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SRF Ltd. Interim / Quarterly Report 2024

Jan 30, 2024

61903_rns_2024-01-30_13c0f657-ab10-4b86-9263-4ae24823e086.pdf

Interim / Quarterly Report

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The Corporate Relationship Department, BSE Limited

1[st] 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

30.01.2024

Dear Sir/Madam,

Sub: Outcome of Board Meeting

In continuation of our earlier letter dated 22[nd] January, 2024, we would like to inform that the Board of Directors of SRF Limited at its meeting held today i.e. on 30[th] January, 2024 have inter-alia considered and approved the following –

  1. Un-Audited financial results (Standalone and Consolidated) along with Limited Review reports, for the quarter and nine months ended 31[st] December, 2023 as enclosed.

  2. Payment of 2[nd] interim dividend for financial year 2023-24 @ 36% i.e. Rs. 3.60 per share on the paid-up equity share capital of the Company. Record date will be Wednesday, the 7[th] February, 2024 which has already been communicated to Exchanges by letter dated 22[nd] January, 2024. The date of payment of interim dividend will be Wednesday, 28[th] February, 2024.

  3. Proposal for raising of funds through issuance of Non- Convertible Debentures (NCDs) on private placement basis, for an amount up to Rs. 1,000 crores in one or more tranches. The Board also authorized Committee of Directors - Financial Resources, to take all actions in respect of finalization of terms of issuance and allotment of NCDs.

The meeting of Board of Directors commenced at 11:30 a.m. and concluded at 3.30 p.m.

Kindly take the above on record.

Thanking you, Yours faithfully,

For SRF LIMITED

Rajat Digitally signed by Rajat Lakhanpal Lakhanpal Date: 2024.01.30 15:33:52 +05'30'

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

Encl : A/a

B S R & Co. LLP

Chartered Accountants

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

Limited Review Report on unaudited standalone financial results of SRF Limited for the quarter ended 31 December 2023 and year to date results for the period from 1 April 2023 to 31 December 2023 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of SRF Limited

  • I. 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 2023 and year to date results for the period from 1 April 2023 to 31 December 2023 ("the Statement").

  • This Statement, which is the responsibility of the Company's management and approved by its Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.

  • We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "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.

  • 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 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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For B S R & Co. LLP
•• Partner
Registered Office:
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Gurugram

30 January 2024

M, ' - Y' �artnership with LLP Registration No. AA8-8181) with effect from October 14, 2013 & Co,

  • �artnership with LLP Registration No. AA8-8181) with effect from October 14, 2013 & Co, (a pactoe,sh;p fkm w;th Reg;s1raUoo No. BA61 3) coovected ;,10 B 5 R & C o LLP (a um;ted Uab;J;t\ 14th Floor, Central 8 Wing and North C Wing, Nesco Express Highway, Goregaon (East), Mumbai - 400063 n Park 4, Nesco Center, Western

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SRF LIMITED

STANDALONE FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

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

v? SF¢

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091 Tel. No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: [email protected] Website: www srf.com CIN - L 18101 DL 1970PLC005197

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

(Rs. in Crores, except per share data)

