SRF Ltd. — Regulatory Filings 2025

Jan 29, 2025

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

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

Scrip Code- 503806

Scrip Code-SRF

SRF/SEC/BSE/NSE

29.01.2025

Dear Sir/Madam,

Sub: Integrated Filing (Financial) for the quarter and nine months ended December 31, 2024

Pursuant to the Securities and Exchange Board of India Circular no. SEBI/HO/CFD/CFD-PoD2/CIR/P/2024/185 dated 31st December, 2024, please find attached the Integrated Filing (Financial) for the quarter and nine months ended December 31, 2024.

The same is available on the website of the Company a www.srf.com

You are requested to take the same on record.

Thanking you,

Yours faithfully,

For SRF LIMITED

RAJAT LAKHANPAL Digitally signed by RAJAT LAKHANPAL Date: 2025.01.29 18:04:24 +05'30'

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

Encl: As above

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 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 pursuant to Regulation 33 and Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended

To the Board of Directors of SRF Limited

• $\mathbf{L}$ 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 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 ("the Statement").
• This Statement, which is the responsibility of the Company's management and approved by its Board of $2.$ 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 and Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to issue a report on the Statement based on our review.
• $\mathcal{F}$ 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.
• $\overline{4}$ 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 and Regulation 52(4) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP

Chartered Accountants Firm's Registration No.:101248W/W-100022

Ashish Bansal Partner Membership No.: 077569 UDIN: 25077569BMOVUQ3613

Gurugram 29 January 2025

BSR&Co (a partnership firm with Registration No. BA61223) converted into BSR&Co LLP (a Limited
Liability Partnership with LLP Registration No. AAB-B181) with effect from October 14, 2013

Registered Office:

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

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

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

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

		Rs. in Crores, except per share data Standalone
			Quarter Ended		Nine Months Ended	Year Ended
S.No.	Particulars	31-Dec-24	30-Sep-24	31-Dec-23	31-Dec-24	31-Dec-23	31-Mar-24
		(1)	(2)	(3)	(4)	(5)	띄
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
$\mathbf{1}$	Reverue from operations
	a Sale of products	268189	2615 87	2449 03	7974 39	7708 31	1056592
	b Other operating revenues	79 75	87.66	57 31	227.08	158.73	220 75
	Total Revenue from operations	2761.64	2703.53	2506.34	8201.47	7867,04	10786.67
$\overline{2}$	Other income	52.78	4355	2779	131.40	86 87	119 42
$\overline{3}$	Total Income	2814.42	2747.08	2534.13	8332.87	7953.91	10906.09
$\overline{4}$	Expertses
	a. Cost of materials consumed	1379.73	1382 55	1278 01	4120 23	3639.21	5196.28
	b Purchases of stock-in-trade	1848	18 74	23.87	6634	62.65	83.61
	c Changes in inventories of firished goods, work-in-progress and stock in trade	(6292)	(5029)	(9759)	(152.27)	(13804)	(114.32)
	d. Employee benefits expense	21672	211 16	207 86	63905	581 84	790 33
	e Finance cost	76 O7	72 01	51 63	22378	167 60	235 60
	Depreciation and amortisation expense	158 81	158 39	141 32	472 25	40317	555.85
	q Power and fuel	277.73	285 22	271.04	847.45	858.05	1134.90
	h Exchange currency fluctuation (gain) / loss	26.08	16.59	14 39	65.80	60.43	7893
	ii. Other expenses	348 38	349 35	291.40	1035 24	860.16	1227.03
	Total expenses	2439,08	2443,72	2182.13	7317.87	6695.07	9188.21
5	Profit before tax for the period	375,34	303,36	352.00	1015.00	1258.84	1717.88
6	Тах ехрепее - Tax expense	96.91	78 25	91.71	26152	324.43	444.43
	- Tax adjustment related to earlier years	(1.43)		(2.52)	(1.43)	(2, 52)	(10058)
7	Net Profit after tax for the period	279.86	225,11	262.81	754.91	936.93	1374.03
$\overline{B}$	Other Comprehensive Income
	A fterns that will not be reclassified to profit or loss
	(i)(a) Gain / (loss) on remeasurement of defined benefit obligation	201	509	320	362	(4 11)	(450)
	(i)(b) Income tax on item (i)(a) above	(0.51)	(1.28)	(0.81)	(0.91)	103	1.16
	B Items that will be reclassified to profit or loss
	(i)(a) Effective portion of gain / (loss) on hedging instruments in a cash flow	(11907)	(3698)	1273	(104.19)	73 41	127.90
	hedge (i)(b) Income tax on item (i)(a) above	29 96	931	(320)	26 22	(18.47)	(32.19)
	(ii)(a) Cost of hedging reserve	(137)	(205)	(074)	(433)	(1 80)	(1.70)
	(ii)(b) Income tax on item (ii)(a) above	0.34	0.52	018	1.09	045	043
g	Total Other Comprehensive Income / (loss) for the period	(BB, 64)	(25.39)	11.36	(78.50)	50.51	9101
10	Total Comprehensive Income for the period	191.22	199.72	274.17	676.41	987,44	1465.04
11	Paid up equity share capital (Rs 10 each fully paid up)	296.42	296 42	296.42	296.42	296 42	296 42
12 13	Other equity excluding revaluation reserve INet Worth *	1079233	10598 99	9843 27	10792.33	9843 27	1021627
14	Capital Redemption Reserve	1108875	10895 41 $10 - 48$	10139 69 1048	11088.75 1048	10139 69 1048	1051269 1048
15	Basic and Diluted EPS for the period (not annualised)	1048 944	7.59	887	2547	31.61	46.35

