SRF Ltd. - Investor Presentation 2022

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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

04.11.2022

Dear Sir,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and half year ended 30.09.2022)

In continuation of our letter dated 01[st] November, 2022 informing about hosting of earning call to discuss Un-Audited financial results for quarter and half year ended 30[th] September, 2022, please find enclosed Investors presentation, of the same for your reference and record.

The same is also available on the Company’s website i.e. www.srf.com

Thanking you,

Yours faithfully,

For SRF LIMITED

Rajat Digitally signed by Rajat Lakhan Lakhanpal Date: 2022.11.04 pal 13:12:17 +05'30'

RAJAT LAKHANPAL 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

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

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SRF Limited Q2 & H1 FY23 Results Presentation November 04, 2022

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Disclaimer
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Certain 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 and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, 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 exports to shareholders. 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 forwardlooking statements to reflect subsequent events or circumstances.

Company Overview…………………………………………………………………………………… 04 Q2 & H1 FY23 Results Overview…..…………………………………………………………….. 10 Q2 & H1 FY23 Segmental Performance……..……………………………………………….. 15 Outlook……………………………………………………………………………………………………... 31

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COMPANY OVERVIEW

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Snapshot

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Exports to Operations in 14 90+ 4 Manufacturing Facilities Countries Countries

14 7,000+ 90+ 4 Manufacturing Facilities Global Workforce Countries Countries 12,434 cr 38% 42% 20% Revenue Packaging Chemicals Technical Textiles & Others

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3,146 cr 1,889 cr EBITDA PAT

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Overview - Business Profile

Packaging Films

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Chemicals

Films for Flexible Packaging

Specialty Chemicals

Fluorochemicals

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

Bi-axially Oriented Polyethylene Terephthalate (BOPET) Bi-axially Oriented Polypropylene (BOPP)

Technical Textiles

Others

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

Coated Fabrics Laminated Fabrics

Revenue

EBIT

No of Plants

(In No)

Note: As on 31st March 2022

(In Rs. Crore)

Manufacturing Facilities

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

Specialty Chemicals

Fluorochemicals

Packaging Films

Established relationship with marquee customers

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

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

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

Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations One of the few global manufacturers for Pharma grade 134a/P - propellant in metered dose inhalers Among the top five global manufacturers for key Fluorochemicals products

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

High levels of customer engagement backed by strong R&D, technical service, product and quality management under one roof Handling complex reactions - halogenation, ethylation, hydrogenation, nitration, diazotization, grignard, isomerization, amination, organocatalysis, and decarboxylation

Highly efficient asset base offering value added products in close proximity to customer locations

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Technical Textiles

Domestic market leader in Tyre Cord manufacturing and Belting Fabrics

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

3rd largest manufacturer of Conveyor Belting Fabrics in the world

Growth Levers

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

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Focus on building leadership businesses

Build and maintain market leadership in business segments

Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

Focus on building knowledge-based value-added products

Continue to build new competencies in the chemical 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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Q2 & H1 FY23 Results Overview

Abridged Results Overview

Consolidated figures

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Particulars (Rs. Crore)	Q2 FY23	Q2 FY22	% Y-o-Y	H1 FY23	H1 FY22	% Y-o-Y
Gross Operating Revenue	3,727.8	2,839.0	*31.3%*	7,622.5	5,538.4	*37.6%*
EBITDA	837.9	665.5	*25.9%*	1,867.6	1,343.6	*39.0%*
EBITDA Margin (%)	22.5%	23.4%		24.5%	24.3%
Depreciation	139.3	130.3	6.9%	270.0	253.2	6.6%
Interest	44.5	23.4	90.4%	77.0	50.8	51.4%
ECF (Gain) / Loss	36.1	(20.6)	NA	61.0	(27.8)	NA
Profit Before Tax	618.1	532.4	*16.1%*	1,459.7	1,067.3	*36.8%*
Profit After Tax	481.0	382.5	*25.8%*	1,089.0	777.7	*40.0%*
Profit After Tax Margin (%)	12.9%	13.5%		14.3%	14.0%
Diluted EPS (Rs.)	16.23	12.91		36.74	26.25

