SRF Ltd. — Interim / Quarterly Report 2025

Oct 23, 2024

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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

23.10.2024

Dear Sir,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and half year ended 30.09.2024)

In continuation of our letter dated 18[th] October, 2024 informing about hosting of earning call to discuss UnAudited financial results for quarter and half year ended 30[th] September, 2024, 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

Digitally signed by RAJAT RAJAT LAKHANPAL LAKHANPAL Date: 2024.10.23 13:48:08 +05'30'

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

Encl: As above

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

Corporate identity No. L181010L1970PLC005197

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Q2 & H1 FY25 Results Presentation October 23, 2024

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Disclaimer

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

SRF Limited may, from time to time, make additional written and oral forwardlooking 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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Table of Contents

01

02

Q2 & H1 FY25 Results Overview

Company Overview

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Q2 & H1 FY25 Outlook Segmental Performance

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COMPANY OVERVIEW

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Snapshot

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4 100+ 16 ~9,000 CountriesCountriesManufacturing Global Operations Exports Facilities Workforce ₹ 13,139 cr. ₹ 2,744 cr. ₹ 1,336 cr. Revenue EBITDA PAT 48% 34% 18% Chemicals Packaging Technical Films Textiles & Others

Note: On Consolidated basis as on 31st March 2024

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Overview - Business Profile

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No of Plants - 2 Specialty Chemicals Fluorochemicals • • Intermediates for AI/API/Specialized Refrigerants EBIT - ₹ 1,627 cr. • Applications Revenue - ₹ 6,297 cr. • Contract Development & Manufacturing

• Refrigerants • Industrial Chemicals

• Pharma Propellants • Fluoropolymers

Chemicals No of Plants - 8 Films for Flexible Packaging EBIT - ₹ 207 cr. • • Packaging Revenue - ₹ 4,489 cr. • Aluminium Foil Films

• Bi-axially Oriented Polyethylene Terephthalate (BOPET)

• Bi-axially Oriented Polypropylene (BOPP)

No of Plants - 4 • EBIT - ₹ 274 cr. • Belting Fabrics Technical • Polyester Industrial Yarn Revenue - ₹ 1,898 cr. Textiles

• Tyre Cord Fabrics (Nylon & Polyester)

Others No of Plants - 2 • Coated Fabrics EBIT - ₹ 93 cr. • Laminated Fabrics Revenue - ₹ 465 cr.

Note: On Consolidated basis as on 31st March 2024

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Manufacturing Facilities

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FLUOROCHEMICALS & SPECIALTY CHEMICALS

2 National Operations

1. Rajasthan, India - Bhiwadi

2. Gujarat, India - Dahej

TECHNICAL TEXTILES

4 National Operations

1. Madhya Pradesh, India - Malanpur, Bhind

2. Tamil Nadu, India -

3. a. Manali

4. b. Gummidipoondi

5. c. Viralimalai

PACKAGINGFILMS

5 National Operations

1. Uttarakhand, India - Kashipur

2. Madhya Pradesh, India -

3. a. Special Economic Zone (SEZ)

4. b. Bagdoon, Pithampur

5. c. Industrial Growth Centre, Pithampur

6. d. Jetapur

3 International Operations

1. KwaZulu - Natal, South Africa

2. Rayong, Thailand

3. Jaszfenyszaru, Hungary

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LAMINATEDFABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
1
1 1 COATED FABRICS
1 1 1 National Operation
1
1. Tamil Nadu, India - Gummidipoondi
1
2a 1
2 2b2c 2
2d a2b
2c
2d
International Operations
1 1
2b 2 4
2a 2a b 3 5
2c 2
c
South Africa Thailand Hungary
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Market Leadership Across Businesses

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01
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Specialty Chemicals

• Established relationship with marquee customers

• Strong tech capability – pilot to commercial; creating value through operational excellence

• Driving customer engagement and satisfaction through world class R&D, EHS and quality management

• Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination, Organocatalysis and Decarboxylation

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Fluorochemicals

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

• Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations

• One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers

• Among the top five global manufacturers of key Fluorochemical products

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Packaging Films

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

• Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness

• Highly efficient asset base offering value added products near customer locations

