|
onsolidated
net sales (including other operating income) of SRF has declined 5.51% to Rs
3569.74 crore. Sales of Technical
Textile Business segment has gone up 8.86% to Rs 468.85 crore (accounting for
13.12% of total sales). Sales of
Chemicals and Polymers Business segment has gone down 13.59% to Rs 1,816.05
crore (accounting for 50.82% of total sales).
Sales of Packing Film Business segment rose 2.54% to Rs 1,182.37 crore
(accounting for 33.09% of total sales).
Sales of Others segment has gone up 12.59% to Rs 106.16 crore
(accounting for 2.97% of total sales).
Inter-segment sales rose Rs 1.62 crore to Rs 3.69 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 26.64% to
Rs 616.14 crore. PBIT of Technical
Textile Business segment rose 44.26% to Rs 69.82 crore (accounting for 11.33%
of total PBIT). PBIT of Chemicals and
Polymers Business segment fell 32.68% to Rs 497.69 crore (accounting for 80.78%
of total PBIT). PBIT of Packing Film
Business segment fell 19.26% to Rs 33.07 crore (accounting for 5.37% of total
PBIT). PBIT of Others segment rose
37.33% to Rs 15.56 crore (accounting for 2.53% of total PBIT).
PBIT
margin of Technical Textile Business segment rose from 11.24% to 14.89%. PBIT margin of Chemicals and Polymers
Business segment fell from 35.17% to 27.41%.
PBIT margin of Packing Film Business segment fell from 3.55% to 2.80%. PBIT margin of Others segment rose from
12.02% to 14.66%. Overall PBIT margin
fell from 22.22% to 17.24%.
The
Chemicals Business reported a decline of 14% in its segment revenue from Rs 2,102
crore to Rs 1,816 crore during Q4FY24 over CPLY (corresponding period last
year). The operating profit of the Chemicals Business decreased 33% from Rs 739
crore to Rs 498 crore in Q4FY24 over CPLY. During the quarter, the specialty chemicals
business continued to face headwinds due to inventory rationalization by
certain key customers, while performing better than Q3FY24. In addition, a lot
of capacity has come up in China, leading to pricing pressure on intermediate
products.
The
performance of the Fluorochemicals business was adversely impacted owing to
Chinese dumping of refrigerants in India and the international markets, leading
to pricing pressure and some impact on volumes. In addition, sluggish growth in
the agrochemical and pharmaceutical industries adversely impacted the demand
for some key industrial chemicals. On the positive side, the Business continues
to increase market share in the Dymel®/ propellant vertical in both the
domestic and international markets, entering new geographies and broadening
customer base.
The
Packaging Films Business reported an increase of 3% in its segment revenue from
Rs 1,153 crore to Rs 1,182 crore during Q4FY24 when compared with CPLY. The
operating profit of the Packaging Films Business decreased 19% from Rs 41 crore
to Rs 33 crore in Q4FY24 over CPLY. The Business faced strong headwinds with
significant pressure on margins in Q4FY24. As stated earlier, this has been on
account of several new lines getting operationalized in both BOPET and BOPP
film segments in India and overseas. Moreover, it is witnessing severe
competition from the Chinese players in the Southeast Asian markets.
The
Technical Textiles Business reported an increase of 9% in its segment revenue
from Rs 431 crore to Rs 469 crore during Q4FY24 over CPLY. The operating profit
of the Technical Textiles Business increased 44% from Rs 48 crore to Rs 70
crore in Q4FY24 over CPLY. During the quarter, the Business witnessed volume
growth in the Nylon Tyre Cord Fabrics and the Polyester Industrial Yarn
segments. The Business continues to focus on improving the sales of high-end,
Value-Added Products, mostly in the Belting Fabrics segment.