Stndalone Stndalone
S.No. Paricular 31-Dec-23 Quarer Ended
30-Sep-23		 31-Dec-22 Nine Monts Ended
31-Dec-23
31-Dec-22		 Year Ended
31-Mar-23
(1) (2) (3) (4) (5) (6)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Revenue fom operations
a. Sale of prducs 244903 2532.77 2757.9 7708.31 8720.8 11806.09
b. Other operating revenues 5731 5421 99.22 158.73 210.94 267.75
Totl Revenue from operations 2506.34 2586.98 2856.71 786704 8931.42 12073.84
2 Other income 2779 38.11 15.34 86.87 72.41 106.06
3 Totl Income 2534.13 2625.09 287205 7953.91 9003.83 12179.90
4 Expenses
a.Cost of materialscnsumed 1278.01 1191.09 1309,52 3839.21 4109.71 5504.52
bPurchases of stock-n-trade 23.87 18 52 41.21 62.65 96,72 109 72
c. Changes in inventores offnished goods,work-in-progress and stock in
trade		 (97.59) 21.35 (51.11) (138.04) (2275) 21.91
d.Employeebenefrs expense 207.86 19202 178.45 581.84 504.59 684.19
e.Financecost 51.83 63.27 51.82 167.60 119.32 175.82
fDepreciatonand amorisation expense 141.32 133.21 122.21 403.17 342.04 468.44
g. Powerandfuel 271.04 288.49 285 81 858.05 950.89 1230.86
h. Exchange curency fucuation (gain)/loss 14.39 23.64 21,99 60.3 61.86 86,71
i.Other expenses 291.0 27.73 304.18 860.16 935.03 1241.87
Totl expenses 2182.13 2209.32 2264.08 6695.07 7097.41 9524.04
5 Proft before tx fr the period 352.00 415.77 607.97 1258.84 1906.42 2655.86
6 Tax expense
- Taxexpense 91.1 107.05 122.16 324.43 505.20 682 02
- Tax adjustment related to earier years (2.52) - (925) (2.52) (41.42) (49 52)
7 Net Proft afer txforte period 262.81 308.72 495.06 936.93 142.64 2023.36
8 OherComprehensiveIncome
A.Itemsthatwil not be reclassifed toprofor loss
(i)(a)Gain/ (loss) on remeasurement ofdefnedbeneft obligation 320 2.1 2.50 (4.11) (8.55) (12.14)
(i)(b) Incmetax onitem (i)(a) above (0.81) (0.61) (087) 1.03 299 4.24
B.Itemsthatwil be reclassifed toproft or loss
(i)(a) Efeciveporion of gainI(loss) on hedginginstruments in a cashfow
hedge		 12.73 (42.84) (45.84) 73.41 (343.44) (25229)
(i)(b) Income tax on item(i)a) above (3.20) 10.78 10.35 (18.7) 9449 6758
(ii)(a) Cost ofhedgingresere (0.74) (2.12) 2.00 (1.80) 6.60 3.81
(i)(b) Incometaxonitem (i)(a) above 0.18 0.54 (0.6) 0.5 (1.58) (079)
9 TotlOerComprehensive Income/ (oss) fr the perod 11.36 (31.84) (32.32) 50.51 (249.49) (189.59)
10 Totl Comprehensive Income for the period 274.1 276.88 462.74 987.4 1193.15 183377
11 Paid upequiy sharecptal (Rs.10 eachfulypaid up) 29642 296.2 296.42 29642 29642 296.2
12 Other equity excudingrevaluation resere 9843.27 9566.96 8420.10 9843.27 842010 8956.11
13 NetWorh* 10139.69 9863.38 8716.52 10139.69 8716.52 9252.53
14 Capial Redemption Resere 10.8 10.48 10.48 10.48 10.48 10.8
15 Basicand Diluted EPSfor theperod (not annualsed) 8.87 10.2 16.70 31.61 4867 68 26

Net Worth = Paid up share capital (excluding forfeited shares) + Other equity

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

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SRF LIMITED

Registered Office:The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: [email protected] Website: www.sf com CIN -- L 181010L1970PLC005197

