SRF Ltd. — Investor Presentation 2023

Oct 30, 2023

==> picture [98 x 49] intentionally omitted <==

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

30.10.2023

Dear Sir,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and half year ended 30.09.2023)

In continuation of our letter dated 25[th] October, 2023 informing about hosting of earning call to discuss UnAudited financial results for quarter and half year ended 30[th] September, 2023, 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 Lakhanpal Lakhanpal Date: 2023.10.30 12:48:57 +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

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

==> picture [156 x 91] intentionally omitted <==

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

==> picture [95 x 47] intentionally omitted <==

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 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, document can be used by recipients for its intended purpose only.events or circumstances.

2

==> picture [95 x 47] intentionally omitted <==

COMPANY OVERVIEW

Q2 & H1 FY24 RESULTS OVERVIEW

Q2 & H1 FY24 SEGMENTAL PERFORMANCE OUTLOOK

3

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

01. Company Overview

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

4

Snapshot

==> picture [95 x 47] intentionally omitted <==

==> picture [879 x 291] intentionally omitted <==

----- Start of picture text -----

Exports to Operations in
15 ₹ 14,870 cr.
+
8,000
90+ 4
Manufacturing Revenue
Countries Countries Facilities Global Workforce
35% 50% 15% ₹ 3,708 cr. ₹ 2,162 cr.
Packaging Chemicals Technical Textiles & EBITDA PAT
Others
----- End of picture text -----

Note: On Consolidated basis as on 31st March 2023

5

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

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 (Upcoming)

==> picture [95 x 47] intentionally omitted <==

==> picture [82 x 82] intentionally omitted <==

==> picture [69 x 29] intentionally omitted <==

----- Start of picture text -----

Packaging
Films
----- End of picture text -----

• Refrigerants

• Pharma Propellants

• Industrial Chemicals

• Fluoropolymers (Upcoming)

==> picture [83 x 82] intentionally omitted <==

==> picture [45 x 12] intentionally omitted <==

----- Start of picture text -----

Others
----- End of picture text -----

• Coated Fabrics

• Laminated Fabrics

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

• Tyre Cord Fabrics (Nylon & Polyester)

• Belting Fabrics

• Polyester Industrial Yarn

==> picture [82 x 82] intentionally omitted <==

Technical Textiles

Note: On Consolidated basis as on 31st March 2023

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

6

Manufacturing Facilities

==> picture [95 x 47] intentionally omitted <==

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

3. 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

6. 3 International Operations

7. KwaZulu - Natal, South Africa

8. Rayong, Thailand

9. Jaszfenyszaru, Hungary

==> picture [505 x 393] intentionally omitted <==

----- Start of picture text -----

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
----- End of picture text -----

==> picture [198 x 47] intentionally omitted <==

----- Start of picture text -----

LAMINATED FABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
----- End of picture text -----

7

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

Market Leadership Across Businesses

Fluorochemicals

Specialty Chemicals

Packaging Films

• Established relationship with • Unique and fully integrated marquee customers facilities extending across a

• • wide range of refrigerants and Strong tech capability – pilot to industrial chemicals

• commercial; creating value through operational excellence • Domestic leadership in HFC’s

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

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

==> picture [95 x 47] intentionally omitted <==

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

8

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

Growth Levers

Focus on building leadership businesses

Build and maintain market leadership in business segments

==> picture [36 x 72] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

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

• Strong decarbonisation impetus – use green/renewable energy

==> picture [126 x 161] intentionally omitted <==

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

9

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

02. Q2 & H1 FY24 Results Overview

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

10

Abridged Results Overview

==> picture [95 x 47] intentionally omitted <==

Consolidated figures

Particulars (Rs. Crore)	Q2 FY24	Q2 FY23	% Y-o-Y	H1 FY24	H1 FY23	% Y-o-Y
Gross Operating Revenue	3,177.4	3,727.8	-14.8%	6,515.7	7,622.5	-14.5%
EBITDA	674.4	837.9	-19.5%	1,406.2	1,867.6	-24.7%
EBITDA Margin (%)	21.2%	22.5%		21.6%	24.5%
Depreciation	161.2	139.3	15.7%	317.8	270.0	17.7%
Interest	79.3	44.5	78.3%	144.9	77.0	88.3%
ECF (Gain) / Loss	19.1	36.1		42.8	61.0
Profit Before Tax	414.8	618.1	-32.9%	900.6	1,459.7	-38.3%
Profit After Tax	300.8	481.0	-37.5%	660.1	1,089.0	-39.4%
Profit After Tax Margin (%)	9.5%	12.9%		10.1%	14.3%
Basic and Diluted EPS (Rs.)	10.15	16.23		22.27	36.74