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

ĭ6

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

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

STATEMENT OF STANDALONE UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

						(Rs. n Crores)
	Standalone
		Quarter Ended			Nine Months Ended	Year Ended
Particulars	31Dec-24	30-Sep-24	31-Dec-23	31-Dec-24	31-Dec-23	31-Mar-24
	(1)	(2)	(3)	(4)	$\bigcirc$	(6)
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue
a) Technical Textiles Business (TTB)	50979	535 53	45836	1570 61	1429 16	1898 01
b) Chemicals Business (CB)	150505	1345 10	1382 67	4317 67	4436.91	623733
c) Packaging Film Business (PFB)	645 68	712 51	555 41	198115	164929	2197 18
d) Others	101 14	112.81	113.57	34011	359 14	46530
Total Segment Revenue	2761,66	2705.95	2510.01	8209.54	7874,50	10797.82
Less: Inter Seament Revenue	002	242	3.67	807	746	1115
Revenue from Operations	2761,64	2703.53	2506,34	8201.47	7867,04	10786.67
Segment Results
(Profit before interest and tax from each Segment)
a) Technical Textiles Business (TTB)	5878	71.21	68.66	197.55	203 99	273 68
b) Chemicals Business (CB)	36375	246.43	320.52	917.23	1130 51	1628 48
c) Packaging Film Business (PFB)	6335	7702	23.76	187.10	105 34	122 55
of Others	1567	17 19	21.21	5643	77.46	9302
Total Seament Results	501.55	411.85	434.15	1358.31	1517.30	2117.73
Less/(Add):
Finance Cost	7607	7201	5183	223 78	167.60	23560
i) Other Unallocable Expenses (net of income)	5014	3648	30.32	119 53	90.86	16425
Profit before tax for the period	375.34	303,36	352,00	1015.00	1258.84	1717.88
Segment Assets a) Technical Textiles Business (TTB)
b) Chemicals Business (CB)	2169 27 10979 61	2152 43 1070336	1967.34 10613.17	216927 1097961	1967 34 10613 17	2041 96 1068928
c) Packaging Film Business (PFB)	2392.17	2483.80	2307.46	2392 17	230746	232137
d) Others	191.02	20446	167,31	19102	16731	17830
Total segment assets	15732.07	15544.05	15055.28	15732.07	15055.28	15230.91
e) Unall'ocable	2414 45	2101 30	1770.06	2414 45	1770.06	213373
Total	18146.52	17645.35	16825.34	18146.52	16825.34	17364.64
Segment Liabilities
a) Technical Textiles Business (TTB)	430 88	46136	502.10	43088	50210	525 38
a) Chemicals Business (CB)	101419	89784	91150	101419	91150	1033 67
c) Packaging Film Business (PFB)	387 03	590 49	667.70	387 OB	66770	62243
d) Others	3386	42.32	4383	3386	4383	4160
Total segment liabilities	1865.96	1992.01	2125.13	1865.96	2125.13	2223.08
e) Unallocable Total	519079	4756.91	4559.50	519079	455950	462785
	7056.75	6748.92	6684.63	7056.75	6684.63	6850.93