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

(Rs in Crores)
Standalone
Quarer Ended Nine Months Ended Year Ended
Pariculars 31-Dec-23 30-Sep-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Mar-23
(1) (2) (3) (4) (5) (6)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Segment Revenue
a) Technical Texiles Business (TTB) 458,36 506.15 42595 1429.16 1463.18 1893.88
b) Chemicls Business (CB) 1382.67 1407.01 1738.36 4436.91 5253.49 7326.01
c) PackagingFim Business (PFB) 555.1 550.0 60798 164929 1924 68 2471.21
d)Others 11357 126.86 92.34 359.14 298.32 392.61
Total Segment Revenue 2510.01 2590.42 2864.63 7874.50 8939.67 12083.71
Less:Inter Seament Revenue 3.67 3.45 7.92 7.6 8.25 9.87
Revenue from Operations 2506.34 2586.97 2856.71 7867.04 8931.42 12073.84
Segment Result
(Prof before interest andtax from each Segment)
a) Technicl Texiles Business (TTB) 68.66 74.82 34.06 203.99 212.93 261.20
b)Chemicls Business (CB) 320.52 349.32 561.52 1130.51 1601.77 2340.30
c)Packaging Film Business(PFB) 23.76 50.34 83.88 105.34 293.85 332.35
d) Others 21.21 33.09 9.14 7.6 23.9 34 82
Totl Segment Result 434.15 507.57 688.60 1517.30 2132.04 2968.67
Less/(Add):
i) FinanceCost 51.83 63.27 51.82 167.60 11932 175.82
ii)Other Unalocable Expenses(net ofincome) 3032 28.53 28.81 90.86 106.30 136 99
Proft befre tax for the period 352.00 415.7 607.97 1258.84 1906.42 2655.86
Segment Asset
a)TechniclTexiesBusiness (TTB) 1967.34 1941.6 1804.73 1967.34 1804.73 1766 50
b) Chemicals Business (CB) 10613.17 10266.34 9299.08 10613.17 9299,08 9623.78
c) PackagingFim Business(PFB) 2307.6 2324.25 2230.12 2307.46 2230.12 2181.83
d) Oters 16731 160.39 154.03 167.31 154.03 164.98
Totl segment asset 15055.28 14692.4 1347.96 15055.28 13487.96 13737.09
e)Unaocble 1770.06 1579.55 1568.34 1770.06 1568.34 1814 32
Totl 16825.34 16271.99 15056.30 16825.34 15056.30 15551.41
Segment Labilities
a) Technicl Texiles Business (TTB) 502.10 514.81 311.78 502.10 311.78 391.76
b) ChemicsBusiness(CB) 911.50 931.64 1467.7 911.50 1467.77 1320.97
c) Packaging Film Business(PFB) 66770 711.55 532.83 667.70 532.83 563.17
d) Others 43.83 41.31 37.01 43.83 37.01 52.53
Totl segment liabites 2125.13 2199.31 2349.39 2125.13 2349.39 2328.43
e) Unallocbe 4559.50 4208.28 3989.37 4559.50 3989.37 3969.3
Total 6684.63 6407.59 6338.76 6684.63 6338.76 6297.86

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SRr -General [Restricted use] - This mail, document can be used by recipients far its intended purpose 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 - 110091 Tel No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 49482900

E-mail: [email protected]:www.srf.com CIN - L 181010L1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 30, 2024. The review report of the Statutory Auditors is being filed with BSE Limited and National Stock Exchange of India Limited. For more details on the standalone results, visit the Investors section of our website at www.srf. com and financial results at "Corporates Announcements" section of www.nseindia.com and www.bseindia.com.

  • 2 These financial results of the Company have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
3 Additional disclosures:
(Ratios / percentges as applicable)
Stndalone
SI
No.		 Paricular 31-Dec-23 Quarer Ended
30-Sep-23		 31-Dec-22 Nine Months
31-Dec-23		 Ended
31-Dec-22		 Year Ended
31-Mar-23
(1) (2) (3) (4) (5) (6)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Debt serice coverage rato[(Earingsbefore depreciaton, interest andtax­ 2.90 3.33 3.96 3.08 2.80 3.09
curent tax)I(Gross interest and leasepayments+scheduledprincipal
repayment of long ter debts)] - Notannualsed
2 Interest serice coverage rato[(Earings before depreciation,interest andtax­ 6.45 6.83 10 78 7.05 1447 13.10
curent tax)/ Gross interest and leasepayments] - Notannualsed
3 Bad debts to accounts recivable ratio%(Bad debts includingprovision for - - - - 0 0 1 % 0.04%
doubtul debts/Averge tradereceivables) - Notannualsed
4 Debtorsturover (Sale ofproducs/Average tradereceivables) - Annualised 6.89 6.96 7.36 7.12 797 8.7
5 Inventorturover (Sale ofproducs/ Averageinventor) - Annualised 5.01 5.19 5.50 5.0 6.07 656
6 Operating margin%(Earings before interest and tax/Totalrevenue frm 16.11%
18.52%		 23.10% 18.13% 22.68% 23.5%
operations includingother operatngincome) - Notannualsed
7 Netproft margin%(Proft afer tax/Total revenue from operations including 10.49% 11.93% 17.33% 1 1 9 1% 16.15% 16.76%
other operatng income) -Not annnualised
8 Debt equity ratio (Total debt including leaselabilities/Total equity) 037 0.34 0.37 0.37 0.37 0.34
9 Longterdebt to workingcapital[(Non curent borowings+curent maturites 254 184 1.62 2.54 1.62 1.6
of longterborowings+leaselabilities)/Workingcpital]
10 Total debts to total assets (Total debt including lease liabilites/Total assets) 022 021 0.21 0.22 021 0.20
11 Curent rato (Total curent assets/Total curent liabiltes) 1.28 1.38 1.26 1.28 1.26 1.44
12 Curentlabilityratio (Total curent liabities/Totallabilties) 0.55 0.54 0.65 0.55 0.65 0.55