The
Other Businesses reported an increase of 13% in its segment revenue from Rs 94
crore to Rs 106 crore in Q4FY24 when compared with CPLY. The operating profit
of the Other Businesses increased 37% from Rs 11 crore to Rs 16 crore in Q4FY24
over CPLY. Domestic demand for Coated Fabrics remained strong as the Business
reported its highest-ever sales during the quarter. In the Laminated Fabrics
Business, SRF continued to maintain its price leadership by selling full
capacity.
Operating
profit margin has declined from 24.66% to 19.49%, leading to 25.31% decline in
operating profit to Rs 695.82 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
48.41% to 50.43%. Purchase of finished
goods cost rose from 0.18% to 0.69%.
Employee cost increased from 5.83% to 6.94%. Other expenses rose from 20.24% to
22.35%. Power and Oil fuel cost fell
from 9.36% to 9.26%.
Other
income rose 4.75% to Rs 23.39 crore.
PBIDT fell 24.61% to Rs 719.21 crore.
Provision for interest rose 36.57% to Rs 90 crore. Loan funds rose to Rs 5,030.54 crore as of 31
March 2024 from Rs 4,477.53 crore as of 31 March 2023. Inventories rose to Rs 2,326.47 crore as of
31 March 2024 from Rs 2,274.29 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,942.82
crore as of 31 March 2024 compared to Rs 1,785.62 crore as of 31 March
2023. Cash and bank balance declined
from Rs 616.46 crore as of 31 March 2023 to Rs 407.54 crore as of 31 March 2024. Investments rose to Rs 526.70 crore as of 31
March 2024 from Rs 494.21 crore as of 31 March 2023 .
PBDT
fell 29.15% to Rs 629.21 crore.
Provision for depreciation rose 20.21% to Rs 185.89 crore. Fixed assets increased to Rs 13,927.43 crore
as of 31 March 2024 from Rs 12,340.61 crore as of 31 March 2023. Intangible assets increased from Rs 114.73
crore to Rs 119.52 crore.
Profit
before tax down 39.55% to Rs 443.32 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 21.11
crore, compared to Rs 170.94 crore.
Effective tax rate was 4.76% compared to 23.31%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 24.93% to Rs
422.21 crore.
Equity
capital stood at Rs 297.44 crore as of 31 March 2024 to Rs 297.44 crore as of
31 March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 50.30% as of 31 March 2024 compared to 50.53% as of 31 March
2023.
Commenting on the
results, Chairman and Managing Director, Ashish Bharat Ram said, “While the general performance has
been weak, we have seen a reasonable recovery in our Chemicals Business in the
fourth quarter, as we had envisaged. We believe that this recovery will pick up
pace in the second half of FY25.”
Full year results
analysis
Net
sales (including other operating income) of SRF has declined 11.65% to Rs
13138.52 crore. Sales of Technical
Textile Business segment has gone up 0.22% to Rs 1,898.01 crore (accounting for
14.43% of total sales). Sales of
Chemicals and Polymers Business segment has gone down 15.03% to Rs 6,297.02
crore (accounting for 47.89% of total sales).
Sales of Packing Film Business segment fell 13.38% to Rs 4,489.34 crore
(accounting for 34.14% of total sales).
Sales of Others segment has gone up 18.51% to Rs 465.30 crore
(accounting for 3.54% of total sales).
Inter-segment sales rose Rs 9.87 crore to Rs 11.15 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 31.07% to
Rs 2,201.12 crore. PBIT of Technical
Textile Business segment rose 4.77% to Rs 274.22 crore (accounting for 12.46%
of total PBIT). PBIT of Chemicals and
Polymers Business segment fell 30.47% to Rs 1,627.38 crore (accounting for
73.93% of total PBIT). PBIT of Packing
Film Business segment fell 62.87% to Rs 206.50 crore (accounting for 9.38% of
total PBIT). PBIT of Others segment rose
167.15% to Rs 93.02 crore (accounting for 4.23% of total PBIT).
PBIT
margin of Technical Textile Business segment rose from 13.82% to 14.45%. PBIT margin of Chemicals and Polymers
Business segment fell from 31.58% to 25.84%.