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

Results Overview - Financial Overview

Consolidated figures

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Key Financial Ratios

PARTICULARS	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22
EBITDA Margin	17.59%	13.59%	20.43%	22.13%	21.42%	17.69%	19.00%	20.90%	26.05%	25.30%
PAT Margin	6.69%	4.04%	8.78%	9.51%	10.87%	8.38%	8.33%	12.70%	14.26%	15.19%
Net Debt to Equity	0.70	1.00	0.98	0.71	0.67	0.82	0.83	0.76	0.39	0.32
Net Debt to EBIDTA	2.08	3.80	2.83	1.97	2.11	3.01	2.42	2.48	1.24	0.88
Asset Turnover	0.82	0.73	0.77	0.7	0.68	0.66	0.72	0.66	0.65	0.79
Debtors Turnover	7.44	5.81	7.43	8.79	7.21	8.1	6.90	8.09	6.64	6.94

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Results Overview - Revenue & EBIT
Consolidated figures
Revenues (Rs. Crore) EBIT (Rs. Crore)
Q2 FY22 Q2 FY23 Q2 FY22 Q2 FY23
689.2
3,727.8
569.2
517.3
2,842.3
1,830.2
1,331.0
251.1
1,126.4 1,071.7 179.5
132.8
557.9 466.2 86.3 100.4 101.4 62.9 5.8 7.6
CB PFB TTB Others Total CB PFB TTB Others Total
Revenues (Rs. Crore) EBIT (Rs. Crore)
H1 FY22 H1 FY23 H1 FY22 H1 FY23
7,622.8
1,627.6
5,543.8
1,163.8
1,037.5
3,552.6 2,827.0
2,240.0 2,113.0 473.4 416.2 396.6
1050.9 1,037.2 266.5
179.1
139.9 206.0 7.7 14.4
CB PFB TTB Others Total CB PFB TTB Others Total
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Results Overview - Revenue & EBIT

Consolidated figures

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

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Results Overview - Revenue Share

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Q2 FY23
CB 49.1%
PFB 35.7%
TTB 12.5%
Others 2.7%
H1 FY23
CB 46.6%
PFB 37.1%
TTB 13.6%
Others 2.7%
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Q2 FY22
CB 39.7%
PFB 37.7%
TTB 19.6%
Others 3.0%
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H1 FY22
CB 40.4%
PFB 38.1%
TTB 19.0%
Others 2.5%
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CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

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Q2 & H1 FY23 Segmental Performance Chemicals Packaging Films Technical Textiles

Technical Textiles Others

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Chemicals Business

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Chemicals Business - Results Update

Consolidated figures

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PARTICULARS (Rs. Crore)	Q2 FY23	Q2 FY22	*% Y-o-Y*	H1 FY23	H1 FY22	*% Y-o-Y*
Segment Revenues	1,830.2	1,126.4	62.5%	3,552.6	2,240.0	58.6%
% Contribution to Revenues	49.1%	39.6%		46.6%	40.4%
EBIT	517.3	251.1	106.0%	1,037.5	473.4	119.2%
% EBIT Margins	28.3%	22.3%		29.2%	21.1%
% Contribution to EBIT	75.1%	44.1%		63.7%	40.7%

Chemicals Business

Specialty Chemicals Business

Segment registered strong performance on account of:

New products witnessing significant traction

Downstream derivatives registered healthy growth

launched 3 new and 1 new Successfully Agro products pharma product in H1 FY23

Strong customer engagement on more complex and downstream products

Commissioned a state-of-the-art MPP4 plant at Dahej during the quarter, ramp up in process

Given the challenging raw material situation, continuous efforts are being made to derisk the supply chain

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Capex Update

The Board approved projects aggregating ₹604 crore for four new plants in the agrochemical space and capacity enhancement of an existing plant at Dahej, India:

o Likely to completed in the next ten-to-twelve months

The Board also approved a project to develop a Kilo Lab at Bhiwadi to address the needs of the Pharma market at a projected cost of ₹9.8 crore

Market Trends

Worldwide agrochemical market reported healthy growth in H1 FY23

India's growth as an alternative specialty chemical manufacturing base has been bolstered via the "China plus one" procurement strategy Elevated raw material prices, trending lower

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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

3 new process patents were granted in H1 FY23, taking the tally to 127 global patents to-date. Overall, the Company has applied for 378 patents

