 & FY23 Segmental Performance……..………………….…15 Outlook…………………………………………………………….……....31

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COMPANY OVERVIEW

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Snapshot

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Exports to Operations in
14 Close to
8,000
90+ 4
Manufacturing Facilities Global Workforce
Countries Countries
Rs. 14,870 cr 35% 50% 15%
Revenue Packaging Chemicals Technical Textiles & Others
Rs. 3,708 cr Rs. 2,162 cr
EBITDA PAT
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Overview - Business Profile

Packaging Films

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Chemicals

Films for Flexible Packaging

Specialty Chemicals

Fluorochemicals

Intermediates for AI / Refrigerants API / Applications Pharma Propellants Contract Manufacturing, Industrial Chemicals Custom Research & Fluoropolymers Synthesis (Upcoming)

Bi-axially Oriented Polyethylene Terephthalate (BOPET)

Bi-axially Oriented Polypropylene (BOPP)

Technical Textiles

Others

Tyre Cord Fabrics (Nylon & Polyester) Belting Fabrics Polyester Industrial Yarn

Coated Fabrics Laminated Fabrics

Revenue

EBIT

No of Plants

(In No)

6

(In Rs. Crore)

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
PACKAGING FILMS
3 International Operations
TECHNICAL TEXTILES 1
4 National Operations 1 4. KwaZulu - Natal, South Africa
5. Rayong, Thailand
1. Madhya Pradesh, India - Malanpur, Bhind
6. Jaszfenyszaru, Hungary
2. Tamil Nadu, India - Manali
3. Gummidipoondi 1
4. Viralimalai
PACKAGING FILMS 1 2 South Africa
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3 National Operations 2 3
1. Uttarakhand, India- Kashipur
2. Madhya Pradesh, India - Special Economic Zone (SEZ),
3. Pithampur, Indore - Bagdoon, Pithampur, Indore
5
Thailand
LAMINATED FABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
COATED FABRICS
3
1 National Operation 2 Hungary 6
1. Tamil Nadu, India - Gummidipoondi 1
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Market Leadership Across Businesses

Specialty Chemicals

Fluorochemicals

Packaging Films

Established relationship with marquee customers

Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals

Recognized for expertise in developing, manufacturing and marketing innovative, superior film products

Capability in scaling up pilot processes and creating value through operational excellence

Domestic leadership in HFC’s excellence with strong trade distribution network; High levels of customer significant market share of engagement backed by Fluorochemicals in India strong R&D, technical with global scale operations service, product and quality management under one roof One of the few global manufacturers of Pharma Handling complex reactions - grade 134a/P - propellant in halogenation, ethylation, metered dose inhalers hydrogenation, nitration, diazotization, grignard, Among the top five global isomerization, amination, manufacturers of key organocatalysis, and Fluorochemical products decarboxylation

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 in close proximity to customer locations

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Technical Textiles

Domestic market leader in Tyre Cord manufacturing and Belting Fabrics

40% share in India’s Nylon Tyre Cord market. 2nd largest player globally

3rd largest manufacturer of Conveyor Belting Fabrics in the world

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Growth Levers

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

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Focus on building leadership businesses

Build and maintain market leadership in business segments

Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

Focus on building knowledge-based 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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Q4 & FY23 Results Overview

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Abridged Results Overview

Consolidated figures

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Particulars (Rs. Crore)	Q4 FY23	Q4 FY22	% Y-o-Y	FY23	FY22	% Y-o-Y
Gross Operating Revenue	3,778.1	3,549.4	6.4%	14,870.2	12,433.7	19.6%
EBITDA	981.9	943.8	4.0%	3,708.1	3,146.0	17.9%
EBITDA Margin (%)	26.0%	26.6%		24.9%	25.3%
Depreciation	154.6	131.6	17.5%	575.3	517.2	11.2%
Interest	65.9	35.7	84.6%	204.8	115.9	76.7%
ECF (Gain) / Loss	28.0	(11.4)		104.0	(72.7)
Profit Before Tax	733.4	787.9	-6.9%	2,824.0	2,585.6	9.2%
Profit After Tax	562.4	605.7	-7.1%	2,162.3	1,888.9	14.5%
Profit After Tax Margin (%)	14.9%	17.1%		14.5%	15.2%
Basic and Diluted EPS (Rs.)	18.97	20.43		72.95	63.75

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

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Results Overview - Financial Overview

Consolidated figures

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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

Revenue (Rs. Crore)

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Q4 FY23 Q4 FY22 FY23 FY22
Total – 3,779.7 Total – 3,552.7 Total – 14,880.1 Total – 12,445.6
94.3 93.4 392.6 340.3
430.7 496.7 1,893.9 2,085.2
2.5% 2.6% 2.7% 2.7%
11.4% 14.0% 12.7%
16.8%
42.1%
44.3%
49.8%
55.6%
30.5%
34.8%
39.1%
38.4%
2,101.7 1,572.5 7,410.9 5,240.8
1,153.0
1,390.1 5,182.7 4,779.3
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CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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Results Overview - EBIT Share