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

11

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

Results Overview - Financial Overview

==> picture [95 x 47] intentionally omitted <==

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

12

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

Results Overview - Revenue Share

==> picture [95 x 47] intentionally omitted <==

Revenue (Rs. Crore)

==> picture [204 x 65] intentionally omitted <==

----- Start of picture text -----

H1 FY24
Total – 6,519.5
----- End of picture text -----

==> picture [204 x 65] intentionally omitted <==

----- Start of picture text -----

H1 FY23
Total – 7,622.8
----- End of picture text -----

Q2 FY23

Q2 FY24

Total – 3,180.8

Total – 3,727.8

==> picture [419 x 194] intentionally omitted <==

----- Start of picture text -----

126.9
100.4
506.1
4.0% 466.2
2.7%
12.5%
15.9%
44.8%
49.1%
35.7%
35.3%
1,121.5 1,426.3 1,331.0
1,830.2
----- End of picture text -----

==> picture [395 x 201] intentionally omitted <==

----- Start of picture text -----

245.6 206.0
970.8 1,037.2
2.7%
3.8%
13.6%
14.9%
46.6%
47.3%
37.1%
34.0%
2,216.3 3,086.8 2,827.0 3,552.6
----- End of picture text -----

PFB TTB Others

CB

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

13

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

Results Overview - EBIT Share

==> picture [95 x 47] intentionally omitted <==

EBIT (Rs. Crore)

==> picture [434 x 368] intentionally omitted <==

----- Start of picture text -----

H1 FY24 H1 FY23
Total – 1,128.3 Total – 1,627.6
56.2 14.4
179.1
135.6 5.0% 0.9%
11.0%
396.6
12.0%
128.6
11.4% 24.4%
63.7%
71.6%
807.8 1,037.5
TTB Others
----- End of picture text -----

Q2 FY24 Q2 FY23

==> picture [437 x 334] intentionally omitted <==

----- Start of picture text -----

Total – 533.1 Total – 689.2
33.1 7.6
62.9
74.9
6.2% 1.1%
101.4 9.1%
14.1%
14.7%
14.5%
65.2%
77.3 75.1%
347.8
517.3
CB PFB
----- End of picture text -----

PFB TTB Others

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

14

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

03. Q2 & H1 FY24 Segmental Performance

==> picture [49 x 48] intentionally omitted <==

==> picture [49 x 48] intentionally omitted <==

==> picture [48 x 48] intentionally omitted <==

==> picture [48 x 48] intentionally omitted <==

Chemicals Packaging Technical Others Films Textiles

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

15

==> picture [718 x 424] intentionally omitted <==

==> picture [88 x 424] intentionally omitted <==

----- Start of picture text -----

Chemicals Business
----- End of picture text -----

==> picture [95 x 47] intentionally omitted <==

16

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

Chemicals Business - Results Update

==> picture [95 x 47] intentionally omitted <==

Consolidated figures

PARTICULARS	Q2 FY24	Q2 FY23	% Y-o-Y	H1 FY24	H1 FY23	% Y-o-Y
Segment Revenues	1,426.3	1,830.2	-22.1%	3,086.8	3,552.6	-13.1%
% Contribution to Revenues	44.8%	49.1%		47.3%	46.6%
EBIT	347.8	517.3	-32.8%	807.8	1,037.5	-22.1%
% EBIT Margins	24.4%	28.3%		26.2%	29.2%
% Contribution to EBIT	65.2%	75.1%		71.6%	63.7%

17

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

Chemicals Business

Specialty Chemicals Business - Key Highlights

==> picture [83 x 58] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

• Specialty Chemicals Business performance impacted during the quarter due to inventory destocking caused by:

• Supply chain challenges easing out post COVID

• Global interest rate cycles at its peak leading to working capital pressures at customers’ end

Market Trends

  - Most major agrochemical companies cautiously optimistic about the demand outlook over the medium-to-long term

• Maintained strong customer engagement for complex downstream products and introduced new products

• Launched 6 new products in H1 : 4 in Agro and 2 in Pharma

• o Robust pipeline for new and complex products in place

• The Board has approved a project for setting up a new facility to produce an agrochemical intermediate at Dahej at a projected cost of Rs. 235 crore to cater to customers’ needs

• Inventory rationalization currently seems transitory

• India's global significance as an alternate manufacturing base for specialty chemicals remains intact

• Projects close to Rs. 1,100 crore to be commissioned in H2 FY24; to contribute to healthy growth in near future

