SRF Ltd. — Interim / Quarterly Report 2019

May 13, 2019

The Corporate Relationship Department, BSE Limited 1st Floor, New Trading Ring Rotunda Building, P.J. Towers Dalai Street, Mumbai 400 001

National Stock Exchange of India Limited 'Exchange Plaza" Bandra-Kurla Complex Bandra (E) Mumbai 400 051

Scrip Code- 503806

SRF/SEC/BSE/NSE 13.05.2019

Dear Sirs,

Audited Financial Results (Standalone & Consolidated) for the quarter and the year ended 31.03.2019 and outcome of Board Meeting

Scrip Code-SRF

In continuation of our letter dated 03.05.2019, we wish to inform you that Board of Directors at its meeting held today, inter-alia had approved the Audited Financial Results (Standalone and Consolidated) for the quarter/ year ended March 31, 2019.

The Board of Directors had considered and recommended "Nil" final dividend.

Further, the Board of Directors has approved revised policy for "Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information" and "Code of Conduct to Regulate, Monitor and Report Trading by Insiders". The revised policies are uploaded on the Company's website at www.srf.com

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we enclosed the following:

• (i) Statements showing the Audited Financial Results (Standalone and Consolidated) for the quarter/year ended March 31, 2019 in the prescribed format.
• (ii) Auditors Report on the Audited Financial Results Standalone and Consolidated
• (iii) A declaration on Auditors Report with unmodified opinion pursuant to the SEBI circular no. CIR/CFD/CNID/56/2016 dated May 27, 2016.

The results are being uploaded on the Company's website at www.srf.com.

Further, the Board of Directors decided to hold 48th AGM of the Company on Monday August 5, 2019.

The meeting started at 10.30 a.m. and concluded at 07.00 p.m.

This is for your information and records.

Thanking you,

Yours faithfully for SRF LIMITED

RAJAT LAKHANPAL AVP (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: infoasrf.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

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Nokia Link Road, Mayur Vihar Phase I Extn, Delhi -

I10091

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

E-mail: infoRsrf.com Website: www srreom CIN - L 8101DL1970PLC005 197

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

						(Re. in Creme)
		Standalone
			Quarter ended			Year Ended
S.No.	Particulars	31-Mar-19	31-Dec-18	31-Mar-18	31-Mar-19	31-Mar-18
		(1)	(2)	(3)	(4)	(5)
		Audited	Unaudited	Audited	Audited	Audited
1	Revenue from operations
	a. Sale of products ft	1752.75	1583 39	1339.78	6310.31	4603.87
	b. Other operating revenues	36.67	56.76	21.59	149 03	74.06
	Total Revenue from operations	1789.42	1640.16	1361.37	6469.34	4677.93
2	Other Income	21 52	7.45	8.80	42.32	68 03
3	Total income	1810.94	1647.60	1370.17	6601.66	4743.96
4	Expenses
	a Cost of materials consumed	945.86	985 38	693.00	3633.22	2412.64
	b. Purchases of stock-in-trade	12.29	12 35	11.87	48.42	47.40
	c. Changes in inventories of finished goods, work-in-progress and stock in trade	35.11	(70 06)	26.43	(69.84)	(34.78)
	d. Excise duty on sale of goods 4	_	-	-	-	95.83
	e. Employee benefits expense	115.13	108 37	103.55	425.17	377.84
	f. Finance Cost	47.70	47.55	35 63	174.65	97.97
	g. Depreciation and amortisation expense	87.52	83 01	77.65	328 04	278 11
	h. Power and fuel	138.90	137.95	115.14	547.96	432.78
	i. Exchange currency fluctuation loss / (gain)	1 40	(11 36)	(2.08)	19.54	(37.77)
	' Other expenses	199.56	191 39	167.54	701.39	561.30
	Total expenses	1583.47	1484.68	1228.73	6808.66	4231.32
5	Profit before tax	227.47	163.02	141.44	693.11	612.64
6	Tax expense	62.17	48.24	35.58	203.08 (27 15)	143.92
7	Tax adjustment related to earlier years	- 165.30	(17 68) 132.46	- 106.86	617.18	(36 94) 406.66
	Profit for the period
	Other Comprehensive Income
	A(i) Items that will not be reclassified to profit or loss (a) gain / (loss) of defined benefit obligation	0 49	0.06	(1.42)	(1.78)	(0 85)
		(0.17)	(0 03)	0.46	0 62	0 29
	A(ii) Income tax relating to items that will not be reclassified to profit or loss
	B(i) Items that will be reclassified to profit or loss
	(a) effective portion of gain / (loss) on hedging instruments in a cash flow	30 72	88.96	(26.03)	54 50	(26.68)
	hedge
	B(ii) Income tax relating to items that will be reclassified to profit or loss	(10.73)	(31 09)	9.10	(19.04)	9 33
9	Total Other Comprehensive Income for the period	20.31	67.90	(17.89)	34.30	(17.91)
10	Total Comprehensive Income for the period	188.61	190.36	87.97	551.48	387.76
11	Paid up equity share capital (Rs.10 each fully paid up)	57.48	57.48	57.42	57.48	57.42
12	Other equity excluding revaluation reserve				3860.14	3391.23 3448.65
13 14	- Net Worth' Paid Up Debt Capital				3917.62 300.00	300.00
15	Debenture Redemption Reserve				75.00	75.00
16	Basic EPS for the period (not annualised)	28.76	23 05	18.44	90.01	70 65
17	Diluted EPS for the period (not annualised)	28.76	23.05	18.44	90.01	70.65
18	Debt Equity Ratio"-				0.79	0.72
19	- • Debt Service Coverage Ratio•				2 11	1.69
20	Interest Service Coverage Ratio				5.67	6 90

