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SRF Ltd. — Interim / Quarterly Report 2023
Jan 30, 2023
61903_rns_2023-01-30_4b3578b4-a54d-4fc2-bfce-d04282e23bfc.pdf
Interim / Quarterly Report
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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
National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex Bandra (E) Mumbai 400 051
Scrip Code-SRF
Scrip Code- 503806
SRF/SEC/BSE/NSE
30.01.2023
Dear Sir,
Unaudited Financial Results for the quarter and 9 months ended 31.12.2022 alongwith Limited Review Report for the quarter ended 31.12.2022
Pursuant to Regulation 33 and 52 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 30[th] January, 2023 (commenced at 11.50 a.m and concluded at 3.00 p.m.) has inter-alia considered and approved –
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Unaudited Consolidated Financial Results for the quarter and nine months ended 31.12.2022 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 31.12.2022)
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Unaudited Standalone Financial Results for the quarter and nine months ended 31.12.2022 (copy enclosed alongwith Limited Review Report by Statutory Auditors for quarter ended 31.12.2022)
Thanking you,
Yours faithfully,
For SRF LIMITED
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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: [email protected] 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
B S R & Co. LLP
Chartered Accountants
Building No.10,12th Floor, Tower-C DLF Cyber City, Phase-II, Gurugram -- 122 002, India
Telephone +91 124 719 1 Fax +91 124 235 8613
Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 3l December 2022 and year to date results for the period from I April 2022 t0 31 December 2022 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 SEB/HO/DDHS/P/CIR/2021/613 dated 10 August 2021
To the Board of Directors of SRF Limited
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We have reviewed the accompanying Statement of unaudited standalone financial results of SRF Limited (hereinafter referred to as "the Company") for the quarter ended 31 December 2022 and year-to-date results for the period from O I April 2022 to 3 1 December 2022 ("the Statement").
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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/DDHS/P/CIR/2021/613 dated 10 August 2021. Our responsibility is to issue a report on the Statement based on our review.
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We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
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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/2021/613 dated 10 August 2021, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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Delhi
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30 January 2023
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For BS R & Co. LLP
� Chartered Accountants
Firm's Registration No.:10, W/W-100022
?
Partner
Membership as75%mis
UDIN:23090075BGYUKM8168
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Registered Office.
14th Floor, Central B Wing and North C Wing, Nesco II Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
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Page 1 of I
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8 S R & C o (apartnership firm with Registration No 8A61223) converted into B S R & Co LLP {a Limited Liability Partnership with LLP Registration No AAB-8181) with effect from October 14, 2013
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SRF LIMITED
STANDALONE FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
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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 (Reg office). (+91-11)49482870 Fax (+91-11) 49482900
E-mat [email protected] Web6to: www.Erl.com CIN L181010L1070PLC006197
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
(Rs. In Crores, except per share data
| ~·· | ~·· | ~·· | . n ror, xp | . n ror, xp | . n ror, xp | p | are aa | ||
|---|---|---|---|---|---|---|---|---|---|