18

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

Chemicals Business

==> picture [95 x 47] intentionally omitted <==

Chemicals Technology Group

• Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies

• Key focus on high end molecules and AIs

• 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

• • 10 new process patents granted in H1FY24

19

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

Chemicals Business

Fluorochemicals Business - Key Highlights

==> picture [72 x 69] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

Market Trends

• Business performance was subdued due to:

• Chinese dumping lead to low demand and weak prices in key refrigerants

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

• Despite weak domestic market, SRF’s market share in HFCs was higher

• Business to prioritize commissioning and ramp-up of ongoing projects in FY24

• Price of major ref gases seems to be better, both domestically and internationally

• Key raw material prices anticipated to remain stable

• HFC quotas for CY 2024 from US markets and sales plan alignment in place

• Domestic passenger vehicle market showing growth, positive for the business

• PTFE plant commissioned by our internal team, showcasing strong tech capabilities

• PX-1 and PX-2 facing slight delay; to be capitalized in H2 FY24

20

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

==> picture [718 x 422] intentionally omitted <==

==> picture [88 x 424] intentionally omitted <==

----- Start of picture text -----

Business Packaging Films
----- End of picture text -----

==> picture [95 x 47] intentionally omitted <==

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

21

Packaging Films Business - Results Update

==> picture [95 x 47] intentionally omitted <==

Consolidated figures

PARTICULARS	Q2 FY24	Q2 FY23	% Y-o-Y	H1 FY24	H1 FY23	% Y-o-Y
Segment Revenues	1,121.5	1,331.0	-15.7%	2,216.3	2,827.0	-21.6%
% Contribution to Revenues	35.3%	35.7%		34.0%	37.1%
EBIT	77.3	101.4	-23.8%	128.6	396.6	-67.6%
% EBIT Margins	6.9%	7.6%		5.8%	14.0%
% Contribution to EBIT	14.5%	14.7%		11.4%	24.4%

22

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

Packaging Films Business

Key Highlights

==> picture [91 x 69] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

Market Trends

• Business continued facing supply overhang and pressure on margins with commissioning of several new lines

• Enhanced share of revenue from VAPs both in BOPET and BOPP

• Focus on growing profitability through higher operational efficiencies, cost optimisation and by increasing contractual sales

• The Board has approved projects for setting up manufacturing facility for Capacitor Grade BOPP Film at a projected cost of Rs. 275 crore

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

• Capacity utilisation expected to remain muted across industry

• BOPP expected to perform relatively better

• Commissioning of aluminum foil plant started – commercial production expected soon

23

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

Packaging Films Business

Capacitor Grade BOPP Film Capex

==> picture [91 x 69] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

Rationale

•	Government focus on indigenous	Applications	Applications
	electronics manufacturing, green energy, EVs and energy storage	•	Use in low temperature		and	Capex details
	system		frequency applications:			•	Expected cost ~ Rs. 275 crore,
•	Opportunity to leverage on		o Consumer Electronics				state of the art machine
	China+1		o Energy storage	systems		•	Expected completion within 31 months
•	Higher grade technical films as
	adjacencies to existing business		o EV chargers applications	and	other	•	Nominal capacity 4500 MTPA
•	High demand growth likely; favorable demand supply					•	To be setup at Indore
	dynamics

23

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

==> picture [725 x 420] intentionally omitted <==

==> picture [88 x 424] intentionally omitted <==

----- Start of picture text -----

Business Technical Textiles
----- End of picture text -----

==> picture [95 x 47] intentionally omitted <==

24

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

Technical Textiles Business - Results Update

==> picture [95 x 47] intentionally omitted <==

Consolidated figures

PARTICULARS	Q2 FY24	Q2 FY23	% Y-o-Y	H1 FY24	H1 FY23	% Y-o-Y
Segment Revenues	506.1	466.2	8.6%	970.8	1037.2	-6.4%
% Contribution to Revenues	15.9%	12.5%		14.9%	13.6%
EBIT	74.9	62.9	19.1%	135.6	179.1	-24.3%
% EBIT Margins	14.8%	13.5%		14.0%	17.3%
% Contribution to EBIT	14.1%	9.1%		12.0%	11.0%

25

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

Technical Textiles Business

Key Highlights

==> picture [67 x 64] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

Market Trends

• Business delivered stable performance, with underlying industries showcasing healthy demand trends

• Performance of Belting fabric and Polyester Industrial Yarn was better, contributed by enhanced focus on high-end VAPs

• Phased capacity enhancement of TCF value chain project completed during Q2 FY24

• Expansion project in the Belting Fabrics and Polyester Industrial Yarn segment progressing as per schedule