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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. 5th largest player globally

• 2nd largest manufacturer of Conveyor Belting Fabrics in the world

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Growth Levers

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Focus on building high-end value-added products

Continue to build new competencies in the Chemicals Technology space

Focus on building leadership businesses

Build and maintain market leadership in business segments

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

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

Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

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Q2 & H1 FY25 RESULTS OVERVIEW

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Abridged Results Overview

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Consolidated figures

Particulars (Rs. Crore)	Q2 FY25	Q2 FY24	% Y-o-Y	H1 FY25	H1 FY24	% Y-o-Y
Gross Operating Revenue	3,424.3	3,177.4	7.8%	6,888.4	6,515.7	5.7%
EBITDA	594.0	674.4	-11.9%	1,239.9	1,406.2	-11.8%
EBITDA Margin (%)	17.3%	21.2%		18.0%	21.6%
Depreciation	193.9	161.2	20.3%	382.1	317.8	20.2%
Interest	93.8	79.3	18.3%	190.3	144.9	31.3%
ECF (Gain) / Loss	22.6	19.1		39.8	42.8
Profit Before Tax	283.7	414.8	-31.6%	627.6	900.6	-30.3%
Profit After Tax	201.4	300.8	-33.0%	453.6	660.1	-31.3%
Profit After Tax Margin (%)	5.9%	9.5%		6.6%	10.1%
Basic and Diluted EPS (Rs.)	6.79	10.15		15.30	22.27

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Results Overview - Financial Overview

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Consolidated figures

Key Financial Ratios

Particulars	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24
EBITDA Margin	20.43%	22.13%	21.42%	17.69%	19.00%	20.90%	26.05%	25.30%	24.94%	20.88%
PAT Margin	8.78%	9.51%	10.87%	8.38%	8.33%	12.70%	14.26%	15.19%	14.54%	10.17%
Net Debt to Equity	0.98	0.71	0.67	0.82	0.83	0.76	0.39	0.32	0.32	0.35
Net Debt to EBIDTA	2.83	1.97	2.11	3.01	2.42	2.48	1.24	0.87	0.88	1.45
Asset Turnover	0.77	0.70	0.68	0.66	0.72	0.66	0.65	0.79	0.79	0.64
Debtors Turnover	7.43	8.79	7.21	8.10	6.90	8.09	6.64	6.94	8.33	6.76

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Results Overview - Revenue Share

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Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
Total – 3,180.8 Crs. Total – 3,426.7 Crs. Total – 6,519.5 Crs. Total – 6,896.5 Crs.
126.9 112.8 245.6 239.0
506.1 4.0% 1,426.3 535.5 3.3% 1,357.8 970.8 3.8% 3,086.8 1,060.8 3.5% 2,839.8
15.9% 15.6% 14.9% 15.4%
39.6% 41.2%
44.8%
47.3%
34.0%
35.3% 41.5% 40.0%
1,121.5 1,420.6 2,216.3 2,756.9
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CB PFB TTB Others

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

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Results Overview - EBIT Share

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Q2 FY24 Q2 FY25 H1 FY24 H1 FY25
Total – 533.1 Crs. Total – 417.5 Crs. Total – 1,128.3 Crs. Total – 901.9 Crs.
33.1 17.2 56.3 40.8
75.0 6.2% 347.8 71.3 4.1% 246.1 135.6 5.0% 807.8 139.0 4.5% 552.5
14.1% 17.1% 12.0% 15.4%
11.4%
14.5% 128.6
19.8% 59.0% 18.8% 61.3%
65.2%
77.3 71.6%
82.8 169.6
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CB PFB TTB Others

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

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Q2 & H1 FY25 - SEGMENTAL PERFORMANCE

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CHEMICALS BUSINESS

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Chemicals Business - Results Update