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: info@srf.com Website: www.srf.com CIN - L18101DL1970PLC005197

NOTES TO STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

• 1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on January 29, 2025. The review report of the Statutory
  Auditors is being filed with BSE Limited and Natio
• 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 The listed commercial papers aggregating to Rs 600 crores were outstanding as on December 31, 2024. The Company's commercial paper programme has been rated as CRISIL and IND A1+ by India Ratings During the quarter ended due dates

4 Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

		(Ratios / percentages as applicable) Standalone
			Quarter Ended		Nine Months Ended		Year Ended
SI No.	Particulars	$31-Dec-24$	30-Sep-24	31-Dec-23	31-Dec-24	31-Dec-23	31-Mar-24
		(1)	(2)	(3)	(4)	(5)	(6)
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Debt service coverage ratio ((Earnings before depreciation interest and tax - current tax) / (Gross interest and lease payments + scheduled principal repayment of long term debts)] - Not annualised	225	2 11	290	214	308	334
$\overline{2}$	Interest service coverage ratio [(Earnings before depreciation, interest and tax current tax) / Gross interest and lease payments] - Not annualised	643	563	645	5 9 5	7.05	7.35
	3 Bad debts to accounts receivable ratio % (Bad debts including provision for doubtful debts/ Average trade receivables) - Not annualised	$\overline{\phantom{a}}$	0.06%	$\Rightarrow$	0 0 6%	÷	B
	4 Debtors tumover (Sale of products / Average trade receivables) - Annualised	666	6.53	689	676	7.12	7.10
5	Inventory turnover (Sale of products/ Average inventory) - Annualised	515	513	501	533	540	564
	6 Operating margin % (Earnings before interest and tax / Total revenue from operations including other operating income) - Not annualised	16 35%	13 88%	16.11%	15 10%	18.13%	18 11%
	Net profit margin % (Profit after tax / Total revenue from operations including other operating income) - Not annnualised	10 13%	8 3 3%	10 49%	9 20%	1191%	12.74%
	8 Debt equity ratio (Total debt including lease liabilities / Total equity)	038	035	037	0 38	037	0.35
	9 Long term debt to working capital [(Non current borrowings + current maturities of long term borrowings + lease liabilities) / Working capital]	2 19	2 3 2	254	2 19	254	283
	10 Total debts to total assets (Total debt including lease liabilities/ Total assets)	023	022	022	023	022	021
	11 Current ratio (Total current assets / Total current liabilities)	129	125	128	129	128	123
	12 Current liability ratio (Total current liabilities / Total liabilities)	0,58	0.61	0.55	0.58	0.55	059

5 The Board at its meeting held today has approved second interim dividend for 2024-25 of Rs. 3.60 per fully paid up equity share of Rs 10 each, aggregating Rs. 106.71 crores.