4 Refer note 3

• Net worth = Paid up share capital + Other equity

" Paid up Debt Capital comprises of listed Debentures only

'" Debt Equity Ratio = Total Debt / Equity

-- Debt Service Coverage Ratio (DSCR) = (EBDIT - Current Tax) / (Gross Interest + Scheduled Principal Repayment of Long Term Debts)

Intoroct Sorvico Coverne Ratio (ISCR) (EBDIT Current Tax) / Gross Interest

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

Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-I 1) 49482900

E-mail: infoP,srfIcom Website: www.srf.comCIN - L18101DL1970PLC005197

STATEMENT OF STANDALONE SEGMENT INFORMATION FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

(Rs. in Crores
	Standalone
		Quarter ended	Year ended
	31-Mar-19	31-Dec-18	31-Mar-18	31-Mar-19	31-Mar-18
Particulars	(1)	(2)	(3)	(4)	(5)
	Audited	Unaudited	Audited	Audited	Audited
Segment Revenue
a) Technical Textiles Business (TTB)	404.20	454.50	389.50	1735.70	1532.55
b) Chemicals Business (CB)	839.49	587.35	508.07	2446.56	1611.58
c) Packaging Film Business (PFB)	418.21	470.68	347.02	1757.39	1081.39
d) Others	128.67	129.22	118.15	525.36	457.30
Total Segment Revenue	1790.57	1641.75	1362.74	6465.01	4682.82
Less: Inter Segment Revenue	1.15	1.60	1.37	5.67	4.89
Revenue from Operations	1789.42	1640.15	1361.37	6459.34	4677.93
Segment Results
(Profit before interest and tax from each Segment) a) Technical Textiles Business (TTB)
	47.55	72.80	57.58	261.26	247.51
b) Chemicals Business (CB) c) Packaging Film Business (PFB)	166.85	76.66	92.76	385.63	269.20
d) Others	76.29	53.46	51.56	275.67	135.70
	10.68	12.05	10.51	46.73	44.38
Total Segment Results	301.37	214.97	212.41	969.29	696.79
Less/(Add): i) Finance Cost
ii) Other Unallocable Expenses (Net of Income)	47.70 26.20	47.55 4.40	35.63	174.65	97.97
Profit Before Tax	227,47	163.02	35.34 141.44	101.53 693.11	86.18 512.64
Segment Assets
a) Technical Textiles Business (TTB)	1412.48	1568.69	1237.71	1412.48	1237.71
b) Chemicals Business (CB)	4913.89	4860.74	3897.63	4913.89	3897.63
c) Packaging Film Business (PFB)	1624.00	1675.59	1471 30	1624.00	1471.30
d) Others	298.39	318.82	295.03	298.39	295.03
Total segment assets	8248.76	8423.84	6901.67	8248.76	6901.67
e) Unallocable	423.54	539.02	372.34	423.54	372.34
Total	8672.30	8962.86	7274.01	8672.30	7274.01
Segment Liabilities
a) Technical Textiles Business (TTB) b) Chemicals Business (CB)	405.02	435.88	354.80	405.02	354.80
c) Packaging Film Business (PFB)	433.96	456.27 344.16	349.48	433.96	349.48
d) Others	375.81		251.77	375.81	251.77
	52 05	64.90	57.32	52.05	57.32
Total segment liabilities e) Unallocable	1266.84	1301.21	1013.37	1266.84	1013.37
	3486.82	3887.29	2810.97	3486.82	2810.97
Total	4753.66	5188.50	3824.34	4753.66	3824.34