| S.No. Pariculars |
Quarer ended | "�...Standalono Nine Months Endod |
Year Ended | ||||||
| 31-Dec-22 | 30-Se0-22 | 31-Dec-21 | 31-Dec-22 | 31-Dec-21 | 31-Mar22 | ||||
| (1 | (|(3 | (4) | (5 | (6 | |||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
| 1 | Revenun fromoportions | ||||||||
| a. Sale of products | 275749 | 2901.01 | 2634.40 | 8720.8 | 7082.20 | 9836.55 | |||
| b. Other operatina revenues | 99.22 | 70.83 | 30.77 | 210.94 | 74.00 | 116.89 | |||
| Total Revenue from operations | 2856.71 | 2971.84 | 2665.17 | 8931.42 | 7156.20 | 9953.44 | |||
| 2 | Other income | 15.34 | 40.90 | 15.89 | 7.1 | 52.92 | 63.91 | ||
| 3 | Total Income | 2872.05 | 3012.74 | 2681.06 | 9003.83 | 7209.12 | 1001.35 | ||
| 4 | Expons0s | ||||||||
| a. Cost of materials consumed b. Purchases of stok-in-trade |
1309.52 41.21 |
1351.41 41.52 |
1327.85 28.7 |
4109.71 96.72 |
352936 71.35 |
4748.26 137 27 |
|||
| c. Changes in inventories of finished goods, work-in-progress and stock in trade |
(51.11) | 82.44 | (11265) | (2275) | (147.46) | (193.25) | |||
| d.Employee benefts expense | 17845 | 164.56 | 177.42 | 504.59 | 479.19 | 658.48 | |||
| e. Finance cost | 51.82 | 40.75 | 23 92 | 119.32 | 66.05 | 9445 | |||
| f.Depreciation and amortisatin expense | 12221 | 114.58 | 106.81 | 342.04 | 313.08 | 419.23 | |||
| gPowor and fual | 286.81 | 310.87 | 263.80 | 950.09 | 09500 | 904.23 | |||
| h. Exchange currency fuctuation (gain) /loss | 21.99 | 27.07 | (30.68) | 61.86 | (5986) | (71.0) | |||
| • Other expenses | 304.18 | 307.43 | 28333 | 935.03 | 776.54 | 1085.04 | |||
| Total expenses | 2264.08 | 2440.63 | 2068.27 | 7097.1 | 5724.21 | 7862.31 | |||
| 5 | Proft botore tax for the period | 607.97 | 572.11 | 612.79 | 1906.42 | 1484.91 | 2155.04 | ||
| 6 | Tax expense | ||||||||
| - Tax expense | 12216 | 165.13 | 209.54 | 505.20 | 478.39 | 665.34 | |||
| 7 | - Tax adjustment related to earlier vears Net Profit afer tax for tho poriod |
(9.25 495.06 |
(3217 439.15 |
403.25 | (41,42 1442.64 |
1006.52 | -- | (17.31 1507.01 |
|
| 8 | Other Comprehensive Income | ||||||||
| A. Items that wll not be reclassifed to proft or loss | |||||||||
| (i(a) Gain / (loss) of efned benefit oblgation ()(b) Income tax on item (i(a) above |
2.50 (0.87) |
1.36 (0.8) |
(1.64) 0.57 |
(8.55) 2.99 |
(2.14) 0.75 |
(7.30) 2.55 |
|||
| BItems that wll be reclassifed to profit or loss | |||||||||
| ()(a) Effective porion of gain / {loss) on hedging instruments in a cash fow hedge |
(45.84) | (134.65) | 41.40 | (34344) | 62.75 | 39.99 | |||
| (i{b) Income tax on item (i(a) above | 1.35 | 36.55 | (12.67) | 94.49 | (22.10) | (13.03) | |||
| (ii(a) Cost of hedging resere | 2.00 | 1.91 | (3.02} | 6.60 | 0.58 | 1.48 | |||
| (i)(b) income tax on item (i)(a) above | (0.6) | (0 38) | 0.83 | (1.58) | (0.18) | (0.5) | |||
| 9 u 11 12 |
Total Other Comprehensive Income for the period Total Comprehensive Income for the period Paid up equity share captal (Rs.10 each fully paid up) Other equity excluding revaluation resere |
(32.32 46274 296.2 8420.10 |
(95.69 343.46 296.42 7955.26 |
25.7 428.72 296.2 6975.02 |
(249.49 1193.15 29642 8420.10 |
39.66 1046.18 296.42 6975.02 |
23.24 1530.25 296.42 7327.36 |
||
| 13 14 |
Net Worth Paid Up Debt Captal" |
8716.52 | 8251.68 | 7271.44 250.00 |
871652 | 7271.44 250.00 |
7623.78 250.00 |
||
| 15 | Debenture +edemption Resere | 52.50 | 62.50 | 62.50 | |||||
| 16 | Basic and Diluted EPS tor the period {not | annualised | 16.70 | 14.81 | 1361 | 48.67 | 33.97 | 50.86 |
Refer note 5
gReter note T
Net Worth = Paid up share capital (excluding forfeited shares} + Other equity Paid up Debt Capital comprises of listed Debentures only
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SRF LIMITED
Registered Office:The Ga eria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 1 10091 Tel. No (Regd office) : (+91-11) 49482870 Fax . (+91-11) 49482900
E-mail: [email protected] Website www.srt.com CIN - L181010L.1970PLC005197
STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
(Rs. ' in Crores)
| (RsinCrores) ' |
||||||||
|---|---|---|---|---|---|---|---|---|
| Standalone | ||||||||
| Pariculars | 31 000 22 | Quarer Ended 30-6@ 22 |