6 Limited Review :

Linker Newley
The Limited Review, as required under Regulation 33 and Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as
prescribed in Securities and Exchange Board

Place : Gurugram Date : January 29, 2025

For and on bihalf of the Board

shish Bharat Ram Chairman and Managing Director

News

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 consolidated financial results of SRF Limited for the quarter ended 31 December 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 pursuant to Regulation 33 and Regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, 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 2024 and year to date results for the period from 1 April 2024 to 31 December 2024 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52(4) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"), as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended.
• 1. 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 $33$ and Regulation $52(4)$ of the Listing Regulations, as prescribed $\mathbf{in}$ Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. 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:

Parent: SRF Limited

Subsidiaries: a. SRF Global BV b. SRF Flexipak (South Africa) (Pty) Limited c. SRF Industries (Thailand) Limited $\triangle$ SRF Industex Belting (Pty) Limited

BSR&Co (a partnership firm with Registration No. BA61223) converted into BSR &Co. LLP (a Limited
Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Registered Office:

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

Limited Review Report (Continued) SRF Limited

Subsidiaries (continued):

e. SRF Europe Kft f. SRF Holiday Home Limited g. SRF Altech Limited h. SRF Middle East LLC i. SRF Employees Welfare Trust (controlled trust)

• 1. 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 and Regulation 52(4) of the Listing Regulations, as prescribed in Securities and Exchange Board of India operational circular SEBI/HO/DDHS/P/CIR/2021/613 dated 10 August 2021, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. 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. 680.00 crores and Rs. 2,039.92 crores, total net profit after tax (before consolidation adjustments) of Rs. 12.05 crores and Rs. 12.94 crores and total comprehensive income (before consolidation adjustments) of Rs. 12.75 crores and Rs. 13.18 crores, for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024 respectively, as considered in the Statement. This interim financial information has 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 of 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.

Our conclusion is not modified in respect of this matter.

Limited Review Report (Continued) SRF Limited

7. The Statement includes the interim financial information of four Subsidiaries which have not been reviewed, whose interim financial information reflects total revenues (before consolidation adjustments) of Rs. 41.53 crores and Rs. 118.83 crores, total net (loss)/profit after tax (before consolidation adjustments) of Rs. (1.16) crores and Rs. 7.44 crores and total comprehensive (loss)/income (before consolidation adjustments) of Rs. (1.16) crores and Rs. 7.44 crores, for the quarter ended 31 December 2024 and for the period from 1 April 2024 to 31 December 2024 respectively, as considered in the Statement. According to the information and explanations given to us by the Parent's management, this interim financial information is not material to the Group.

Our conclusion is not modified in respect of this matter.

For B S R & Co. LLP

Chartered Accountants Firm's Registration No.: 101248W/W-100022

Ashish Bansal Partner Membership No.: 077569 UDIN: 25077569BMOVUR6622

Gurugram 29 January 2025

١.

Registered Office: The Gallería, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place,
Noida Link Road, Mayur Vihar Phase I Extr, Delhi - 110091
Tel. No (Regd office) : (+91-11) 49482870 Fax : (+91-11) 4948

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

STATEMENT OF CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

(Rs. in Crores, except per share data)