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378 Patents applied

127

Global Patents granted

Chemicals Business

Fluorochemicals Business

Segment delivered steady performance in a seasonally soft quarter driven by:

Higher realizations and stable volumes across all HFCs Dymel® HFA 134a/P (pharma grade gas) expanded to new geographies and reported significant growth

Successfully commissioned Captive Power Plant at Dahej R125 catalyst replacement completed successfully

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Market Trends

Structural demand improvement witnessed in the refrigerants segment

Healthy opportunities in key markets of India and USA

Trade barriers reinforced in US market on being some ref. gases

Higher inflation, rise in energy and raw material prices, and supply chain constraints remain key challenges

With healthy demand from key markets like India, US and Middle East, SRF to focus on optimally utilizing facilities to maintain high market share

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Packaging Films Business

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Packaging Films Business - Results Update

Consolidated figures

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PARTICULARS (Rs. Crore)	Q2 FY23	Q2 FY22	*% Y-o-Y*	H1 FY23	H1 FY22	*% Y-o-Y*
Segment Revenues	1,331.0	1,071.7	24.2%	2,827.0	2,113.0	33.8%
% Contribution to Revenues	35.7%	37.7%		37.1%	38.1%
EBIT	101.4	179.5	(43.5%)	396.6	416.2	(4.7%)
% EBIT Margins	7.6%	16.7%		14.0%	19.7%
% Contribution to EBIT	14.7%	31.5%		24.4%	35.7%

Packaging Films Business

Key Highlights

In a challenging environment, SRF has continued to focus on operational efficiency measures to ensure it remains one of the lowest-cost producers in the world

Segment faced several headwinds that impacted performance during the quarter including significant supply addition in BOPET, global demand slowdown, rising energy costs in Europe, and sharp fall in commodity prices. However, this trend was partially offset with a sustained demand of BOPP Films

In H1 FY23, SRF commercialized new products in the segment Successfully commissioned BOPP Film line at Indore (DTA II), India during the quarter:

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Market Trends

BOPET Films - multiple new lines have gone locally and globally

o Industry margins are likely to remain subdued in the near-term

High energy costs due to the current geopolitical scenario in Europe is impacting operations in Hungary

BOPP Films demand and margins remain relatively stable

Demand is trending towards global suppliers with multi-locational facilities

New line will strengthen the Company’s position in BOPP segment

within India and support overall volume growth from Q3 onwards

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Technical Textiles Business

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Technical Textiles Business - Results Update

Consolidated figures

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PARTICULARS (Rs. Crore)	Q2 FY23	Q2 FY22	*% Y-o-Y*	H1 FY23	H1 FY22	*% Y-o-Y*
Segment Revenues	466.2	557.9	(16.4%)	1,037.2	1,050.9	(1.3%)
% Contribution to Revenues	12.5%	19.6%		13.6%	19.0%
EBIT	62.9	132.8	(52.6%)	179.1	266.5	(32.8%)
% EBIT Margins	13.5%	23.8%		17.3%	25.4%
% Contribution to EBIT	9.1%	23.3%		11.0%	22.9%

Technical Textiles Business

Key Highlights

Business has witnessed lower offtake in Nylon Tyre Cord Fabric segment

Improved volumes from the Belting Fabrics and Polyester Industrial Yarn segments contributed to the overall business

Business continues to focus on actively improving operational excellence and productivity parameters

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Market Trends

NTCF demand dropped significantly in new and replacement market

Belting Fabrics segment is witnessing healthy demand with increased economic activity

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Others

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Others - Results Update

Consolidated figures

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PARTICULARS (Rs. Crore)	Q2 FY23	Q2 FY22	*% Y-o-Y*	H1 FY23	H1 FY22	*% Y-o-Y*
Segment Revenues	100.4	86.3	16.3%	206.0	139.9	47.2%
% Contribution to Revenues	2.7%	3.0%		2.7%	2.5%
EBIT	7.6	5.8	31.1%	14.4	7.7	86.6%
% EBIT Margins	7.6%	6.7%		7.0%	5.5%
% Contribution to EBIT	1.1%	1.0%		0.9%	0.7%

Others - Key Highlights

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Coated Fabrics

SRF continues to maintain its leadership in the domestic market backed by:

Consistent demand & a strong order book Improved contribution from the Value-Added Products

Laminated Fabrics

SRF maintained its price and volume leadership, with the plant operating optimally in Q2 FY23

Margins impacted due to surplus supply and cheap Chinese imports

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Training
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SRF’s Community Engagement

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523 unemployed youth trained under the Basic Electrician Training Program, 90% trainees have secured employment

Under the Capgemini Digital Literacy Program, 4,638 trainees earned certification

Under the Foundation’s Sports Program, 12 students won the top 3 positions in the singles and doubles categories in the Inter-district championship, Haryana

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Outlook

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Outlook - Chemicals Business

Specialty Chemicals

Growth momentum achieved in H1 looks sustainable given strong order book

Increased complexity and addition of new products from recently commissioned capacities in Agro and Pharmaceuticals sectors to remain in focus

Working on key campaigns to go on stream

Capex commitment remains strong and capex of Rs 1000 cr. + announced over last 6 months Focus on launch of new products including MPP4

Fluorochemicals

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

Refrigerant capacities post catalyst’s change be available in H2 FY23

Focus on ramping up sales of new CMS plant and product approvals for the upcoming PTFE plant

3Q FY23 to focus on order booking for US HFC sales in Q4 FY23

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Outlook - Packaging Films Business

Aluminum Foil project remains on track

Focus on enhancing sales from new BOPP film line in India and expanding value-added product portfolio

Key raw material prices witnessing softness

Industry witnessing pressure on BOPET Film margins, value added product portfolio and customer relationships should continue to give us the edge

Focus on increasing pace of R&D efforts, sustainability initiatives, efficient cost structures and enhanced capabilities

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Outlook - Technical Textiles Business

Future demand for NTCF likely to witness revival in H2 FY23 Belting Fabrics and PIY Business remains on a steady wicket Cost optimization for various plants to remain in focus

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About Us

Established in 1970, SRF Limited with an annual turnover of ₹12,313 crore (US$ 1.6 billion) is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles and Coated and Laminated Fabrics. Anchored by a strong workforce of 7,000+ employees from different nationalities working across eleven manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to more than 90+ countries. Equipped with State-of-theArt R&D facilities, SRF has filed 378 patents for R&D and technology so far, of which 127 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.

For further information please contact

Anoop Poojari CDR India Tel: +91 98330 90434 Email: [email protected]

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Thank You

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AI assistant

SRF Ltd. — Investor Presentation 2022

61903_rns_2022-11-04_e2f91ba5-60fd-49f3-bc87-354f8fb8bc54.pdf

For SRF LIMITED

Contents

Snapshot

Overview - Business Profile

Packaging Films

Chemicals

Films for Flexible Packaging

Specialty Chemicals

Fluorochemicals

Technical Textiles

Others

Revenue

EBIT

No of Plants

Manufacturing Facilities

Market Leadership Across Businesses

Specialty Chemicals

Fluorochemicals

Packaging Films

Technical Textiles

Growth Levers

Focus on building leadership businesses

Nurture innovation through R&D

Focus on building knowledge-based value-added products

Greater focus on ESG initiatives

Abridged Results Overview

Consolidated figures

Results Overview - Financial Overview

Consolidated figures

Key Financial Ratios

Results Overview - Revenue & EBIT

Consolidated figures

Results Overview - Revenue Share

Chemicals Business

Chemicals Business - Results Update

Consolidated figures

Chemicals Business

Specialty Chemicals Business

Capex Update

Market Trends

Chemicals Business

Chemicals Technology Group

Chemicals Business

Fluorochemicals Business

Market Trends

Packaging Films Business - Results Update

Consolidated figures

Packaging Films Business

Key Highlights

Market Trends

Technical Textiles Business - Results Update

Consolidated figures

Technical Textiles Business

Key Highlights

Market Trends

Others - Results Update

Consolidated figures

Others - Key Highlights

Coated Fabrics

Laminated Fabrics

SRF’s Community Engagement

Outlook

Outlook - Chemicals Business

Specialty Chemicals

Fluorochemicals

Outlook - Packaging Films Business

Outlook - Technical Textiles Business

About Us

For further information please contact

Thank You

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SRF Ltd. Investor Presentation 2022