  • 4 On December 4, 2023, the operations of Technical Textile Business plant located in Manali Industrial Area, Chennai, Tamil Nadu were disrupted due to cyclone with flooding and waterlogging in the plant premises. This incident led to damage of certain items of Property, Plant and Equipment and Inventory, Plant operations have been largely resumed by last week of January, 2024 The Company is adequately covered under its insurance policy on a 'Reinstatement Value basis' against the estimated losses. Based on the current best estimates of the management, the accounting impact of the above incident (impairment of property, plant and equipment, write down of inventories and related compensation receivable) has been considered in these results, and does not have any material affect on the profit for the quarter and nine months ended December 31, 2023. Any adjustment arising from the change in the estimate based on subsequent re-assessment would be considered in the period of change.

  • 5 The Board at its meeting held today has approved second interim dividend for 2023-24 of Rs. 3.60 per fully paid up equity share of Rs 10 each, aggregating Rs.106.72 Crores.

  • 6 Limited Review: The Limited Review, as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated August 10, 2021 has been completed by the Statutory Auditors.

Place : Gurugram Date : January 30, 2024 SRF . General [Restricted use] - This mail, document can be used by recipients far is intended purpose only •

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For and on behalf of the Board
Ashish Bharat Ram
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B S R & Co. LLP

Chartered Accountants

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

Limited Review Report on unaudited consolidated financial results of SRF Limited for the quarter ended 31 December 2023 and year to date results for the period from I April 2023 to 31 December 2023 pursuant to Regulation 33 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To the Board of Directors of SRF Limited

  • 1 . 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 31 December 2023 and year to date results for the period from 1 April 2023 to 31 December 2023 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

  • 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 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.

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

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.

  1. The Statement includes the results of the following entities:

  2. Parent Company:

SRF Limited

Subsidiaries:

  • a. SRF Global BV

  • b. SRF Flexipak (South Africa) (Pty) Limited

�

C

B S R & Co. LLP

Limited Review Report (Continued)

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SRF Limited
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  • c. SRF Industries (Thailand) Limited

  • d. SRF lndustex Belting (Pty) Limited

  • e. SRF Europe Kft

  • f. SRF Holiday Home Limited

  • g. SRF Altech Limited

  • h. SRF Employees Welfare Trust (controlled trust)

  • 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 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

  • We did not review the interim financial information of three Subsidiaries included in the Statement, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 558.96 crores and Rs. 1,732.54 crores, total net loss after tax (before consolidation adjustments) of Rs. 3.67 crores and Rs. 0.99 crores and total comprehensive loss (before consolidation adjustments) of Rs. 4.20 crores and Rs. 1.59 crores, for the quarter ended 31 December 2023 and for the period from I April 2023 to 31 December 2023 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.

All these subsidiaries are located outside India whose interim financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been reviewed by other auditors under generally accepted auditing standards applicable in their respective countries. The Parent's management has converted the interim financial information of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have reviewed these conversion adjustments made by the Parent's management. Our conclusion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Parent and reviewed by us. Ou�not modified in respect of this matter.

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

Registered OIfice:

B S R & C o . (a partnership firm with Registration No 8A61223) converted into8 S R &Co LLP (a Limited Liability Partnership with LLP Registration No AA8-8181) with effect from October 14, 2013

Page 2 of 3

B S R & Co. LLP

Limited Review Report (Continued)

SRF Limited

  1. The Statement includes the interim financial information of three Subsidiaries which have not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 30.06 crores and Rs. 89.13 crores, total net profit after tax (before consolidation adjustments) of Rs. 1.50 crores and Rs. 0 . 18 crores and total comprehensive income (before consolidation adjustments) of Rs. 1.50 crores and Rs. 0.18 crores; for the quarter ended 31 December 2023 and for the period from I April 2023 to 31 December 2023 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.