Registered Office:The GaReda. OLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Fxtn, Delhi 110091

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

E-mail: info@srtcorn Website: www.srf.comCIN - L1810101_1970PLC005197

STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2019

		(Rs. in Cror
	As at	As at
Particulars	31-Mar-19	31-Mar-18
	Audited	Audited
ASSETS
Non-current assets
Property, plant and equipment	4735.70	4228.29
Capital work-in-progress	692.07	556.93
Goodwill	1.41	1.41
Other intangible assets	108.86	112.73
Financial assets
Investments	83.71	83.72
Loans	34.05	30.41
Others financial assets	4.71	5 50
Non Current tax assets (net)	19.00	17.71
Other non-current assets	191 21	198.82
Total Non Current Assets	6870.72	5236.62
Current assets
Inventories	1099.11	827.62
Financial assets
Investments	100 49	121.70
Trade receivables	856.15	491.41
Cash and cash equivalents	162.80	57 66
Bank balances other than above Loans	9.33 7.33	9.73 11.99
Other financial assets	202 31	146.04
Other current assets	364.06	362 34
Total Current Assets	2801.68	2038.49
Total Assets	8672.30	7274.01
EQUITY AND LIABILITIES
EQUITY
Equity share capital	58.50	58.44
Other equity	3860.14	3391.23
Total Equity	3918.64	3449.67
LIABILITIES
Non-current liabilities
Financial liabilities
Borrowings	1694.92	1504.57
Provisions	26.89	24.87
Deferred tax liabilities (net)	302.23	255.50
Other non-current liabilities	2.08	14.40
Total Non Current Liabilities	2026.12	1799.34
Current liabilities
Financial liabilities
Borrowings	1042.83	666.37
Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises	18 24	19.35
(b) Total outstanding dues of creditors other than micro enterprises and small enterprises	1073.91	785.52
Other financial liabilities	510.81	454.24
Other current liabilities	88 78	85.20
Provisions	5.14	3.79
Current tax liabilities (net)	9 83	10 53
Total Current Liabilities	2727.64	2025.00
t \ --\110/ 's>.• Total Liabilities	4763.86	3824.34
\ 7_ << /". T --- / tz-r
Total Equity and Liabilities	6672.30	7274.01
New

Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Emil, Delhi - 110091 Tel. No (Re.gd office) . (+91-11) 49482870 Fax . (+91-I I) 49482900 E-mail: in fo(ihsrf. comWebsite: www.srf.comCIN — L I 8101DL I 970PLC005197

NOTES TO STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 13, 2019. The audit report of the Statutory Auditors is being filed with the BSE and National Stock Exchange. For more details on standalone results, visit Investors section of our website at www.srf.com and Financial Results at Corporates section of www.nseindia.comand www.bseindia.com.
• 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 the other accounting principles generally accepted in India.
• Consequent to introduction of Goods and Services Tax (GST) with effect from July 1, 2017, Central Excise, Value Added Tax (VAT) etc. have been subsumed into GST. In accordance with Indian Accounting Standard-I 15 on Revenue from Contracts with Customers and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc. are not part of revenue. Accordingly, the figures for the periods upto June 30, 2017 are not comparable to those thereafter. The following additional information is being provided to facilitate such understanding.

					(Rs. in Crores)
Particulars		Quarter ended	Year ended
	31-Mar-19	31-Dec-18	31-Mar-18	31-Mar-19	31-Mar-18
A. Sale of products	1,752.75	1,583.39	1,339.78	6,310.31	4,603.87
B. Excise duty on sale of goods					95.83
C. Sale of_products excluding excise duty (A) - (B)	1.752.75	1,583.39	1,339.78	6,310.31	4,508.04