EBIT (Rs. Crore)

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Q4 FY23 Q4 FY22 FY23 FY22
Total – 839.9 Total – 875.7 Total – 3,193.4 Total – 2,835.0
4.1 20.4
11.3 34.8
48.4
261.7
91.4 471.4
41..0 1.3%
0.5% 1.1% 0.7%
5.8%
4.9% 10.4% 556.2 8.2% 16.6%
17.4%
49.3%
31.5%
57.6%
33.4%
73.3%
88.0%
739.2 275.9 504.3 2,340.7 1,396.9
946.3
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CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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Q4 & FY23 Segmental Performance Chemicals Packaging Films Technical Textiles Others

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Chemicals Business

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Chemicals Business - Results Update

Consolidated figures

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PARTICULARS	Q4 FY23	Q4 FY22	% Y-o-Y	FY23	FY22	% Y-o-Y
Segment Revenues	2,101.7	1,572.5	33.7%	7,410.9	5,240.8	41.4%
% Contribution to Revenues	55.6%	44.3%		49.8%	42.1%
EBIT	739.2	504.3	46.6%	2,340.7	1,396.9	67.6%
% EBIT Margins	35.2%	32.1%		31.6%	26.7%
% Contribution to EBIT	88.0%	57.6%		73.3%	49.3%

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Chemicals Business

Specialty Chemicals Business

Business delivered strong growth during the quarter and year under review owing to:

• New products commercialized in FY23, SRF launched 6 new products, 4 in Agro and 2 in the Pharma segment

Key products and their derivatives witnessed increased sales over CPLY

Commissioned new plants during the year which will aid future volumes

Several ongoing projects on track and likely to be commissioned in the near future.

Witnessed increased downstream customer demand for complex and advanced products. Multiple AIs under discussion with various customers.

Continuous emphasis on improving operational efficiency parameters and embedding sustainability initiatives through optimization of resources

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Market Trends

• Global agrochemical market witnessed healthy growth, leading to better sales of top agrochemical companies

‘China plus one’ procurement strategy has boosted India’s potential as an alternative specialty chemical manufacturing base. Additionally, with the emerging "Europe plus one" strategy, the Indian chemical industry is poised for further growth

Prices for certain key raw materials remained high, resulting in elevated production costs of some endproducts. However, some softening witnessed during the latter part of the year.

Usage of Fungicides and Herbicides is on the rise, resulting in overall healthy growth.

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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

18 new process patents were granted in FY23, taking the tally to 132 global patents to-date. Overall, the Company has applied for 406 patents

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406 Patents applied

132

Global Patents granted

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Chemicals Business

Fluorochemicals Business

Business delivered a healthy performance during the period:

Strong demand for Ref Gases; NPR’s of major HFC’s remained strong

Record sales achieved for Dymel® HFA 134a/P, with an expanded geographical footprint across 20+ countries

• Commissioned several new plants during the year CMS2, CPP, and CaCl2.

Continued focus on ramping up operations in FY24 and commissioning of ongoing projects:

PTFE facility commissioning expected in the ensuing quarter. Samples being produced for the market

PX-1/PX-2 progressing as per plan

Business to focus on building export portfolio in CMS to offset margin pressure due to domestic market slow down and oversupply situation.

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Market Trends

Global demand outlook for refrigerant gas remains strong and sustainable

Healthy opportunities in key markets of India, USA, and Middle East

Raw material prices and supply chain restrictions continue to be challenges

Some impact on HFC volumes in Q1FY24 likely due to a weak summer season, likely to be transitory

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Packaging Films Business

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Packaging Films Business - Results Update

Consolidated figures

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PARTICULARS	Q4 FY23	Q4 FY22	% Y-o-Y	FY23	FY22	% Y-o-Y
Segment Revenues	1,153.0	1,390.1	-17.1%	5,182.7	4,779.3	8.4%
% Contribution to Revenues	30.5%	39.1%		34.8%	38.4%
EBIT	41.0	275.8	-85.2%	556.2	946.3	-41.2%
% EBIT Margins	3.6%	19.8%		10.7%	19.8%
% Contribution to EBIT	4.9%	31.5%		17.4%	33.4%

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Packaging Films Business

Key Highlights

Business continued to face headwinds including margin pressure due to significant supply addition, global demand slowdown, and steep energy costs in Europe

To navigate through the uncertain times, SRF expanded its customer footprint and focused on VAP sales

Aluminium Foil project progressing as per plan, albeit with some cost increase;

higher output, quality and product portfolio being key reasons. SRF to become a solution provider of the three major substrates—BOPET, BOPP and Aluminium Foil.