		Consolidated
			Quarter Ended			Nine Months Ended	Year Ended
S.No.	Particulars	31-Dec-24	30-Sep-24	31-Dec-23	31-Dec-24	31-Dec-23	31-Mar-24
		$\omega$	(2)	(3)	(4)	(5)	(6)
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Revenue from operations
	a) Sale of products	3406.69	3334.06	2994.03	10142.98	9404.43	12910.35
	b) Other operating revenues	84.62	90.24	59.01	236.75	164.35	228.17
	Total Revenue from operations	3491.31	3424.30	3053.04	10379.73	9568.78	13138.52
$\overline{2}$	Other income	39.64	33.33	18,75	98.23	59.63	8302
3	Total Income	3530.95	3457.63	3071.79	10477.96	9628.41	13221.54
4	Expenses a) Cost of materials consumed	1868.97	1885.87	1631.18	5579,34	4904.59	6695.60
	b) Purchases of stock-in-trade	19.56	33.94	39.25	93.63	94.12	118.56
	c) Changes in inventories of finished goods, work-in-progress and stock in trade	(82.92)	(85.76)	(115.74)	(206.25)	(123.44)	(105.38)
	d) Employee benefits expense	260.75	253.38	243.83	766.32	688.43	935.03
	e) Finance costs	96.25	93.78	67.37	286,57	212,29	302.29
	f) Depreciation and amortisation expense	194.26	193.93	168.89	576.35	486,73	672.62
	g) Power and fuel	331.09	345.07	319.42	1017,89	1016,01	1344.81
	h) Exchange currency fluctuation (gain) / loss	34.22	2259	18.08	74.05	60 92	76.71
	i) Other expenses	440.07	431.17	351.19	1,293.72	1,039 86	1489,08
	Total expenses	3162.25	3173.97	2723.47	9481.62	8379.51	11529.32
5	Profit before tax for the period	368.70	283.66	348.32	996.34	1248.90	1692.22
6	Tax expense
	- Tax expense	99.05	82.24	97.41	273.05	33792	45977
	- Tax adjustment related to earlier years	(1.43)		(2.52)	(1.43)	(2.52)	(103.26)
$\tau$	Net Profit after tax for the period	271.08	201.42	253.43	724.72	913.50	1335.71
в	Other Comprehensive Income
	A litems that will not be reclassified to profit or loss (i) (a) Gain /(loss) on remeasurements of the defined benefit obligation	1.98	5.10	3.20	3.54	(4.25)	(5.92)
	$(i)$ (b) income tax on item $(i)$ (a) above	(0.50)	(129)	(0.80)	(0.90)	1.06	1.19
	B Items that will be reclassified to profit or loss
	(i) (a) Effective portion of gain/ (loss) on hedging instruments in a cash flow hedge	(118.37)	(36.99)	12,20	(103.95)	72.88	128.47
	$(i)$ (b) income tax on item $(i)$ (a) above	29.96	9.31	(3.20)	26 22	(18.47)	(32.19)
	(iii) (a) Cost of hedging reserve	(137)	(2.05)	(0.74)	(4.33)	(1.87)	(1.77)
	$(i)$ (b) income tax on item $(ii)$ (a) above	0.34	0.52	0.18	1.09	0.45	0.43
	(iii) Exchange differences on translation of foreign operations		149.52	65.64	92.88		(69.08)
		(64.45)				(6.23)
	9 Total Other Comprehensive Income /(loss) for the period	(152.41)	124.12	76.48	14.55	43.57	21.13
10	Total Comprehensive Income/ (loss) for the period	118.67	325.54	329.91	739.27	957.07	1356.84
11	Paid up equity share capital (Rs.10 each fully paid up)	296.42	296.42	296.42	296.42	296.42	296.42
12	Other equity excluding revaluation reserve	11820.62	11699.87	10886.43	11820.62	10886.43	11181.58
13	Net Worth*	12117.04	11996.29	11182.85	12117.04	11182.85	11478.00
14	Capital Redemption Reserve	10.48	10.48	10.48	10.48	10.48	10.48
15	Basic and Diluted EPS for the period (not annualised)	9.15	6.79	8.55	24.45	3082	45.06

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

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Registered Office: The Galleria, DLF Mayur Vihar, Unit No. 236 & 237, Second Floor, Mayur Vihar Place,
Noida Link Road, Mayur Vihar Phase I Extri, Delhi - 110091
Tel. No (Regd office) : (+91-11) 49482870 Fax: (+91-11) 4948