• 7.33% Listed, Secured Redeemable Non-Convertible Debentures of Rs. 10 lakhs each aggregating to Rs. 300 Crores were allotted on June 30, 2017. These have been secured against first pari-passu charge over some of the moveable and immovable properties of the Company to the extent of asset cover of 2.09 times. These debentures have been rated as AA+ by CRISIL at the time of issue and there has been no change in the credit rating since then. The previous date for payment of' interest was July 2, 2018 on which an interest amount of Rs. 21.99 Crores was paid. The next due date for payment of interest of Rs. 21.99 cores for these debentures is July 1, 2019 and these debentures shall be due for redemption for an amount of Rs. 300 Crores on June 30, 2020.
• During the quarter, a project to manufacture agrochemical intermediates and associated plants was approved at an estimated cost of Rs. 140 Crores.
• Effective April I, 2018, the Company adopted Ind AS 115 "Revenue from Contracts with Customers". There is no material effect on adoption of Ind AS 115.
• Effective April I, 2018, the Company realigned its operating segments based on requirements under Ind AS 108 Operating Segments. Accordingly, Laminated Fabrics business and Coated Fabrics business from "Technical Textiles Business" segment and Engineering Plastics business from "Chemicals and Polymers Business" segment have been regrouped to "Others" segment. Also "Chemicals and Polymers Business" segment has been renamed to "Chemicals Business" segment. Relevant Comparative information has been restated to give effect to the above changes.
• On May 11, 2019, the Company has entered into business transfer agreement for sale of its Engineering Plastics Business for a consideration of Rs. 320 Crore (subject to working capital adjustments), upon completion of closing conditions. The statutory and legal formalities are expected to be completed within 6 months from the date of signing. The business was reported under "Others segment" in accordance with the requirements of IND AS108 — Operating Segments.
• The figures of the last quarters ended March 31, 2018 and March 31, 2019 are the balancing figures between the audited figures in respect of full financial year and published year to date figures upto third quarter of the relevant financial years. The figures upto the end of the third quarter had only been reviewed and not subject to audit. Previous period / year figures have been reclassified wherever necessary.

Place : Gurugram Date : May 13, 2019

For and on behalf of the Board

Ashish Bharat Ram Managing Director

Registered Office. The Gallena, DLF Mayur Vihar, Unit No 236 & 237, Second Floor, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 1 10091 Tel No (Regd office) (+91-11) 49482870 Fax • 1+91-1 I) 49482900

E-mail: infrasrfcorn Wcbsite: www srrcom CIN - LI 8101DL1970PLC005197

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

						Rs. In Crores
		Consolidated
&No.-	Particulars		Quarter Ended		Year Ended
		31-Mar-19	31-Dec-18	31-Mar-18	31-Mar-19	31-Mar-18
		(1)	(2)	(3)	141_	(5)
		Audited	Unaudited	Audited	Audited	Audited
	Revenue from operations
	a) Sale of Products #	2034.81	1907 21	1589 98	7541.38	5606.65
	b) Other operating Revenues	37.22	56.93	22.29	151.31	78.22
	Total Revenue from operations	2072.03	1964.04	1612.27	7692.69	5684.87
2	otner income	16.54	5 22 1969.26	13.03 1625.30	40.14 7732.83	68.80
3 4	Total Income Expenses	2088.57				6753.67
	a) Cost of matenats consumed	1,110.44	1,187.99	859.28	4,382.14	3,015.70
	b) Purchases of stock-in-trade	12.77	11.96	7.57	48.55	47.40
	c) Changes in inventories of finished goods, work-in-progress and stock in trade	29.60	(73.20)	20.69	(71.05)	(31.10)
	d) Excise duty on sale of goods #	•	-	-	-	95.83
		139.67	130.52	124.89	515.91	474.04
	e) Employee benefits expense f) Finance Costs	52 92	54.42	42.50	201.60	123.89
	g) Depreciation and amortisation expense	97.10	93.19	86.14	366.87	315.80
	h) Power and fuel	158.79	158.51	132 88	626 63	530 79
	i) Exchange currency fluctuation loss / (gain)	0.92	(10.22)	(6 43)	23.80	(46.32)
	j) Other expenses	231 90	217.26	194.35	809 49	875 97
	Total expenses	1834.11	1770.43	1461.67	6906.94	5172.00
5	Profit before tax	254.46	198.83	163.43	826.89	581.67
6	Tax expense	63.57	50.80	39 52	212.41	156.90
	Tax adjustment related to earlier years Profit for the period	190.89	(17 68) 165.71	123.91	127.151 841.63	(36 94) 461.71
8	Other Comprehensive Income
	A(i) Items that will not be reclassified to profit or loss
	(a) gain / (loss) of defined benefit obligation	0.78	0 06	(1 98)	(1 49)	(1 41)
	(b) gain / (loss) on change in fair value of equity instrument
	A(li) Income tax relating to items that will not be reclassified to profit or loss	(0.17)	(0.02)	0.46	0.62	0.29
	B(l) Items that tell be reclassified to profit or loss
	(a) effective portion of gain / (loss) on hedging inshuments :n a cash	27.25	87.79	(26.03)	50.25	(26.68)
	flow hedge
	(b) Exchange differences on translation of foreign operations	(15 35)	(11.09)	12.93	(24.69)	21.56
	B(6) Income tax relating to items that will be reclassified to profit or loss	(10.74)	(31.09)	9.10	(19.05)	9.33
9	Total Other Comprehensive Income for the period	1.77	45.65	(5.52)	5.64	3.09
10	Total Comprehensive Income for the period	192.66	211.36	118.39	647.27	464.80
	11 Pald up equity share capital (Rs.10 each fully paid up)	57.48	57.48	57.42	57.48	57 42
12	Other equity excluding revaluation reserve				4070.77 4129.25	3506.09 3563 51
13 14	Net Worth' Paid Up Debt Capital"				300.00	300.00
	15 Debenture Redemption Reserve				75.00	75.00
	16 Basic EPS for the period (not annualised)	33.21	28.83	21.58	111.66	80.41
17	Diluted EPS for the period (not annualised)	33.21	28.83	21.58	111.66	80.41
	- 18 Debt Equity Ratio"'				0.90	0.88
19 20	Debt Service Coverage Ratio" Interest Service Coverage Ratio				2 10 5.97	1.64 6 81