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Market Trends

FY24 expected to see continued pressure on margins

Energy costs moderating in Europe

Global suppliers with multi locational facilities and customer relationships likely to witness positive traction

10 new products commercialised during the year (4 in BOPET and 6 in BOPP)

Volume gains from debottlenecked South African unit capacity likely to aid operational efficiencies

Sustainability initiatives expected to gain momentum during the year

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Technical Textiles Business

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Technical Textiles Business - Results Update

Consolidated figures

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PARTICULARS	Q4 FY23	Q4 FY22	% Y-o-Y	FY23	FY22	% Y-o-Y
Segment Revenues	430.7	496.7	-13.3%	1,893.9	2,085.2	-9.2%
% Contribution to Revenues	11.4%	14.0%		12.7%	16.8%
EBIT	48.4	91.4	-47.1%	261.7	471.4	-44.5%
% EBIT Margins	11.2%	18.4%		13.8%	22.6%
% Contribution to EBIT	5.8%	10.4%		8.2%	16.6%

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Technical Textiles Business

Key Highlights

Demand for Nylon Tyre Cord Fabric remained subdued during the quarter

Market Trends

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Belting Fabric delivered higher YoY sales

Improvement in demand for Polyester Industrial Yarn with key drivers being geo-textiles and seat belts

Trends showing slight improvement in demand for Nylon Tyre Cord Fabric

Focus on high-end VAP sales giving positive results

Enhanced focus on renewable energy, with a significant percentage of the energy requirements being met by green sources

Demand for Belting Fabrics is expected to remain healthy with enhanced focus on infrastructural development

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Others
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Others - Results Update

Consolidated figures

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PARTICULARS	Q4 FY23	Q4 FY22	% Y-o-Y	FY23	FY22	% Y-o-Y
Segment Revenues	94.3	93.4	1.0%	392.6	340.3	15.4%
% Contribution to Revenues	2.5%	2.6%		2.7%	2.7%
EBIT	11.3	4.1	177.1%	34.8	20.4	71.1%
% EBIT Margins	12.0%	4.4%		8.9%	6.0%
% Contribution to EBIT	1.3%	0.5%		1.1%	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

Recorded its highest ever domestic sales and EBITDA due to steady demand and a robust order book

Witnessed improved demand in all categories, with healthy contribution from VAPs

Laminated Fabrics

SRF maintained its price leadership in Q4 by selling full capacity Margins in mass signage application were subdued and expected to remain under pressure due to oversupply in the market

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SRF’s Community Engagement

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The inauguration of the Whitefield metro line in Bengaluru by the Hon'ble PM, Shri Narendra Modi on March 25, 2023, provided a unique opportunity to students from SRF Foundation's intervention schools to meet and interact with the Prime Minister

Skills for Livelihood Program launched by SRF Foundation in partnership with Microsoft and Shell. Program is expected to positively affect the lives of 5,000 students

To bridge the learning gaps and ensure appropriate class-level competencies, an activity-based remedial teaching program, Khel Khel Mein Shiksha was conducted for 5,700+ students in four locations, namely Mewat, Bhiwadi, Kamrup (M), and Bharuch

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Outlook

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Outlook - Chemicals Business

Specialty Chemicals

Recently capitalised PIP plant ramp up likely to be strong

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Complex products and AIs witnessing significant traction with customers Fungicides and Herbicides continue to show growth

Continued focus on launch of new products

Continue expanding portfolio of raw material suppliers to de risk availability

Fluorochemicals

• Positive trend is likely to continue demand in the refrigerants segment is expected to remain healthy in the near to medium term

Focus on expanding in new markets / geographies and product offerings, ramping up sales from refrigerants, blends and industrial solvents

Commissioning of PTFE and getting product approvals in place to remain in focus

Strong focus on effective resource utilization

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Outlook - Packaging Films Business

Aluminium foil project progressing as per plan

Focus on value-added products both in BOPP and BOPET

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Hungary expected to perform better in the ensuing quarters

Demand supply mismatch and pressure on margins expected to continue at least in the medium term

Some industry players witnessing cash losses, delay / cancellations of ordered lines likely to play out

Continued focus on increasing pace of R&D efforts, sustainability initiatives and cost optimisation

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Outlook - Technical Textiles Business

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

Demand in NTCF witnessing revival, augurs well for the near future

PIY and NIY sales witnessing positive trends

Other sub-segments of Technical Textiles Business expected to make a significant contribution to the overall performance

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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 eleven 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-theArt R&D facilities, SRF has filed 406 patents for R&D and technology so far, of which 132 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 Tel: +91 98330 90434 Email: anoop@cdr-india.com

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Thank You

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