SRF Ltd. — Interim / Quarterly Report 2024

Jan 31, 2024

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

31.01.2024

Dear Sir/Madam,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and nine months ended 31.12.2023)

In continuation of our letter dated 24[th] January, 2024 informing about hosting of earning call to discuss un-Audited financial results for quarter and nine months ended 31[st] December, 2023, please find enclosed Investors presentation on 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 Lakhanpal Digitally signed by Rajat Lakhanpal Date: 2024.01.31 12:31:36 +05'30'

RAJAT LAKHANPAL

Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

SRF Limited

Q3 & 9M FY24 Results Presentation 31 January 2024

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

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 SRF - General [Restricted use] - This mail, documevents or circumstanc e nt can be used by recipients for its intended purpose only.s.

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COMPANY OVERVIEW

Q3 & 9M FY24 RESULTS OVERVIEW

Q3 & 9M FY24 SEGMENTAL PERFORMANCE OUTLOOK

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01. Company Overview

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Snapshot

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Exports to Operations in
15 8,000 + ₹ 14,870 cr.
90+ 4
Manufacturing Global Workforce Revenue
Countries Countries Facilities
35% 50% 15% ₹ 3,708 cr. ₹ 2,162 cr.
Packaging Chemicals Technical Textiles & EBITDA PAT
Others
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Note: On Consolidated basis as on 31st March 2023

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Overview - Business Profile

Specialty Chemicals

• Intermediates for AI / API / Specialized Applications

• Contract Development and Manufacturing

• Chemicals

Fluorochemicals

Films for Flexible Packaging

• Bi-axially Oriented Polyethylene Terephthalate (BOPET)

• Bi-axially Oriented Polypropylene (BOPP)

• Aluminium Foil

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Packaging Films

• Refrigerants

• Pharma Propellants

• Industrial Chemicals

• Fluoropolymers (Upcoming)

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Others
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• Coated Fabrics

• Laminated Fabrics

Revenue EBIT No of Plants (In Rs. Crore) (In No)

• Tyre Cord Fabrics (Nylon & Polyester)

• Belting Fabrics

• Polyester Industrial Yarn

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Technical Textiles

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

TECHNICAL TEXTILES

4 National Operations

1. Madhya Pradesh, India - Malanpur, Bhind

2. Tamil Nadu, India -

a. Manali

• b. Gummidipoondi

• c. Viralimalai

PACKAGING FILMS

4 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

3 International Operations

1. KwaZulu - Natal, South Africa

2. Rayong, Thailand

3. Jaszfenyszaru, Hungary

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

Fluorochemicals

Specialty Chemicals

Packaging Films

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

• Established relationship with marquee customers

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

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

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

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

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

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

• Handling complex reactions - • One of the few global

• Halogenation, Ethylation, manufacturers of Pharma grade

• Hydrogenation, Nitration, 134a/P - propellant in metered

• Diazotization, Grignard, dose inhalers

• Cyanation, Isomerization, Amination, Organocatalysis • Among the top five global and Decarboxylation manufacturers of key Fluorochemical products

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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. 5[th] largest player globally

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

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Growth Levers

Focus on building leadership businesses

Build and maintain market leadership in business segments

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Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

Focus on building high-end 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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Build a Company known and respected for its R&D capabilities

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02. Q3 & 9M FY24 Results Overview

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Abridged Results Overview

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Consolidated figures

Particulars (Rs. Crore)	Q3 FY24	Q3 FY23	% Y-o-Y	9M FY 24	9M FY 23	% Y-o-Y
Gross Operating Revenue	3,053.0	3,469.7	-12.0%	9,568.8	11,092.2	-13.7%
EBITDA	602.7	858.6	-29.8%	2,008.8	2,726.2	-26.3%
EBITDA Margin (%)	19.7%	24.7%		21.0%	24.6%
Depreciation	168.9	150.7	12.1%	486.7	420.7	15.7%
Interest	67.4	62.0	8.8%	212.3	138.9	52.8%
ECF (Gain) / Loss	18.1	15.0		60.9	76.0
Profit Before Tax	348.3	630.9	-44.8%	1,248.9	2,090.6	-40.3%
Profit After Tax	253.4	510.9	-50.4%	913.5	1,599.9	-42.9%
Profit After Tax Margin (%)	8.3%	14.7%		9.5%	14.4%
Basic and Diluted EPS (Rs.)	8.55	17.24		30.82	53.97

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

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Results Overview - Financial Overview

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Consolidated figures

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

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Revenue (Rs. Crore)