Refer Note 3

Net worth = Paid up share capital * Other equity

• Paid up Debt Capital comprises of listed Debentures only

"' Debt Equity Ratio = Total Debt / Equity

"" Debt Service Coverage Ratio (DSCR) = (EBDIT - Current Tax) / (Gross Interest * Scheduled Principal Repayment of Long Term Debts) Interest Service Coverage Rain (ISCR) = (EBDIT - Current Tax) / Gross Interest

Registered Office: The Galleria. DES Mayur Vihar, Unit No. 236 & 237. Second Floor, Mayur Vihar Place.

Noida Link Road, Mayur Vihar Phase I Extn, Delhi - 110091 Tel. No (Reed office) (+91-11) 49482870 Fax : (+91-11) 49482900

E-mail: info@srf.com Website: www.srf.comCIN - L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED SEGMENT INFORMATION FOR THE QUARTER AND PERIOD ENDED MARCH 31, 2019

					(Rs. In Crores
	Consolidated
		Quarter Ended	Year Ended
	31-Mar-19	31-Dec-18	31-Mar-18	31-Mar-19	31-Mar-18
Particulars	(1)	(2)	(3)	(4)	(5)
	Audited	Unaudited	Audited	Audited	Audited
Segment Revenue
a) Technical Textiles Business (TTB)	481.46	547.83	462.19	2074.24	1838 81
b) Chemicals Business (CB)	839.97	586 01	506.62	2445.42	1611.38
c) Packaging Film Business (PFB)	623.08	702.58	526 68	2653 34	1782 27
d) Others	128.67	129.22	118.15	525.36	457.30
Total Segment Revenue	2073.18	1965.64	1613.64	7698.36	5689.76
Less: Inter Segment Revenue	1.15	1.60	1.37	5.67	4.89
Revenue from Operations	2072.03	1964.04	1612.27	7692.69	5684.87
Segment Results
(Profit before Interest and Tax from each Segment)
a) Technical Textiles Business (TTB)	56.34	81.73	66 78	298.23	252 86
b) Chemicals Business (CB)	165 98	76.63	92.38	384.25	269 37
c) Packaging Film Business (PFB)	105.67	88.09	72.30	411.48	229.77
d) Others Total Segment Results	10 68 338.67	12 05 258.50	10.51 241.97	46.73 1140.69	44.38
Less/(Add):					796.38
i) Finance Costs	52.92	54.42	42 50	201 60
ii) Other Unallocable Expenses (Net of Income)	31 29	5.25	36.04	112 20	123 89 90.82
Profit Before Tax	254.46	198.83	163.43	826.89	581.67
Segment Assets
a) Technical Textiles Business (TTB)	1539 71	1754.74	1389.93	1539.71	1389.93
b) Chemicals Business (CB)	4925 43	4866.01	3898.31	4925.43	3898.31
c) Packaging Film Business (PFB)	2776 14	2854 92	2478.84	2776 14	2478.84
d) Others	298 39	318.82	295.03	298.39	295.03
Total segment assets	9539.67	9794.49	8062.11	9539.67	8062.11
e) Unallocable	348 23	460 68	300 90	348 23	300 90
Total	9887.90	10255.17	8363.01	9887.90	8363.01
Segment Liabilities a) Technical Textiles Business (TTB)	396 23	553 62	450.46
b) Chemicals Business (CB)		456 90		396 23	450.46
c) Packaging Film Business (PFB)	448.98		349.80	448.98	349.80
d) Others	710.00 52.05	596.40 64 90	441.16 57.32	710.00 52.05	441.16 57.32
Total segment liabilities	1607.26	1671.82	1296.74	1607.26	1298.74
e) Unallocable	4151 37	4605.42	3499.74	4151 37	3499.74
Total	5758.63	6277.24	4798.48
				5758.63	4798.46