Gurugram 30 January 2024

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or BS R & Co. LLP
Chartered Accountants
egistration No.: 248W/W-100022
/l «ts»a ihore
Partner.
Membership No.: 090075
UDIN: 24090075BKGTYI9577
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Registered Office:

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

8 S R & C o (a partnership firm with Registration No. BA61223) converted into B SR &Co LUP (a Limited Liability Partnership with tLP Registration No AAB-8181) with effect from October 14, 2013

Page 3 of 3

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SRF LIMITED

CONSOLIDATED FINANCIAL RESULTS

FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

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

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No_ 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel No (Regd office) · ( + 9 1 - 1 1 ) 49482870 Fax : ( + 9 1 - 1 1 ) 49482900

E-mail: info@srfcom Website: wwwsrf.com CIN - L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER, 2023

(Rs.in Crores, except per share data)
Consolidated
Quarer Ended Nine Months Ended Year Ended
S.No. Pariculars 31-Dec-23
(1		 30-Sep-23
(2)		 31-Dec-22
(3)		 31-Dec-23
(4)		 31-Dec-22
(5)		 31-Mar-23
(6)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
Revenue from operations
1 a)Sale of producs 2994 03 3121.3 3369.27 9404.3 1087252 14591.82
b) Other operatng revenues 59.01 55,93 10.39 164.35 219.64 278.3
Total Revenue from operations 3053.04 3177.36 3469.66 9568.78 11092.16 1470.25
2 Otherincome 18.75 29.12 10.01 59 63 52.60 74.93
3 Total Income 3071.79 3206.48 3479.67 9628.41 1114.76 14945.18
4 Expenses
a) Cost of materalsconsumed 1631.18 1540.66 1652.76 4904.59 5345.39 7125 21
b) Purhasesof stock-in-trade 39 25 29.31 13281 94 12 270 52 277.22
c) Changes ininventores ofnishedgoods, work-in-progress and stock intrde (115.74) 50.09 (91.19) (123.44) (110.83) (8.92)
d)Employee benefts expense 243.83 226.63 210.1 688 43 59965 813.80
e) Financecosts 67.37 79.29 61.95 212 29 138.92 204.82
fDepreciatonandamorisation expense 168.89 161.23 150.65 486.73 420.68 575 32
g) Powerandfuel 319.2 343.79 344.26 1,016.01 1128.24 147.25
h) Exchange crency fuctuaton (gain)Iloss 18.08 19.11 15.04 60.92 75.99 14.00
i) Otherexpenses 351.19 341.56 372 29 1,039 86 1,185.60 155749
Totl expenses 2723.47 2791.67 2848.74 8379.51 905.18 12121.19
5 Profbefore tax forthe period 348.32 414.81 630.93 1248.90 2090.60 2823.99
6 Tax expense
- Taxexpense 97.1 11403 129 28 337 92 532.13 711.17
- Taxadjustment related toearieryears (2.52) - (9.25) (2.52) (41.42) (49.52)
7 NetProf afer tx for the period 253.43 300.78 510.90 913.50 1599.89 2162.34
8 OtherComprehensive Income
A Iemsthatwinotbe reclassifedtoproft or loss
(i)Gain /(loss) onremeasurementsof the defned benefobligation 3.2 2.1 2 50 (4.25) (8.55) (1195)
Incometaxonitem (i) above (0.80) (0.61) (0.87) 1.06
2.99		 4.24
B Itemsthat wibe reclassifed to profor loss
(i) Efective porionofgainI(loss)onhedginginstrments in acsh
fowhedge		 12.20 (42.84) (46.51) 72.88 (344.11) (252.41)
Incometax on item (i) above (3.20) 10.78 10.35 (18.7) 94.49 67.58
(ii)Costofhedging resere (0.74) (2.12) 3.31 (1.87)
7.55		 5.02
Income taxon item{i)above 018 0.54 (0.6) 0.45
(1.58)		 (0.79)
(iii)Exchange diferences on translationof foreignoperations 65.64 (11.26) 121.55 (6.23)
1230		 (7.32)
9 TotlOherComprehensive Income/(loss)for the period 76.48 (43.10) 89.87 43.57
(236.91)		 (195.63)
1 TotlComprehensive Income/(loss)for the period 329.91 257.68 600.7 957.07
1362.98		 1966.71
11 Paid upequitsharecapta (Rs.10 eachfulypaidup) 296.2 296.42 296.42 296.42
296.2		 296.42
12 Other equitexcludingrevaluationresere 10886.3 1055437 9530.20 10886.43
9530.20		 10029.61
13 Net Wor 11182.85 10850.79 9826.62 11182.85
9826.62		 10326.03
14 CapitalRedemption Resere 10.8 10.8 10.48 10.8
10.8		 1.8
15 Basc and Diluted EPS for the perod (not annualised) 8.55 10.15 17.24 30.82 53.97 72.95