31 Dc 21 | Nine Months Ended 31-Doc-22 31.Dec-21 |
Year Ended 31-M6r-22 |
|||
| 11, Unaudited |
r Unaudited |
(3 Unaudited |
(4 Unaudited |
(5 Unaudited |
(6)-- Audited |
|||
| Segment Revenue | ||||||||
| a) Tecnical TextlesBusness(TTB) | 425.95 | 466.21 | 537.7 | 1463.18 | 1588.58 | 2085.24 | ||
| b) Chemicals Business (CB) | 1738.36 | 1808.30 | 1422.04 | 5253.9 | 3653.0 | 5212.26 | ||
| c) Packaging Film Business (FB) | 607.98 | 596.95 | 601.55 | 1924.68 | 1675.88 | 2327 51 | ||
| d)Others | 92.34 | 100.38 | 107.05 | 298.32 | 246.98 | 340.34 | ||
| Total Segment Revenue | 2864.63 | 2971.84 | 2668.41 | 8939.67 | 7164.84 | 9965.35 | ||
| Less: Inter Seament Revenue Revenue from Operations |
7.92 2856.71 |
2971.84 | 3.24 2665.17 |
8.25 8931.42 |
864 7156.20 |
11,91 9953.44 |
||
| Segment Results | ||||||||
| (Proft before interest and tax from each Segment) a) Technical Textles Busness (TT8y |
3406 | 62.80 | 113.38 | 21293 | 379.56 | 470.84 | ||
| b) Chemicals Business (CB) | 561.52 | 517.45 | 418.38 | 1601.77 | 892.13 | 1397.35 | ||
| c) Packaging Tim Business (PF8) | 83.88 | 43.01 | 129.01 | 293.85 | 335.53 | 482.72 | ||
| gh) Others Total Seament Results |
-�~ - | ,. | 9.14 688.60 |
7.59 630.55 |
8.57 669.34 |
23.49 2132.04 |
16.26 1623.48 |
20.35 2371.26 |
| Locs/(Add): | ||||||||
| i) Finance Cost | 51.82 | 4075 | 23.92 | 119.32 | 66.05 | 94.45 | ||
| ii)Other Unallocable Expenses (net of income) | 28 81 | 1769 | 3263 | 106,30 | 72 52 | 121.77 | ||
| Profit before tax for the oeriod | 607.97 | 572.11 | 612.79 | 1906.42 | 1484.91 | 2155.04 | ||
| SegmentAssets | ||||||||
| a) Technical Textiles Business (1TB) | 1804 73 | 1924.07 | 1839.99 | 1804,73 | 1839.99 | 1830.61 | ||
| b) Chemicals Business (CB) | 9299.08 | 8382.40 | 6842.10 | 9299.08 | 6842.10 | 7154.46 | ||
| c) Pacaging Fim Business (PF8) | 2230.12 | 2327.82 | 1962.60 | 2230.12 | 1962.60 | 2198.19 | ||
| d) Others | 154.03 | 157.4% | 195.69 | 154.03 | 195.69 | 17494 | ||
| Totalsegment assets | 13487.96 | 12791.70 | 10840.38 | 13487.96 | 10840.38 | 11358.20 | ||
| e) Unalocable | 1568.34 | 1412 53 | 1609.51 | 1568.34 | 160951 | 157702 | ||
| f)Assets cassified as held for sale | 3.00 | 3 00 | 3 00 | |||||
| Total | 15056.30 | 14204.23 | 12452.89 | 15056.30 | 12452.89 | 12938.22 | ||
| Segment Liabilities | ||||||||
| a) Technical Texties Business (TT8) | 311.78 | 446.37 | 427.51 | 311.78 | 427.51 | 416.95 | ||
| b) Chemicals Business (CE) | 1467 77 | 1242.37 | 1091.26 | 1467.7 | 1091.26 | 938.85 | ||
| c) Packaging Film Business (PFB) | 53283 | 481.30 | 329.09 | 532.83 | 329.09 | 39099 | ||
| d) Oters | 37.01 | 37.29 | 47.48 | 37.01 | 47,48 | 37.02 | ||
| Total segment liabilities | 2349.39 | 220733 | 1895.34 | 2349.39 | 1895.34 | 1783.81 | ||
| eUnalocable | 3989 37 | 3744.20 | 3285.10 | 3989.37 | 3285.10 | 352961 | ||
| Total | 6338.76 | 5951.53 | 5180.4 | 6338.76 | 5180.44 | 5313.2 |
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SRF LIMITED
Registered Office.The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Viar Place, Noida Link Road, Mayur Viar Phase I Extn, Delhi- 110091 Tel. No (Regd office); (+91-11)49482870 Fax (+91-11)49482900
E-mail: [email protected] Website: www.std.com CIN - L18101041970PL0005197
NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
The above results of SRF Limited ('the Company'} were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 30, 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 investors section of our website at www.srt.com and financial results at Corporates section of www.nseinia.com and www.bseintdia.com.
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2 These financial results of the Company have been prepared in accordance with the Indian Acounting 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.
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Tho lGtod Comwcreia toper uggregting to [Rs. 500 Crores were outstanding as on Detebe1 31, 2022. Tle Conaty's tunucal paper programme has been rated as CFRISit A1+ by CRISiL and IND A1+ by India Ratings. During the quarter ended December 31, 2022, the Company has repaid all commercial papers due and payable on the respective due dates.