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) 49482670 Fax : (+91-11) 49482900

E-mail: info@srfcorn Website: www.srf.comCIN L18101DL1970PLC005197

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2019

Particulars As at As at 31-Mar-19 31-Mar-18 Audited Audited ASSETS Non-current assets Property, plant and equipment 5496 45 5004.78 Capital work-in-progress 753 61 558.81 Goodwill 4 08 4.06 Other intangible assets 108 86 112.73 Financial assets Investments 0.11 0.12 Loans 34.05 30.73 Others financial assets 4.71 5.50 Non Current tax assets (net) 19.00 17.71 Other non-current assets 294.74 202.66 Total Non Current Assets 6715.61 5937.12 Current assets Inventories 1224.74 958.18 Financial Assets Investments 100.49 121.70 Trade receivables 1028.75 680.65 Cash and cash equivalents 189.55 87.01 Bank balances other than above 9.33 9.73 Loans 11.18 14.45 Other financial assets 200.38 142.89 Other current assets 407.87 411 28 Total Current Assets 3172.29 2425.89 Total Assets 9887.90 8363.01 EQUITY AND LIABILITIES EQUITY Equity share capital 58.50 58 44 Other equity 4070 77 3506.09 Total Equity 4129.27 3564.53 LIABILITIES Non-current liabilities Financial liabilities Borrowings 2161.34 1907.26 Provisions 38.10 33.37 Deferred tax liabilities 341.98 291.38 Other non-current liabilities 18.53 34.26 Total Non Current Liabilities 2559.95 2266.27 Current liabilities Financial Liabilities Borrowings 1127 39 850.78 Trade payables a) Total outstanding dues of micro enterprises and small enterprises b) Total outstanding dues of creditors other than micro enterprises and small enterprises 1024.89 18 24 1364 18 19.35 Other financial liabilities 602.49 523 59 Other current liabilities 70.59 98.47 Provisions 5.96 4.60 Current tax liabilities (net) 9.83 10 53 Total Current Liabilities 3198.68 253221 Total Liabilities ..---ri ,% 5758.63 4798.48 /6 1:-.1-- / ,>\ Total Equity and Liabilities 70-X-- \ (:\ 0887.90 8363.01 (Rs. In Crores)

Registered Office The GaReda, DLF Mayur Velar, Unit No 236 & 237, Second Moot, Mayur Vihar Place, Noida Link Road, Mayur Vihar Phase !

Fxtn, Delhi - 110091 Tel No (Regd office) : ( I-91-11) 49482870 Fax : ( I I )49482900

E-mail: info@srf.comWebsite: www.srf. comCIN - LI 810 I DL1970PLC005197

NOTES 10 CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

• The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on May 13, 2019 The audit repots, of the Statuory Auditors is being filed with BSE and National Stock Exchange. For more details on consolidated results,visit Investors section f our website at www srf. coin and financial results at Corporates section of www.nseindia.comand www bseindia.com.
• These financial results of the Group have been prepared in accordance with the Indian Accounting Standards ("Ind AS") as prescribed under Section 1.33 of the Companies Act, 2013 read with relevant rules issued thereunder and the other accounting principles generally accepted in India.
• Consequent to introduction of Goods and Services Tax (GST) with effect from July I, 2017. Central Excise. Value Added Tax (VAT) etc have been subsumed into GST In accordance with Indian Accounting Standard-I 15 on Revenue from Contracts with Customers and Schedule III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc are not part of revenue Accordingly, the figures for the periods upto June 30, 2017 arc not comparable to those thereafter The following additional information is being provided to facilitate such understanding