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Q3 FY24 Q3 FY23 9M FY24 9M FY23
Total – 3,056.7 Total – 3,477.6 Total – 9,576.2 Total – 11,110.4
113.6 92.3 359.1 298.3
1,463.2
458.4 3.7% 425.9 2.7% 1,429.2 3.8% 2.7%
15.0% 12.2% 13.2%
14.9%
45.6%
50.5% 46.8% 47.8%
34.6%
35.7% 36.3%
34.5%
1,090.7 1,394.1 1,202.7
1,756.6
3,307.0 4,481.0 4,029.7 5,309.2
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9M FY23
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PFB TTB Others

CB

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

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Results Overview - EBIT Share

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EBIT (Rs. Crore)
Q3 FY24 Q3 FY23 9M FY24 9M FY23
Total – 456.7 Total – 725.9 Total – 1,585.0 Total – 2,353.5
21.2 34.2 9.1 77.5 213.3 23.5
68.8 4.6% 1.3% 204.4 1.0%
118.6 4.7% 4.9% 9.1%
515.2
15.1% 12.9%
16.3%
173.4
21.9%
9.8% 10.9%
44.9
70.5% 68.0%
71.3%
77.7%
321.8
1,601.4
563.9 1,129.7
CB PFB TTB Others
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CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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03. Q3 & 9M FY24 Segmental Performance

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Chemicals Packaging Technical Others Films Textiles

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Chemicals Business
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Chemicals Business - Results Update

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Consolidated figures

PARTICULARS	Q3 FY24	Q3 FY23	% Y-o-Y	9M FY24	9M FY23	% Y-o-Y
Segment Revenues	1,394.1	1,756.6	-20.6%	4,481.0	5,309.2	-15.6%
% Contribution to Revenues	45.6%	50.5%		46.8%	47.8%
EBIT	321.8	563.9	-42.9%	1,129.7	1,601.4	-29.5%
% EBIT Margins	23.1%	32.1%		25.2%	30.2%
% Contribution to EBIT	70.5%	77.7%		71.3%	68.0%

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Chemicals Business

Specialty Chemicals Business - Key Highlights

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• Business faced headwinds due to continued inventory rationalization by certain key customers

• Witnessed improved performance in later part of the quarter o Significant recovery likely in Q4 FY24

Market Trends

• Demand outlook remains strong in the mediumto-long term

  • Inventory rationalization still ongoing, albeit some visible signs of positive traction

• Maintained strong customer engagement for complex downstream products o Launched 3 new products in the Agro vertical o Robust pipeline for new and complex products in place

• Capitalized ~ Rs. 1100 crs. capex during 9M and ~ Rs. 700 crs. projects scheduled for commissioning in Q4 FY24 o To focus on scale up in upcoming quarters

• Global supply chains being impacted due to various geo-political situations

• Markets witnessing signs of stabilization in raw material pricing

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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

• 14 new process patents granted in 9MFY24

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Chemicals Business

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Fluorochemicals Business - Key Highlights

• Business performance remained subdued due to: o Seasonally weak quarter

• Pressure on margins due to lower realizations across HFCs in key global markets

• Sluggish growth in agrochemical and pharmaceutical industries adversely impacted demand for some industrial chemicals

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Market Trends

  - HFC freeze year in China commenced from January 2024

     - Outlook for domestic passenger vehicle and Room AC market expected to be healthy in CY2024

  -

• PTFE and R32 plants capitalized in Q3

• Focus now on sales ramp-up

  • Domestic Chloromethanes market expected to remain under pressure

• Anticipate performance improvement in Q4 driven by: o Upcoming season

• Rebound in export sales in key regions

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Business Packaging Films
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Packaging Films Business - Results Update

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Consolidated figures

PARTICULARS	Q3 FY24	Q3 FY23	% Y-o-Y	9M FY24	9M FY23	% Y-o-Y
Segment Revenues	1,090.7	1,202.7	-9.3%	3,307.0	4,029.7	-17.9%
% Contribution to Revenues	35.7%	34.6%		34.5%	36.3%
EBIT	44.9	118.6	-62.2%	173.4	515.2	-66.3%
% EBIT Margins	4.1%	9.9%		5.2%	12.8%
% Contribution to EBIT	9.8%	16.3%		10.9%	21.9%

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Packaging Films Business

Key Highlights

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Market Trends

• Business continued to face supply overhang, resulting in pressure on margins

• Prioritizing enhanced profitability through increased operational efficiencies and cost optimization

• Higher share of VAP sales – both in BOPET and BOPP

• Commenced Aluminium Foil facility on January 1, 2024, at a cost of ~Rs. 536 crore

o To focus on ramp-up sales over the ensuing quarters

• BOPET market continued to witness over-supply situation

• Demand-supply imbalance and margin pressure to continue in medium term

• Persistent competition from Chinese players to continue in Southeast Asia

• Red Sea crisis leading to longer shipping cycles, potentially creating demand for local new suppliers