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4 Additional disclosures as per Clause 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) +Regulations, 2015
| (Ratios | / porcentaqes | as applicable | ||||||
|---|---|---|---|---|---|---|---|---|
| Standalone | ||||||||
| s No. |
Pariculars |
31-Dec-22 | Quarer Ended 30-$ep-22 |
31-Dec-21 | Nine Months 31-0ec-22 |
Ended 31-Dec-21 |
Year Ended 31-Mar-22 |
|
| (1) | (2 | vi | (4) | (5) | (6) | |||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | |||
| 1 | Debt serice coverage ratio [(Earnings before depreciation, interest and tax | 3 96 | 1.64 | 4.01 | 2.80 | 392 | 4.06 | |
| current tax) / (Gr0ss interest and lease payments + scheduled principal | ||||||||
| repayment of long term debts)] - Not annualised | ||||||||
| 2 | interest serice coverageratin[(Earnngsbeforedepreciation, interest and tax | 10.78 | 13.28 | 21.21 | 14.47 | 19.60 | 19.04 | |
| current tax) / Gross interest and lease payments] - Not annualised | ||||||||
| 3 | Bad debts to accounts receivable ratio% (Bad debts incuding provision for | 0.05% | 0.01% | 0.03% | 0.05% | |||
| doubful debts / Average trade receivables} - Not annuaised | ||||||||
| 4 | Debtors turnover {Sale of products / Average trade receivables) - Annualised | 7.36 | 7.51 | 801 | 7.97 | 7.73 | 8.33 | |
| 5 | Inventory turnover (Sale of products!Average inventory) - Annualised | 5.50 | 5.80 | 6.51 | 6.07 | 6.21 | 648 | |
| 6 | Operating margin%(Earnings before interest and tax / Total revenue from | 23.10% | 20.62% | 23.89% | 22.68% | 21.67% | 22.60% | |
| operations including other operating income) - Not annualised | ||||||||
| 7 | Net proft margin%(Profit afer tax / Total revenue from operations incuding | 17.33% | 14.78% | 15.13% | 16.15% | 14.07% | 15.14% | |
| other operating income) - Not annualised | ||||||||
| 8 | Debt equityratio(Toal debt incuding lease liablities / Total equity) | 0.37 | 0.35 | 0.38 | 0.37 | 0.38 | 0.38 | |
| 9 | Long term debt to woring capital [(Non current borrowings + current maturities | 1.62 | 1.65 | 1.73 | 1.62 | 1.73 | 1.77 | |
| of long term borrowngs + lease liabiities)/ Woring capital] | ||||||||
| 10 | Total debts to total assets (Total debt including lease liabilities / Total assets) | 0.21 | 020 | 0.22 | 0.21 | 0.2 | 0.22 | |
| 11 | Current ratio (Total current assets / Total current liablities) | 1.26 | 1.25 | 1.26 | 1.26 | 1.26 | 1.35 | |
| 12 | Current liabiiy ratio (Totat current liabilties / Total liablities) | 0.65 | 0.64 | 0.70 | 0.65 | 0.70 | 0.61 |
5 During the previous quarter, the Company had received a favorable income tax assessment order pertaining to a prior year. According to the Order, the Company has recognised interest income of Rs. 20.15 Crores as other income and has written back Rs. 32,17 Crores as 'Tax adjustment related to earlier yoars', in the statement of profit and loss in the quarter ended September 30, 2022.
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SRF LIMITED
ftcgiatered Office: The Galleria, DLf Mayer Vihar, Unit No, 230 & 237, 3econ Flour, Mayur Viha Place, Neida Link FKoa, Mayu Vilar Phase I Ext, Dellii 110091
Tel. No (Regd office): (+91-11) 49482870 Tax .(+91 11) 49482900 E mat: [email protected] website: www.srt.com CIN --L18101D\1970PL€005197
NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
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6 The Board at its meeting held today has approved second interim dividend for 2022-23 0f Rs. 3.60 per fully paid up equity share of RRs. 10 each, aggregating Rs. 106.71 Crores
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7 As per the relovant accounting stondords, the Company ree3so0sses its MAT credit utilisations and its recognition on an ongoing basis. Basis estimates of profitability and relevant tax provisions, the Company expects that it will be able to utilise additional MAT credit of Rs. 74.02 Crores in the current financial year which was previously written off. Based on estimated annual effective tax rate, Rs. 52.43 Crores has been recognised during the quarter and nine months ended December 31, 2022.
8 Limited Review;
The Limited Review, as required under 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/CIR/2021/613 date August 10, 202{ has been completed by the Statutory Auditors.
Place : Dahej, Gujarat Date : January 30, 2023
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""C " '�
Ashish Bharat Ram
Chairman and Managing Director
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Building No.10,12th Floor, Tower-C, DLF Cyber City, Phase-II, Gurugram - 122 002, India
B S R & Co. LLP
Chartered Accountants
Telephone +91 124 719 1000 Fax +91 124 235 3613
Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 3l December 2022 and year to date results for the period from I April 2022 t0 3 1 December 2022 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
To the Board of Directors of SRF Limited
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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 3 1 December 2022 and year to date results for the period from O I April 2022 to 31 December 2022 ("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/ HS/P/CIR/2021/613 dated 10 August 2021.