	Rs. in Cm

	Particulars		Quarter ended	Year ended
		31-Mar-19	31-Dec-I8	31-Mar-18	31-Mar-19	31-Mar-18
	A. Sale of products	2,034.81	1,907.21	1,589 98	7,541.38	5,606.65
	B Excise duty on sale of goods					95 83
	C Sale of products excluding excise duty (A) - (B)	2,034 81	1,907 21	1,589 98	7,541 38	5,510.82

• 7 33% Listed, Secured Redeemable Non-Convertible Debentures of Rs. 10 lakhs each aggregating to Rs. 300 crores were allotted on June 30, 2017 These have been secured against first pari-passu charge over some of the moveable and immovable properties of the Company to the extent of asset cover of 2.09 times. These debentures have been rated as AA - by CRISIL at the time of issue and there has been no change in the credit rating since then The previous date for payment of interest was 2nd July, 2018 on which an interest amount of Rs. 21.99 Crores was paid The next due date for payment of interest of Rs 21 99 crores for these debentures is July 1, 2019 and these debentures shall be due for redemption for an amount of Rs. 300 Crores on June 30, 2020.
• During the quarter, a project to manufacture agrochemical intermediates and associated plants was approved at an estimated cost of Rs. 140 Crores.
• Effective April I, 2018, the Group adopted Ind AS 115 "Revenue from Contracts with Customers" There is no material effect on adoption of Ind AS 115
• Effective April I, 2018, the Group realigned its operating segments based on requirements under Ind AS 108 Operating Segments Accordingly, Laminated Fabrics business and Coated Fabrics business from ''Technical Textiles Business" segment and Engineering Plastics business from "Chemicals and Polymers Business" segment have been regrouped to "Others" segment Also "Chemicals and Polymers Business" segment has been renamed to -Chemicals Business" segment Relevant Comparative information has been restated to give effect to the above changes
• On May II, 2019, the Company has entered into business transfer agreement for sale of its Engineering Plastics Business for a consideration of Rs 320 Crore (subject to working capital adjustments), upon completion of closing conditions. The statutory and legal formalities are expected to be completed within 6 months from the date of signing The business was reported under "Others segment" in accordance with the requirements of IND AS108 - Operating Segments
• The figures of the last quarters ended March 31, 2019 and March 31, 2018 are the balancing figures between the audited figures in respect of fill financial year and published year to date figures upto third quarter of the relevant financial years The figures upto the end of the third quarter had only been reviewed and not subject to audit
• II) Previous period figures have been regrouped wherever necessary to conform to current period classifications

For and on behaif of the Board shish Bharat Ram

Managing Director

Place : Gurugram Date : May 13, 2019

B S R & Co. LLP

Chartered Accountants

Building No.10, 8th Floor, Tower-B Telephone: + 91 124 719 1000 DLF Cyber City, Phase - II Fax: 91 124 235 8613 Gurugram - 122 002. India

To Board of Directors of SRF Limited

We have audited the standalone annual financial results (the statement') of SRF Limited (the Company') for the year ended 31 March 2019, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations'). Attention is drawn to the fact that figures for the last quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these standalone annual financial results arc the balancing Figures between audited figures in respect of the full financial year and the published year to date figures upto the end of the third quarter of the, relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

These standalone annual financial results have been prepared on the basis of the annual financial statements and reviewed quarterly financial results which are the responsibility of the Company's Management. Our responsibility is to express an opinion on these standalone annual financial results based on our audit of the annual financial statements which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the standalone annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion.

Attention is drawn to the fact that the figures for the corresponding quarter and year ended 31 March 2018 are based on the previously issued standalone financial results and standalone annual financial statements that were audited by the erstwhile auditors (vide their unmodified audit report dated 17 May 2018).

8 S R & Co. (a partnership firm with Registration No 8A612231cOnverted into B S R & Co. LLP (a Limited Liability Par.nershp with LLP Registration No AAB-818,1 With effect from October 14. 2013

Registered Office: 5th Floor. Lodha Excelus Apollo Mills Compound N M Joshi Mars Mahaiaksrimi Muribal • 403 011

In our opinion and to the best of our information and according to the explanations given to us these financial results:

• (i) are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and
• (ii) give a true and fair view of the net profit and other comprehensive income and other financial information for the year ended 31 March 2019.