E-mail: info@srf.comWebsite:www.srf.com CIN-L18101DL1970PLC005197

STATEMENT OF CONSOLIDATED UNAUDITED SEGMENT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED
DECEMBER 31, 2024

			Consolidated
		Quarter Ended		Nine Months Ended		Year Ended
Particulars	31-Dec-24	30-Sep-24	31-Dec-23	31-Dec-24	31-Dec-23	31-Mar-24
	(1)	(2)	(3)	(4)	(5)	(6)
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Segment Revenue
a) Technical Textiles Business (TTB)	509.79	535,53	458,36	1570.61	1429 16	1898.01
b) Chemicals Business (CB)	1495.65	1357.79	1394.13	433544	4480.97	6297.02
c) Packaging Film Business (PFB)	1384.75	1420.59	1090.65	4141.64	3306.97	4489.34
ld) Others	101.14	112.81 3426,72	113.57 3056,71	340.11	359.14	465.30
Total Segment Revenue	349133			10387,80	9576,24	13149.67
Less: Inter Seament Revenue	0.02	2.42	3,67	8.07	7.46	11.15
Revenue from Operations	349131	3424.30	3053.04	10379.73	9568.78	13138.52
Seament Results
(Profit before Interest and Tax from each Seament)
a) Technical Textiles Business (TTB)	58,91	71,34	68.80	197.95	204.40	274.22
b) Chemicals Business (CB)	363.76	246.14	321.85	916 31	1129 69	1627,38
c) Packaging Film Business (PFB)	90,35	82 81	44.87	259.91	173 43	206.50
d) Others	15.67	17.19	21.21	56.43	7746	93,02
Total Segment Results	528.69	417,48	456,73	1430,60	1584.98	2201.12
Less/(Add): i) Finance Costs	96.25	93.78	6737	286 57	212 29	302.29
ii) Other Unallocable Expenses (net of income)	63 74	40 O4	41.04	147.69	123.79	206.61
Profit before tax for the period	368.70	283.68	348.32	996.34	1248.90	1692.22
Segment Assets
a) Technical Textiles Business (TTB)	2158.16	2141.18	1955.69	2158.16	1955.69	2030,45
b) Chemicals Business (CB)	11009 87	10748.77	10687.79	11009.87	10687.79	10745.87
c) Packaging Film Business (PFB)	6635.34	672270	6311.95	6635.34	6311.95	6181.15
d) Others	191.02	204.46	167.31	191.02	167.31	178.30
Total segment assets	19994.39	19817.11	19122.74	19994.39	19122.74	19135.77
e) Unallocable	1391.86	1259,45	1096,78	1391.86	1096.78	1346.17
Total	21386.25	21076.56	20219.52	21386.25	20219.52	2048194
Segment Liabilities
a) Technical Textiles Business (TTB)	430.88	461.36	502.10	430.88	502.10	525,38
b) Chemicals Business (CB)	1023.50	906.11	926.19	1023.50	926.19	1042.58
c) Packaging Film Business (PFB)	1262.47	1411,04	1472.92	1262,47	1472.92	1392.08
d) Others	33,86	42.32	43.83	33 86	43.83	41.60
Total segment liabilities	2750.71	2820,83	2945,04	2750.71	2945.04	3001.64
e) Unallocable	6517.48	6258.42	6090.60	6517.48	6090.60	6001.28
Total	9268.19	9079.25	9035.64	9268.19	9035.64	9002.92

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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: info@srf.com Website: www.srf.com CIN-L18101DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

• The above results of SRF Limited ('the Company') and its subsidiaries (Company and its subsidiaries together referred to as "the Group") were reviewed $\mathbf{1}$ by the Audit Committee and has been approved by the Board of Directors at its meeting held on January 29, 2025. Following entities are subsidiaries of the Company:
• SRF Holiday Home Limited
• ii. SRF Altech Limited
• iii. SRF Employees Welfare Trust (Controlled Trust)
• IV. SRF Global BV
• SRF Europe Kft $\mathbf{V}$
• vi. SRF Industries (Thailand) Limited
• vii. SRF Middle East LLC
• viii. SRF Flexipak (South Africa) (Pty) Limited
• ix SRF Industex Belting (Pty) Limited