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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 IO August 2021. Our responsibility is to express a conclusion on the Statement based on our review.
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We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2 4 1 0 "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.
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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 the extent applicable.
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The Statement includes the results of the following entities:
Holding Company:
SRF Limited
Subsidiaries:
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a. SRF Global BY
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b. SRF Flexipak (South Africa) (Pty) Limited
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c. SRF Industries (Thailand) Limited
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d. SRF lndustex Belting (Pty) Limited
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e. SRF Europe Kft
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f. SRF Holiday Home Limited
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g. SRF Employees Welfare Trust (controlled trust)
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h. SRF Altech Limited
Registered Office;
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 40 3
gs4&c o.[a partnership firm with Registration to s61221 converted i n t o 8 S R & C o LLP (a Limited Liability Partnership with 1LP Registration No. AA8-8181] with effect tram October 14, 2013
Page 1 of2
Limited Review Report (Continued) SRF Limited
B S R & Co. LLP
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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 10 August 2021, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflect total revenues (before consolidation adjustments) of Rs. 628.34 crores and Rs. 2,242.74 crores, total net profit after tax (before consolidation adjustments) of Rs. 12.54 crores and Rs. 155.07 crores and total comprehensive income (before consolidation adjustments) of Rs. 13.18 crores and Rs. 155.35 crores, for the quarter ended 31 December 2022 and for the period from l April 2022 to 31 December 2022 respectively, 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.
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All of these three 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.
Our conclusion is not modified in respect of this matter.
- The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflect total revenues (before consolidation adjustments) of Rs. 37.89 crores and Rs. 112. 72 crores, total net profit after tax (before consolidation adjustments) of Rs. 3.35 crores and Rs. 5.32 crores and total comprehensive income (before consolidation adjustments) of Rs. 3.35 crores and Rs. 5.32 crores, for the quarter ended 31 December 2022 and for the period from l April 2022 to 31 December 2022 respectively, 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.
Delhi 30 January 2023
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For BS R & Co. LLP
Chartered Accountants
F irm < Re +' · . -100022
Partner
Membership No.: 090023
UDIN:23090075BGYUKN7173
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Page 2 of2
SRF LIMITED ;./ � S-FE
CONSOLIDATED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
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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- 1H 009 I Tel. No (Regd office) : ( + 9 1-1 1) 49482870 Fax : ( + 91-11 ) 49482900
E-mail: [email protected] Website: www.srf.com CIN -- LI8101DL1970PLC005197
STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
| (Rs.in | Crres, except | per sharedata) | |||||
|---|---|---|---|---|---|---|---|
| Consoldated | |||||||
| Quarter Ended | Nine Months Ended | Year Ended | |||||
| S.No. | Pariculars |
31-Dec-22 (1) |
30-Sep-22 (2) |
31-Dec-21 t |
31-Dec-22 (4) |
31-Dec-21 (5) |
31-Mar-22 (6) |
| Unaudited | Unaudited | Unaudited | Unaudited | Unudited | Audited | ||
| Revenuefomoperations | |||||||