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

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SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: [email protected] Website: www.srf.com CIN -L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

(Rs in Crores)
Consoldated
Quarer Ended Nine Monts Ended Year Ended
Paricular 31-Dec-23
(1)		 30-Sep-23
(2		 31-Dec-22
(3)		 31-Dec-23
(4)		 31-Dec-22
«s		 31-Mar-23
(6)
Unaudited Unaudited Unaudited Unaudited Unauditd Audited
Segment Revenue
a) Technicl Texies Business (TB) 458.36 506.15 425.94 1429.16 1463 18 1893.88
b) Chemicals Business (CB) 1394.13 1426.30 1756.62 4480.97 530921 7410.88
c) Packaging Fim Busness (PFB) 1090.65 1121.51 1202.68 3306.97 4029 70 518275
d) Others 113.57 126.86 92.34 359.14 29832 392.61
Totl Segment Revenue 3056.71 3180.82 347.58 9576.24 11100.41 14880.12
Less: Inter Segment Revenue 3.67 3.6 7.92 7.6 8.25 9.87
Revenue fom Operatons 3053.04 317.36 3469.66 9568.78 11092.16 14870.25
Segment Result
(Prof before Interest and Tax from each Segment)
a) Technical Texiles Busness (TB) 68.80 74.95 34.20 204.40 213.34 261.74
b) Chemics Business (CB) 321.85 347.7 563.93 1129.69 1601.42 2340.67
c) Packaging Film Business (PFB) 44.87 7.26 118.62 173.3 515.23 556.19
d) Others 21.21 33.09 9.14 77.6 23 49 34.82
Totl Seament Result 456.73 533.07 725.89 1584.98 2353.4 3193.42
Less/(Add):
i) Finance Costs 67.37 79.29 61.95 212.29 138.92 204.82
ii) Other Unalocable Expenses (net of income) 41.04 38.97 3301 123.79 123.96 164.61
Proft befre tx for theperiod 348.32 414.81 630.93 1248.90 2090.60 2823.99
Segment Asset
a) Technical Texies Busness (TB) 1955.69 1929,67 1792,54 1955.69 179254 1754.
b) Chemicls Business (CB) 1068779 10338.00 9426.59 10687 79 9426.59 9734.26
c) Packaging Fim Business (PFB) 6311.95 6114.61 5789.24 6311.95 5789.24 5800.54
d) Ohers 167.31 160.39 154.03 167.31 154.03 164.98
Totl segment asset 19122.74 18542.67 17162.40 19122.74 17162.40 17454.22
e) Unalocble 1096.78 1111.90 862.03 1096.78 862.03 130030
Totl 20219.52 19654.57 18024.43 20219.52 18024.43 18754.52
SegmentLabities
a) Technicl Texiles Business {TB) 502 10 514.81 311.78 502.10 311.78 391.76
b) Chemicls Business (CB) 926.19 935.78 1553.83 926.19 1553.83 135216
c) Packaging Film Business (PFB) 147292 1427.50 1203.64 1472.92 120364 1284.12
d) Others 43.83 41.31 37 01 43.83 37.01 52.53
Totl segment liabities 2945.04 2919.40 3106.26 2945.04 3106.26 3080.57
e) Unalocble 6090.60 5883.36 5090 55 6090.60 5090.55 5346.90
Totl 9035.64 8802.76 8196.81 9035.64 8196.81 8427.47

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

2 SFF-

SRF LIMITED

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi- 110091 Tel. No (Regd office) :(+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: [email protected]:www.srf.com CIN - L 18101 DL 1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

The above results of SRF Limited ('the Company') and its subsidiaries (Company and its subsidiaries together referred to as "the Group") were reviewed by the Audit Committee and has been approved by the Board of Directors at its meeting held on January 30, 2024 The review report of the Statutory Auditors is being filed with BSE Limited and National Stock Exchange of India Limited. For more details on the consolidated results, visit the Investors section of our website at www srf.com and financial results at "Corporate Announcements" section of www.nseindia.com and www.bseindia com