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

• $\overline{2}$ 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.
• $\overline{3}$ The listed commercial papers aggregating to Rs 600 crores were outstanding as on December 31, 2024. The Company's commercial paper programme has been rated as CRISIL A1+ by CRISIL and IND A1+ by India Ratings. During the quarter ended December 31, 2024, the Company has repaid all commercial papers due and payable on the respective due dates.
• $\overline{4}$ Additional disclosures as per Clause 52 (4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015:

						(Ratios/ percentages as applicable)
		Consolidated
S No.	Particulars		Quarter Ended		Nine Months Ended		Year Ended
		31-Dec-24 30-Sep-24		31-Dec-23	$31-Dec-24$	31-Dec-23	$31-Mar-24$
		(1)	(2)	(3)	(4)	(5)	(6)
		Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Debt service coverage ratio {(Earnings before depreciation, interest and tax - current Tax)/ (Gross Interest and lease payments+ scheduled principal repayment of long term debts)} - Not annualised	181	175	245	180	2 5 5	2.71
	2 Interest service coverage ratio (Earnings before depreciation, interest and tax - current tax)/ Gross interest and lease payments)} - Not annualised	569	4.8	5.27	5.26	583	6.11
3	Bad debts to accounts receivable ratio% (Bad debts including provision for doubtful debts/ Average trade receivables) - Not annualised	ä,	0.06%	0.02%	0.05%	0.04%	0.16%
4	Debtor turnover (Sale of products/ Average trade receivables) - Annualised	6.77	648	6.76	6.88	7.00	693
5	Inventory turnover (Sale of products/ Average Inventory) - Annualised	515	5 2 0	5.13	544	539	5.61
6	Operating margin% (Earnings before interest and tax/T0tal revenue from operations including other operating income) - Not annualised	13.32%	11.02%	13.62%	12.36%	15.27%	15.18%
	Net profit margin% (Profit after tax/Total revenue from operations including other operating income) - Not annualised	7.76%	5.88%	8.30%	6.98%	9.55%	10.17%
8	Debt equity ratio (Total debt including lease liabilities/ Total equity)	045	044	046	045	0.46	0.44
9	Long term debt to working capital {(Non current borrowings + current maturity of long term borrowings+ lease liabilities)/ Working capital)	$7 - 71$	16.38	12.29	7.71	12.29	20.40
10	Total debts to Total assets Total debt including lease liabilities/ Total assets)	0.25	0.25	026	0.25	0.26	0.25
$\mathbf{1}$	Current ratio (Total current assets/ Total current liabilities)	1.08	1.03	1.05	108	105	1.03
12	Current liability Ratio (Total current liabilities / Total liabilities) $\sim$ 9.0 $\sim$	0.61	0.63	0.60	0 6	0.60	0.61

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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: info@srf..com Website: www.srf.com CIN-L18101DL1970PLC005197

NOTES TO CONSOLIDATED UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2024

The Board at its meeting held today has approved second interim dividend for 2024-25 of Rs. 3.60 per fully paid up equity share of Rs. 10 each, 5 aggregating Rs 106.71 crores.

$\overline{6}$ Limited Review:

Place: Gurugram

Date: January 29, 2025

The Limited Review, as required under Regulation 33 and Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, as prescribed in Securities and Exchange Board of India oper as amended has been completed by the Statutory Auditors.

For and on behalf of the Board

Ashish Bharat Ram Chairman and Managing Director

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• A. Statement on Deviation or Variation for Proceeds of Public Issue, Rights Issue, Preferential Issue, Qualified Institutions Placement etc. – Not Applicable
• B. Format for Disclosing Outstanding Default on Loans and Debt Securities Not Applicable, No default
• C. Format for Disclosure of Related Party Transactions (applicable only for half-yearly filings i.e., 2nd and 4th quarter) – Not Applicable
• D. Statement on Impact of Audit Qualifications (For Audit Report With Modified Opinion) submitted along with Annual Audited Financial Results (Standalone and Consolidated separately) (applicable only for Annual Filing i.e., 4th quarter) - Not Applicable