| 1 | a)Sale of products | 3369.27 | 3651.03 |
3314.14 | 10872.52 | 8807.47 | 1231275 |
| b)Oteroperating revenues | 100.39 | 76.75 |
31.73 | 219.64 | 76.7 | 120.91 |
|
| Total Revenue fom operations | 3469.66 | 3727.78 |
3345.87 | 11092.16 | 8884.24 | 12433.66 |
|
| 2 | Other income | 10.01 | 32.74 |
10.67 | 5260 | 35.57 | 42.80 |
| 3 | TotalIncome | 3479.67 | 3760.52 |
3356.54 | 11144.76 | 8919.81 | 12476.6 |
| 4 | Expenses | ||||||
| a) Cost of materials consumed | 1652.76 | 1785.67 |
1739.73 | 5345.39 | 4,53531 | 6171.10 | |
| b) Purchases of stock-in-trade | 132.81 | 6258 | 44.95 | 270.52 | 88.77 | 175.59 |
|
| c) Changesininventoriesof fnishedgoods,work-in-progress and stockin trade | (91.19) | 104.68 |
(143.27) | (11083) | (220.85) | (279.75) |
|
| d) Employee benefts expense | 210.17 | 195.27 |
206.77 | 599.65 | 566.50 | 780.00 |
|
| e) Finance costs | 61.95 | 44.47 |
29.1 | 13892 | 80.24 | 115.93 | |
| f) Depreciationandamorisationexpense | 150.65 | 139.30 |
13239 | 420.68 | 385.63 | 517.23 |
|
| g) Power andfuel | 344.26 | 37368 |
300.18 | 1,128.24 | 795.79 | 1135.56 | |
| h) Exchange currencyfuctuaton (gain)/loss | 15.04 | 36.08 | (33.53) | 75.99 | (61.31) | (7271) |
|
| i)Otherexpenses | 372.29 | 400.71 | 349.63 | 1,185.60 | 952.12 | 1347.96 | |
| Totalexpenses | 2848.74 | 3142.44 | 2626.26 | 9054.16 | 712220 | 9890.91 | |
| 5 | Proft befre taxfr theperiod | 630.93 | 618.08 | 73028 | 2090.60 | 1797.61 | 2585.55 |
| 6 | Taxexpense | ||||||
| -Tax expense | 129.28 | 169.26 | 224.74 | 53213 | 514.34 | 71394 | |
| -Tax adjustment relatedtoearlier years | (925) | (32.17) | (41.42) | (1731) | |||
| 7 | Net Profafertaxfr the period | 510.90 | 480.99 | 505.54 | 1599.89 | 1283.27 | 1888.9 |
| 8 | Other Comprehensive Income | ||||||
| AItemsthatwinotbe reclassifedtoproft orloss | |||||||
| (i) GainI{loss)of defnedbenefoblgation | 2.50 | 1.36 | (1.64) | (8.55) | (2.14) | (7.7) | |
| Incometax on item(i)above | (0.87) | (0.8) | 0.57 | 2.99 | 0.75 | 2.55 | |
| BItems thatw be recassifed toprofit orloss | |||||||
| (i)Efectveporion ofgain/{loss) onhedginginstrments inacash fowhedge |
(46.51) | (134.65) |
41.0 | (344.11) | 62.75 | 39.99 | |
| Incometax onitem(i)above | 10.35 | 36.55 | (12.66) | 94.49 | (22.09) | (1303) |
|
| (iiCostof hedgingresere | 3.31 | 1.65 | (1.99) | 7.55 | (2.85) | (2.17) | |
| Income tax on item(ii) above | (0.6) | (0.38) | 0.83 | (1.58) | (0.18) | (0.5) |
|
| (iii)Exchangediferences ontranslation of foreignoperations | 121.55 | (56.60) | (0.64) | 12.30 | (46.99) | 1.30 | |
| 9 | TotalOtherComprehensiveIncome fr the period | 89.87 | (152.55) | 25.87 | (236.91) | (10.75) | 20.72 |
| 10 | TotalComprehensiveIncome fr the period | 600.7 | 328.44 | 531.41 | 1362.98 | 1272.52 | 1909.64 |
| 11 | Paid upequty share captal(Rs.10eachfllypaid up) | 296.42 | 296.42 | 29642 | 296.42 | 29642 | 296.42 |
| 12 | Otherequityexcludingrevaluationresere | 9530.20 | 8927.39 | 7762.5 | 953020 | 7762.45 | 8267.92 |
| 13 | Net Worth" | 9826.62 | 922381 | 8058.87 | 9826.62 | 8058.87 | 8564.34 |
| 14 | aid 1IpDebt Captal" | 250.00 | 25000 | 250.00 | |||
| 15 | Debenture RedemptionResere | 62.50 | 6250 | 62.50 | |||
| 16 | Basic andDilutedEPSfrthe period(not annualised) | 17.24 | 16.23 | 17.06 | 53.97 | 43.31 | 63.75 |
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Net worth= Paid up share capital (excluding forfeited shares) + Other equity
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·· Paid up Debt Capital comprises of listed Debentures only Refer Note no. 5 Refer Note no. 7
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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) : ( + 9 1 -1 1 ) 49482870 Fax : ( + 9 1-11 ) 49482900
E-mail: [email protected] Website: www.srf.com CIN - LI8I0IDLI970PLC005197
STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
| (Rs. | InCrores) | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated | |||||||||
| QuarerEnded | Nine Months | Ended | YearEnded | ||||||
| Pariculars | 31-Dec-22 (1 |
30-Sep-22 (2) |
31-Dec-21 (3) |
31-Dec-22 (4) |
31-Dec-21 (5) |
31-Mar22 (6) |
|||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||