• Higher imports from China witnessed

• Growth across all vehicle segments to support demand for Nylon Tyre Cord Fabric

• Improved demand expected in Belting Fabrics and Polyester Industrial Yarn segments on the back of Government’s focus on infrastructure development

26

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

==> picture [721 x 422] intentionally omitted <==

==> picture [38 x 32] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

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

27

Others - Results Update

==> picture [95 x 47] intentionally omitted <==

Consolidated figures

PARTICULARS	Q2 FY24	Q2 FY23	% Y-o-Y	H1 FY24	H1 FY23	% Y-o-Y
Segment Revenues	126.9	100.4	26.4%	245.6	206.0	19.2%
% Contribution to Revenues	4.0%	2.7%		3.8%	2.7%
EBIT	33.1	7.6	335.9%	56.2	14.4	292.0%
% EBIT Margins	26.1%	7.6%		22.9%	7.0%
% Contribution to EBIT	6.2%	1.1%		5.0%	0.9%

28

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

Others - Key Highlights

==> picture [390 x 197] intentionally omitted <==

==> picture [390 x 195] intentionally omitted <==

==> picture [95 x 47] intentionally omitted <==

Coated Fabrics

• Achieved record quarterly sales and EBITDA; maintained domestic market leadership

• Demand growing in storage liners, tarps etc. SRF captured large part of this demand with its product quality and efficient TATs.

• Demand expected to remain strong in the near-future

Laminated Fabrics

• SRF achieved highest ever sales in H1:

• Plant continues to operate at full capacity

• o Maintained market price leadership

• Oversupply situation continues – new capacity additions expected in H2

• Demand expected to remain stable

29

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

SRF’s Community Engagement

==> picture [95 x 47] intentionally omitted <==

• SRF Foundation honored with the Shiksha Bhushan Award at the 27th Bhamashah Samman Program by the Government of Rajasthan

• SRF Foundation won the CSR Times Award 2023 (Gold) for its Rural Education Program

• Eighteen trainees of the Basic Electrician Training Program conducted by SRF Foundation in the vicinity of our Packaging Films Business facility at Dhar (Madhya Pradesh, India) were successfully placed at Eicher, earning a monthly honorarium of INR 12,000

• We have successfully concluded the setting up of new labs at twenty-four institutes (Polytechnics and ITIs) and have been conducting online training programs on AI, ChatGPT, career counselling, among others. Over 4,500 students have already enrolled for these training programs

==> picture [413 x 276] intentionally omitted <==

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

30

04. Outlook

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

31

Outlook - Chemicals Business

Specialty Chemicals

• Current inventory rationalization seems transitory; may last for a couple of quarters

• Customer traction still strong

• Global customers’ geo-political de-risking theme continues

• Focus on growth of pharma vertical

• Commission new plants and their ramp up

• Fundamentally, business in good shape. Cycles are a part and parcel of business

Fluorochemicals

• Domestic demand should witness positive traction in Q3 and US demand from Q4 FY24

• Some signs of pricing positive in both ref gas and Industrial Chemicals being witnessed

• Focus on PTFE sales and product approvals at the earliest

• Expect better performance in H2 FY’24, long term story remains intact

==> picture [95 x 47] intentionally omitted <==

==> picture [288 x 189] intentionally omitted <==

==> picture [288 x 192] intentionally omitted <==

32

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

Outlook - Packaging Films Business

==> picture [288 x 191] intentionally omitted <==

• Demand supply mismatch and pressure on margins expected to continue

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

• Continue focus on value-added products both in BOPP and BOPET

==> picture [289 x 191] intentionally omitted <==

• Aluminium foil project on the verge of commissioning, product approvals should take 3-6 months

• Continue to focus on sustainability initiatives and cost optimization

==> picture [95 x 47] intentionally omitted <==

==> picture [288 x 193] intentionally omitted <==

==> picture [288 x 193] intentionally omitted <==

33

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

Outlook - Technical Textiles Business

==> picture [286 x 396] intentionally omitted <==

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

• Demand for NTCF expected to be stable

• BF and PIY to be future growth drivers

• Stable business going forward, reasonable order book for ensuing quarters

==> picture [95 x 47] intentionally omitted <==

==> picture [287 x 396] intentionally omitted <==

34

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

==> picture [95 x 47] intentionally omitted <==

About Us

Established in 1970, SRF Limited 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 8,000+ employees from different nationalities working across twelve 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-the-Art R&D facilities, SRF has filed 421 patents for R&D and technology so far, of which 142 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

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

35

THANK YOU

==> picture [353 x 9] intentionally omitted <==

----- Start of picture text -----

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