For B S R 8 Co..LLP Chartefed Accountants Firm n 01248W/W-100022

Kausj(at'Kislfore Partner Membership No. 090075

Place: Gurugram Date: 13 May 2019

B S R & Cu. LLP

Chartered Accountants

Building No.10, 8th Floor, Tower-B Telephone: + 91 124 719 1000 DLF Cyber City, Phase II Fax + 91 124 235 8613 Gurugram 122 002, India

To Board of Directors of SRF Limited

We have audited the consolidated annual financial results (the statement') of **SRF Limited** (-the Company') and its subsidiaries (collectively referred to as 'the Group') for the year ended 31 March 2019, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (`Listing Regulations'). Attention is drawn to the fact that the figures for the last quarter ended 31 March 2019 and the corresponding quarter ended in the previous year as reported in these consolidated annual financial results are the balancing figures between consolidated audited figures in respect of the full financial year and the published year to date consolidated figures upto the end of the third quarter of the relevant financial year. Also the figures up to the end of the third quarter had only been reviewed and not subjected to audit.

These consolidated annual financial results have been prepared from consolidated annual financial statements and reviewed quarterly consolidated financial results which are the responsibility of the Company's Management. Our responsibility is to express an opinion on these consolidated annual financial results based on our audit of such consolidated annual financial statements, which have been prepared in accordance with the recognition and measurement principles laid down in the Companies (Indian Accounting Standards) Rules, 2015 as per Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations.

We conducted our audit in accordance with the auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated annual financial results are free of material misstatement(s). An audit includes examining, on a test basis, evidence supporting the amounts disclosed as financial results. An audit also includes assessing the accounting principles used and significant estimates made by Management. We believe that our audit provides a reasonable basis for our opinion

We did not audit the financial statements of seven subsidiaries included in the consolidated annual financial results, whose annual financial statements reflect total assets of Rs. 1,792.47 crores (before consolidation adjustments) as at 31 March 2019 as well as the total revenue of Rs. 1,281.45 crores (before consolidation adjustments) for the year ended 31 March 2019. These annual financial statements and other financial information have been audited by other auditors whose reports have been furnished to us, and our opinion on the consolidated annual financial results, to the extent they have been derived from such annual financial statements is based solely on the report of such other auditors.

Certain of these subsidiaries are located outside India whose financial statements and other financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Company's Management has converted the financial statements of such subsidiaries located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Company's Management. Our opinion in so far as it relates to the balances and affairs of such subsidiaries located outside India is based on the report of other auditors and the conversion adjustments prepared by the Management of the Company and audited by us.

B S R & Co. (a partnersnip firm with Registration No 8A61223) converted into B S R & Co LLP (a Limited Liability Partnership with LLP Registration No AAB-81811 watt effect from October 14, 2013

Registered Office: 5th Floor, Lodha Excelus Apollo Mills Compound N.M Joshi Marg. Mahalakshmi Mumciai 400 011

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Attention is drawn to the fact that the figures for the corresponding quarter and year ended 31 March 2018 are based on the previously issued consolidated financial results and consolidated annual financial statements that were audited by the erstwhile auditors (vide their unmodified audit report dated 17 May 2018).

In our opinion and to the best of our information and according to the explanations given to us and based on consideration of reports of other auditors on separate financial statements of the subsidiaries as aforesaid, these consolidated annual Financial results:

• (i) include the annual financial results of the following entities:
• 1. SRF Global BV
• 1. SRF Flexipak (South Africa) (Pty) Limited
• 1. SRF Industries (Thailand) Limited
• 1. SRF Industex Belting (Pty) Limited
• 1. SRF Europe Kft
• 1. SRF Holiday Home Limited
• 1. SRF Employees Welfare Trust
• (ii) have been presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and
• (iii) give a true and fair view of the net consolidated profit and other comprehensive income and other financial information for the year ended 31 March 2019.

For B S R & Co. LLP Firrrilegis No.• 1248W/W-100022

Place: Gurugram Date: 13 May 2019

Kausla Pannet Membership No. 090075

DECLARATION

In terms of regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by SEBI (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2016, read with SEBI circular no. CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that M/s BSR & Co. LLP, Chartered Accountants, New Delhi ( Registration No. 101248W/W-100022), the Statutory Auditors of the Company have issued an Audit Report with unmodified opinion on the audited financial results of the Company for the period ended on 31st March 2019 (both Standalone and Consolidated).

For SRF LIMITED

RAJAT LAKHANPAL AVP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

.7-

RAHUL JAIN PRESIDENT & CFO

GURUGRAM

13.05.2019

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