| Segment Revenue | |||||||||
| a) Technical TextilesBusiness(TT8) | 425.94 | 466.22 | 537.7 | 1463.18 | 1588.58 | 2085.24 | |||
| b) ChemcalsBusiness(CB) | 156.62 | 1830.16 | 1428.30 | 5309.21 | 3668.31 | 5240.78 | |||
| c)Packaging Film Business (PFB) | 120268 | 1331.02 | 1275.99 | 4029.70 | 3389.01 | 4779.21 | |||
| d) Others | 92.34 | 1 .38 | 10705 | 298.32 | 246.98 | 340.34 | |||
| TotalSegment Revenue | 3477.58 | 377.78 | 3349.11 | 11100.41 | 8892.88 | 12445.57 | |||
| Less:Inter Segment Revenue | 7.92 | 3.24 | 8.25 | 8.64 | 11.91 | ||||
| Revenuefom Operations | 3469.66 | 3727.78 | 3345.87 | 11092.16 | 8884.24 | 12433.66 | |||
| SegmentResults | |||||||||
| (ProftbeforeInterest and Tax from each Segment) | |||||||||
| a)TechnicalTextilesBusiness (TB) | 3420 | 62.93 | 113.51 | 213.34 | 380.01 | 471.3 | |||
| b)ChemicalsBusiness (CB) | 563.93 | 51.28 | 419.24 | 1601.42 | 892.60 | 1396.91 | |||
| c)Packaging FilmBusiness(PFB) | 118.62 | 101.44 | 254.21 | 51523 | 670.50 | 946.33 | |||
| d)Others | 9.14 | 7.59 | 8.57 | 23.9 | 16.26 | 20.35 | |||
| TotalSeament Results | 75.89 | 689.24 | 795.53 | 2353.48 | 1959.37 | 2835.02 | |||
| Less/(Add): | |||||||||
| i)FinanceCosts | 61.95 | 44.47 | 29.41 | 138.92 | 80.24 | 115.93 | |||
| ii)OtherUnalocableExpenses (netof income) | 33.01 | 26.69 | 35.84 | 123.96 | 81.52 | 133.54 | |||
| Proftbefretaxfr theperiod | 630.93 | 618.08 | 730.28 | 2090.60 | 197.61 | 2585.55 | |||
| Segment Assets | |||||||||
| a) Technica TextilesBusness(TT8) | 1792.54 | 1911,74 | 182725 | 1792.54 | 1827.25 | 1818.01 | |||
| b) ChemicalsBusiness (CB) | 9426.59 | 8445.28 | 6871.37 | 9426.59 | 6871.37 | 7193.65 | |||
| c)PackagingFilmBusiness (PFB) | 578924 | 5770.74 | 5146.98 | 5789.24 | 5146.98 | 5633.10 | |||
| d) Others | 154.03 | 157.41 | 195.69 | 15.03 | 19569 | 174.94 | |||
| Totalsegment assets | 17162.40 | 16285.1 | 14041.29 | 17162.40 | 14041.29 | 14819.70 | |||
| e)Unalocable | 862.03 | 767.85 | 1001.52 | 862.03 | 1001.52 | 953.91 | |||
| fAssetscassifed ashedfor sale | 3.00 | 3.00 | 3.00 | ||||||
| Total | 18024.43 | 17053.02 | 15045.81 | 18024.43 | 15045.81 | 15776.61 | |||
| SegmentLabilities | |||||||||
| a)Technical TextilesBusiness(TTB) | 311.78 | 446.37 | 427.51 | 311.78 | 427.51 | 416.95 | |||
| b)ChemicalsBusiness(CB) | 1553.83 | 1262.27 | 1096.94 | 1553.83 | 1096.94 | 950.33 | |||
| c)PackagingFilm Business (PFB) | 1203.64 | 1355.41 | 1281.86 | 1203.64 | 1281.86 | 1449.62 | |||
| d) Others | 37.01 | 37.9 | 47.48 | 37.01 | 47.8 | 37.02 | |||
| Totalsegmentlabiities | 3106.26 | 3101.34 | 2853.79 | 3106.26 | 2853.79 | 2853.92 | |||
| e)Unallocabe | 5090.55 | 476.85 | 413216 | 5090.55 | 413216 | 4357.33 | |||
| Total | 1nn f | Tr I | 441.4J | 6lo.6l | 0v60.vb | 4 11.A o | |||
| - |
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h
SSE Reg
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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 - I I 009 I
Tel. No (Regd office) : ( +9 1-11) 49482870 Fax : ( + 9 1-11 ) 49482900
-
E-mail: [email protected]:www.srf.com CIN - LI 8 10 I DLI 970PLC005 l 97
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NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
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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 approved by the Board of Directors at its meeting held on January 30, 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 Corporates section of www.nseindia.com and www.bseindia.com.
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2 These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section I 33 of the Companies Act, 20 3 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
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The listed Commercial Papers aggregating to Rs. 500 Crores were outstanding as on December 3 I. 2022. The Company's commercial paper programme has been rated as CRISIL A l + by CRISIL and IND A l + by India Ratings. During the quarter ended December 3 1 , 2022, the Company has repaid all commercial papers due and payable on the respective due dates.