  • 2 These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India

3 Additional disclosures

(Ratios / percentages / percentages as applicable) as applicable)
Consolidated
Quarter Ended Nine Months Ended Year Ended
S No. Partcular 31-Dec-23 30-Sep-23 31-Dec-22 31-Dec-2 31-Dec-22 31-Mar23
(1 (2) (3) (4) (5) (6)
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Debt serice coverage rato {(Eaings befre depreciaton, interest 2.5 2.55 3.70 2.55 2.89 2.98
ad tax - curent Ta) / (Gross Interest ad leae payments +
scheduled prncipal repayment of long ter debts)} - Not a ualised
2 Interest serice coverge ratio {(Eaings befre depreciation, 5.27 5.65 9.86 5.83 14.38 12.67
interest ad ta - curent tax) I Grss interest ad lease payments)}­
Not a uaised
3 Bad debts to accounts receivable ratio%(Bad debts including 002% 0.01% - 0.04% 005%
0.14%
prvision fr doubtfl debtsI Avergetadereceivables) - Not
a ualised
4 Debtortrover (Sae ofprductsI Avergetade receivables)- 6.76 6.82 7.11 7.00 7.80 8.16
Annualised
5 Inventor trover (Sale of prductsI AvergeInventor) ­ 513 540 547 539 6.17 6.6l
Anualised
6 Operatng magin % (Eaingsbefre interest ad ta/Total 13.62% 15.55% 19.97% 15.2% 20.10%
20.7%
revenuefom opertons incuding other operting income) - Not
anualised
7 Netprft magin% (Prftafer ta/ Totalrevenuefom 8.0% 9.7% 14.73% 9.55% 14.42%
14.4%
operatons incudingother operatngincome) - Not anuaised
8 Debtequitrtio(Total debt incudingleaselabilitesI Tota 0.46 0.6 0.43 0.46 0.3 0.43
equit)
9 Long tenndebt toworking capita 12.29 9.28 4.11 12.29 4.11 3.41
(Non curent borowings+curentmattof long tenn
borowings+ leae liabites) IWorking capita)
10 Tota debtstoTotalasets 0.26 0.25 0.24 026 0.24 0.24
(Tota debtincuding leaselabilites ITotal assets)
I I Curentrto(Tota curentasetsITotal curent liabilities) IOS I 06 12 105 1 1 2 17
12 CurentlabilitRatio (Total curentliabilities/ Totallabiltes) 0.60 0.59 0.63 0.60 0.63 0.58

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5a3 General[Retied use -mi mad, document an be used by recipients foe ts intended purpose oaly

SRF LIMITED 2 SSFF Registered Office: The Galleria, DLF Mayur Vihar, Unit No 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091

Tel. No (Regd office):(+91-11) 49482870 Fax :(+91-11) 49482900

E-mail: [email protected] Website: www.srfcom CIN - LI 8101 DLI 970PLC005 I 97

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2023

  • 4 The Board at its meeting held today has approved second interim dividend for 2023-24 of Rs 3.60 per fully paid up equity share of Rs. IO each, aggregating Rs. 106 72 crores.

  • 5 On December 4, 2023, the operations of Technical Textile Business plant located in Manali Industrial Area, Chennai, Tamil Nadu were disrupted due to cyclone with flooding and waterlogging in the plant premises This incident led to damage of certain items of Property, Plant and Equipment and Inventory. Plant operations have been largely resumed by last week of January, 2024 The Company is adequately covered under its insurance policy on a 'Reinstatement Value basis' against the estimated losses. Based on the current best estimates of the management, the accounting impact of the above incident (impairment of property, plant and equipment, write down of inventories and related compensation receivable) has been considered in these results, and does not have any material affect on the profit for the quarter and nine months ended December 31, 2023 Any adjustment arising from the change in the estimate based on subsequent re-assessment would be considered in the period of change.

  • 6 Limited Review: The Limited Review, as required under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated August ID, 2021 as amended has been completed by the Statutory Auditors.

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Place : Gurugram
Date : January 30, 2024
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,.C,
Asfish Bharat Ram
Chairman and Managing Director
s .
. .,,.
.'
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$3.Genes [etnctdue]+ Ii mil document ta be used b recipients foe ts i intended prpo only

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