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Consolidated figures

PARTICULARS	Q2 FY25	Q2 FY24	% Y-o-Y	H1 FY25	H1 FY24	% Y-o-Y
Segment Revenues	1,357.8	1,426.3	-4.8%	2,839.8	3,086.8	-8.0%
% Contribution to Revenues	39.6%	44.8%		41.2%	47.3%
EBIT	246.1	347.8	-29.2%	552.5	807.8	-31.6%
% EBIT Margins	18.1%	24.4%		19.5%	26.2%
% Contribution to EBIT	59.0%	65.2%		61.3%	71.6%

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Chemicals Business

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Specialty Chemicals Business

Key Highlights

• Agrochemical market slowdown continues to impact performance

• New products witnessed positive traction while high inventory levels at customers’ end resulted in lower offtake for some key products

• Focused on quick ramp up of production at recently commissioned plants

Market Trends

  - Agro segment continues to witness pressure due to inventory adjustments

  - Cheaper Agrochemicals from China creating pricing pressures on certain products

  - Raw material prices are stabilizing and showing signs of bottoming out

• Continued collaboration with Innovators on more complex and downstream offerings, highlighting SRF’s R&D capabilities in developing sophisticated solutions

• Launched 3 new agro products and 3 new pharma products in H1

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Chemicals Business

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

• 2 new process patents granted in H1FY25

151 Global Patents granted

458

Patents applied

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Chemicals Business

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Fluorochemicals Business

Key Highlights

• Ref gases demonstrated healthy performance in domestic market

• Achieved highest-ever volume sales in H1, with increased market share in both RAC and MAC segments

• Export realizations for some ref gases remained subdued in Q2, negatively impacting overall margins

• US market remained subdued due to seasonality and inventory overhang

• Industrial Chemicals impacted due to adverse commodity cycle; some pricing improvement seen towards end of Q2.

• PTFE trials for free flow and fine cut grades continuing as planned

• Export sampling for certain grades in advanced stage of discussion

Market Trends

• Developed markets, especially the US, experiencing decline in HFC consumption due to regulatory requirements

• Emerging markets like India and the Middle East seeing significant demand growth due to expanding industrial sectors and rising air conditioning and refrigeration needs

• HFC 32 prices witnessed some uptrend

• Prices for key raw materials remained range bound

• The Board has approved a ₹1,100 crore project to establish production facilities for fourth-generation refrigerants with lower GWP and carbon footprint

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PACKAGING FILMS BUSINESS

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Packaging Films Business - Results Update

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Consolidated figures

PARTICULARS	Q2 FY25	Q2 FY24	% Y-o-Y	H1 FY25	H1 FY24	% Y-o-Y
Segment Revenues	1,420.6	1,121.5	26.7%	2,756.9	2,216.3	24.4%
% Contribution to Revenues	41.5%	35.3%		40.0%	34.0%
EBIT	82.8	77.3	7.2%	169.6	128.6	31.9%
% EBIT Margins	5.8%	6.9%		6.2%	5.8%
% Contribution to EBIT	19.8%	14.5%		18.8%	11.4%

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Packaging Films Business

Key Highlights

• Packaging Films Business registered improved performance

• BOPET performed well in India owing to better pricing and margins in Q2

• BOPP continued to remain stable and in line with expectations

• Thailand performance was impacted due to stiff Chinese competition

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Market Trends

• Global demand-supply imbalance persists in BOPET; likely to continue in short to mid term

• Significant surge in ocean freights & container availability negatively impacted exports from Thailand

• Intense competition from Chinese players continues in SouthEast Asia, impacting performance

• Continued focus on increased sale of identified VAPs yielding positive results. 7 BOPET and 8 BOPP product variants developed during H1

• Aluminium foil production stabilized in H1, supported by rising volumes both in domestic and exports markets.