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Business Technical Textiles
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Technical Textiles Business - Results Update

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Consolidated figures

PARTICULARS	Q3 FY24	Q3 FY23	% Y-o-Y	9M FY24	9M FY23	% Y-o-Y
Segment Revenues	458.4	425.9	7.6%	1,429.2	1,463.2	-2.3%
% Contribution to Revenues	15.0%	12.2%		14.9%	13.2%
EBIT	68.8	34.2	101.2%	204.4	213.3	-4.2%
% EBIT Margins	15.0%	8.0%		14.3%	14.6%
% Contribution to EBIT	15.1%	4.7%		12.9%	9.1%

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Technical Textiles Business

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Key Highlights

• Manali plant operations impacted in December 2023 by Cyclone Michaung – operations largely resumed by January end

• Adequate insurance cover in place on a Reinstatement Value basis

• Despite the impact on Manali operations, business delivered healthy performance in Q3 driven by improved domestic demand for NTCF

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Market Trends

• Stable demand expected for NTCF

• Domestic demand expected to remain strong for Belting fabrics

• Domestic Polyester Industrial Yarn industry supported by quality control orders on imports

• Improved performance in Belting fabrics and Polyester Industrial Yarn.

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Others - Results Update

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Consolidated figures

PARTICULARS	Q3 FY24	Q3 FY23	% Y-o-Y	9M FY24	9M FY23	% Y-o-Y
Segment Revenues	113.6	92.3	23.0%	359.1	298.3	20.4%
% Contribution to Revenues	3.7%	2.7%		3.8%	2.7%
EBIT	21.2	9.1	132.0%	77.5	23.5	229.7%
% EBIT Margins	18.7%	9.9%		21.6%	7.9%
% Contribution to EBIT	4.6%	1.3%		4.9%	1.0%

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Others - Key Highlights

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Coated Fabrics

• SRF retained its leadership in the domestic market

• Witnessed strong demand; expected to remain stable

• Notable growth in VAPs like blackout fabrics, high GSM lacquered fabric, and storage liners – Healthy margins expected on account of robust VAP sales

Laminated Fabrics

• Sustained price and market leadership position with plant operating at maximum capacity

• Oversupply situation continues – Foresee steady sales in the upcoming quarter

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SRF’s Community Engagement

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• Inaugurated a new Centre for ‘Basic Electrician Training Program’ at Manali in November 2023

• 65 Students and 10 Teachers of the Tinker Coding Program got an opportunity to visit ISRO (Remote Sensing Centre), Bengaluru to interact with the scientists

• Under the Digital Skills Training Program for ITIs & Polytechnics, an industrial guest session was conducted at two Government Polytechnic centres in Bengaluru. 200 students participated in the program, learning about 3D Printing, Automation, Robotics, Cyber Security and Artificial Intelligence

• Hundred students selected from seventeen Government schools in Bengaluru were awarded tablet computers under the Brillio Tablet Based Education Scholarship Program

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04. Outlook

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Outlook - Chemicals Business

Specialty Chemicals

• Focus on commissioning of new plants and their ramp-up

• Agro demand likely to pick-up as customer traction still strong

• China + 1 remains intact, global customers’ de-risking theme continues

• Focus on growth of pharma verticals

• Significant recovery expected in Q4 FY24

Fluorochemicals

• Strong demand outlook of HFCs

• Focus on ramp-up of newly commissioned PTFE and R32 plants

• Expect better performance in Q4 FY24, long term story remains intact

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Outlook - Packaging Films Business

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• Demand supply mismatch and pressure on margins expected to continue in medium term

• Downcycle at its peak; industry overcapacity to taper over time

• Focus on value-added products both in BOPP and BOPET

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• Continue to target quick approvals in Aluminium Foil

• Continue to focus on sustainability initiatives and cost optimization

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Outlook - Technical Textiles Business

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

• Demand for NTCF expected to be stable

• BF to drive growth as expansions get completed next year

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About Us

In 2024, SRF Limited proudly commemorates 50 years of manufacturing excellence. Since the inauguration of SRF’s first plant in 1974, the company has evolved into a manufacturing powerhouse with businesses spanning multiple verticals. 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 8,000+ employees from different nationalities working across thirteen manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to 90+ countries.

Equipped with state-of-the-art R&D facilities, SRF has filed 430 patents for R&D and technology so far, of which 146 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

Email: anoop@cdr-india.com Tel: +91 98330 90434

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THANK YOU

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