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4 Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements Regulations, 2015 disclosure:
| (Ratios | /percentages | /percentages | asapplicable) | asapplicable) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Consolidated | |||||||||||
| Quarter Ended | Nine Months | Ended | YearEnded | ||||||||
| S No. | Particulars | 31-Dec-22 | 30-Sep-22 | 31-Dec-21 | 31-Dec-22 | 31-Dec-21 | 31-Mar-22 | ||||
| (I) | 02) | (3) | (4) | (5) | (6) | ||||||
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||||||
| I | Debtservicecoverageratio{(Earningsbeforedepreciation,interest | 3.70 | 1.68 | 4.78 | 289 | 4.32 | 4.35 | ||||
| and tax-currentTax)/(GrossInterest andleasepayments+ | |||||||||||
| scheduled principalrepaymentof longterm debts)} -Not | |||||||||||
| annualised | |||||||||||
| 2 | Interestservicecoverageratio{(Earnings befredepreciation, | 9.86 | 13.46 | 23.71 | 14.8 | 21.82 | 20.99 | ||||
| interest and tax-currenttax)/Grossinterest and leasepayments)} | |||||||||||
| Not annualised | |||||||||||
| 3 | Bad debtsto accountsreceivable ratio%(Bad debtsincluding | 0.07% | 0.05% | 0.03% | 0.06% | ||||||
| provisionfrdoubtfuldebts/Averagetrade receivables)-Not | |||||||||||
| annualised | |||||||||||
| 4 | Debtorturnover(Saleofproducts/Averagetradereceivables) | 7 .1 1 | 7.27 | 7.95 | 780 | 7.62 | 8.03 | ||||
| Annualised | |||||||||||
| 5 | Inventorturnover (Sale ofproducts/AverageInventor) | 5.47 | 5.93 | 6.85 | 6.17 | 6.60 | 6.83 | ||||
| Annualised | |||||||||||
| 6 | Opertingmargin%(Earingsbefreinterestand tax/Total | 19.97% | 17.77% | 22.70% | 20.10% | 2114% | 213% | ||||
| revenuefromoperations including other operatingincome) - Not | |||||||||||
| annualised | |||||||||||
| 7 | Netprofit margin%(Profit aftertax/Totalrevenuefrom | 14.73% | 12.90% | 1 5 | .1 1% | 14.42% | 14.4% | 15.19% | |||
| operationsincluding other operating income)-Not annualised | |||||||||||
| 8 | Debtequityratio (Total debt including leaseliabilities/Total | 0.3 | 0.2 | 0.4 | 0.3 | 0.4 | 0.3 | ||||
| equity) | |||||||||||
| 9 | Longtermdebt to workingcapital | 4.11 | 3.98 | 4.57 | 4 .11 | 4.57 | 3.22 | ||||
| ((Noncurentborrowings+current maturty oflongter | |||||||||||
| borowings+leaseliabilities)/Working capital) | |||||||||||
| 10 | TotaldebtstoTotalassets | 0.24 | 0.22 | 0.24 | 0.24 | 0.24 | 0.23 | ||||
| (Totaldebtincludingleaseliabilities/Total assets ) | |||||||||||
| II | Current ratio(Totalcurrent assets/Totalcurrentliabilities) | 1 .12 | 112 | III | 1.12 | I.I I | I IS | ||||
| 12 | CurrentliabilityRatio (Total currentliabilities/Total liabilities) | 0.63 | 0.64 | 0.68 | 0.63 | 0.68 | 0.62 |
During the previous quarter, the Company had received a favorable income tax assessment order pertaining to a prior year. According to the Order, the Company has recognised interest income of Rs. 20. I 5 crores as other income and has written back Rs. 32. 1 7 crores as 'Tax adjustmenls related to earlier years' in the Consolidated statement of profit and loss in the quarter ended September 30, 2022.
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SRF LIMITED ✓� SSE Registered Office: The Galleria, DLF Mayur Yihar, Unit No. 236 & 237, Second Floor, Mayur Yihar Place, Naida Link Road, Mayur Vihar Phase I Extn, Delhi - 11 00 9 1
Tel. No (Regd office): (+9 1-1 1 ) 49482870 Fax.: (+ 9 1-11 ) 49482900
E-mail: [email protected] Website: www.srf.com CIN - L 1 8 1 0 I DL I 970PLC005 l 97
NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2022
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6 The Board at its meeting held today has approved second interim dividend for 2022-23 of Rs. 3.60 per fully paid up equity share of Rs. IO each, aggregating Rs. I 06. 7 1 Crorcs.
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As per the relevant accounting standards, the Company reassesses its MAT credit utilisations and its recognition on an ongoing basis. Basis estimates of profitability and relevant tax provisions, the Company expeets that it will be able to utilise additional MAT credit of Rs. 74.02 Crores in the current financial year which was previously written off. Based on estimated annual effective tax rate, Rs. 52.43 Crores has been recognised during the quarter and nine months ended December 3 1 , 2022.
Limited Review :
- The Limited Review, as required under Regulation 33 and Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 20 I 5, as amended, as prescribed in Securities and Exchange Board of India operational circular SEB/HO/DDHS/P/CIR/2021/613 datcd August 10, 2021 has been completed by the Statutory Auditors.
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Place: Dahej, Gujarat
Date : January 30, 2023
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For nd on behalf of the Board
Ashish Bharat Ram
Chairman and Managing Director [- ]
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