• The Board has approved a ₹445 crore project to establish a hybrid BOPP-BOPE film line in India, which aligns with our overall sustainability agenda

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TECHNICAL TEXTILES BUSINESS

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Technical Textiles Business - Results Update

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Consolidated figures

PARTICULARS	Q2 FY25	Q2 FY24	% Y-o-Y	H1 FY25	H1 FY24	% Y-o-Y
Segment Revenues	535.5	506.2	5.8%	1060.8	970.8	9.3%
% Contribution to Revenues	15.6%	15.9%		15.4%	14.9%
EBIT	71.3	75.0	-4.8%	139.0	135.6	2.5%
% EBIT Margins	13.3%	14.8%		13.1%	14.0%
% Contribution to EBIT	17.1%	14.1%		15.4%	12.0%

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Technical Textiles Business

Key Highlights

• H1 performance was in line with expectations:

• Nylon Tyre Cord Fabrics (NTCF) delivered stable performance with highest-ever quarterly sales volumes

• Belting Fabrics (BF) witnessed healthy sales volumes; however, margins were impacted due to pricing pressures

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Market Trends

  - Demand for NTCF and PIY expected to remain strong, while BF demand may stay flat

  - Aggressive import prices of BF from China may continue to impact margins

• Polyester Industrial Yarn (PIY) segment performed well

• Continued focus on enhancing high-end VAP sales in BF, with entry into a new geography and commercialization of 8 new VAPs in H1

• Capex projects progressing as planned

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OTHER BUSINESSES

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Others - Results Update

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Consolidated figures

PARTICULARS	Q2 FY25	Q2 FY24	% Y-o-Y	H1 FY25	H1 FY24	% Y-o-Y
Segment Revenues	112.8	126.9	-11.1%	239.0	245.6	-2.7%
% Contribution to Revenues	3.3%	4.0%		3.5%	3.8%
EBIT	17.2	33.1	-48.1%	40.8	56.3	-27.5%
% EBIT Margins	15.2%	26.1%		17.1%	22.9%
% Contribution to EBIT	4.1%	6.2%		4.5%	5.0%

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Others - Key Highlights

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Coated Fabrics

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Laminated Fabrics

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• SRF continues to maintain its domestic market leadership in both volume and pricing

Achieved highest-ever domestic sales and VAP sales in H1. Anticipate stable performance in the upcoming quarter

Business aims to sustain profitability by increasing domestic volumes, focusing on VAPs and new product offerings

• Business maintained its price leadership by operating at full capacity

Excessive oversupply persists, exerting pressure on margins

• New Hot Lamination (HL) machine successfully stabilized

• Q3 likely to be better with robust demand due to festive season and better margins with HL VAPs in play

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SRF’s SRF’s Community Community Engagement Engagement

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• On August 15, 2024, Dr. Mohan Yadav, Hon’ble Chief Minister of Madhya Pradesh, inaugurated SRF Foundation's Digital Bus in Bhopal. The CM interacted with students and praised SRF Foundation for ensuring quality education in rural areas.

• At the 28th Bhamashah Samman Samaroh, the Rajasthan Government awarded SRF Foundation the Shiksha Vibhushan Award for its support of Rajasthan schools. This is the seventh time SRF Foundation has been honored at this ceremony.

• To support environmental conservation, 1500 saplings were planted across Bhiwadi schools.

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OUTLOOK

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Outlook - Chemicals Business

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Specialty Chemicals

Agrochemicals segment likely to show improvement; demand to gradually pick up in H2 based on strong order book

Work on AIs progressing as per plan

Product funnel remains strong

Launch of new pharma intermediates and ramp up of recently commissioned facilities to drive growth

Efforts on reducing costs / steps for certain key products should largely counter-balance pricing pressure in medium term

Fluorochemicals

Focus on maximizing HFC production

SRF’s integrated play provides significant advantages

PTFE should witness traction in value added grades around Q4 FY25

Additional AHF capacity to be commissioned soon; should provide cost advantages post-stabilization

4[th] gen ref gases capex reinforces our commitment towards lower GWP products and lowering carbon footprint

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Outlook – Packaging Films & Technical Textiles Business

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Packaging Films Business Chemicals Expect ongoing demand-supply imbalance and margin pressure to continue in BOPET BOPP to remain stable

Aluminium Foil facility expected to contribute in H2 with the proposed imposition of Anti Dumping Duty Thailand to perform better, with expected softening of global freight rates

Hungary expected to perform better, owing to increased sales to Mainland Europe; South Africa to continue performing well

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Technical Textiles Business

Demand for NTCF likely to be stable

Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers

Polyester and Nylon Industrial Yarn sales witnessing positive trends

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About Us

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