PBIT margin of Packing Film Business segment fell from 10.73% to
4.60%. PBIT margin of Others segment
rose from 8.87% to 19.99%. Overall PBIT
margin fell from 21.46% to 16.74%.
Operating
profit margin has declined from 23.73% to 19.67%, leading to 26.78% decline in
operating profit to Rs 2,584.11 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 47.89% to 50.56%.
Purchase of finished goods cost fell from 1.86% to 0.90%. Employee cost increased from 5.47% to
7.06%. Other expenses rose from 21.06%
to 21.98%. Power and Oil fuel cost rose
from 9.89% to 10.15%.
Other
income rose 10.80% to Rs 83.02 crore.
PBIDT fell 26% to Rs 2667.13 crore.
Provision for interest rose 47.59% to Rs 302.29 crore. Loan funds rose to Rs 5,030.54 crore as of 31
March 2024 from Rs 4,477.53 crore as of 31 March 2023. Inventories rose to Rs 2,326.47 crore as of
31 March 2024 from Rs 2,274.29 crore as of 31 March 2023. Sundry debtors were higher at Rs 1,942.82
crore as of 31 March 2024 compared to Rs 1,785.62 crore as of 31 March 2023. Cash and bank balance declined from Rs 616.46
crore as of 31 March 2023 to Rs 407.54 crore as of 31 March 2024. Investments rose to Rs 526.70 crore as of 31
March 2024 from Rs 494.21 crore as of 31 March 2023 .
PBDT
fell 30.43% to Rs 2364.84 crore.
Provision for depreciation rose 16.91% to Rs 672.62 crore. Fixed assets increased to Rs 13,927.43 crore
as of 31 March 2024 from Rs 12,340.61 crore as of 31 March 2023. Intangible assets increased from Rs 114.73
crore to Rs 119.52 crore.
Profit
before tax down 40.08% to Rs 1,692.22 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 356.51
crore, compared to Rs 661.65 crore.
Effective tax rate was 21.07% compared to 23.43%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 38.23% to Rs
1,335.71 crore.
Equity
capital stood at Rs 297.44 crore as of 31 March 2024 to Rs 297.44 crore as of
31 March 2023. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 50.30% as of 31 March 2024 ,compared to 50.53% as of 31 March 2023
.
Cash
flow from operating activities decreased to Rs 2,093.86 crore for year ended
March 2024 from Rs 2,901.71 crore for year ended March 2023. Cash flow used in acquiring fixed assets
during the year ended March 2024 stood at Rs 2,216.93 crore, compared to Rs
2,865.75 crore during the year ended March 2023.
The
scrip is currently trading at Rs 2274
|
SRF : Consolidated Results
|
|
Particulars
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Net Sales
|
3,569.74
|
3,778.09
|
-6
|
13,138.52
|
14,870.25
|
-12
|
|
OPM (%)
|
19.5
|
24.7
|
|
19.67
|
23.7
|
|
|
OP
|
695.82
|
931.6
|
-25
|
2,584.11
|
3,529.20
|
-27
|
|
Other Inc.
|
23.39
|
22.33
|
5
|
83.02
|
74.93
|
11
|
|
PBIDT
|
719.21
|
953.93
|
-25
|
2,667.13
|
3,604.13
|
-26
|
|
Interest
|
90
|
65.9
|
37
|
302.29
|
204.82
|
48
|
|
PBDT
|
629.21
|
888.03
|
-29
|
2,364.84
|
3,399.31
|
-30
|
|
Depreciation
|
185.89
|
154.64
|
20
|
672.62
|
575.32
|
17
|
|
PBT
|
443.32
|
733.39
|
-40
|
1692.22
|
2823.99
|
-40
|
|
Share of Profit/(Loss) from Associates
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
443.32
|
733.39
|
-40
|
1692.22
|
2823.99
|
-40
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
443.32
|
733.39
|
-40
|
1692.22
|
2823.99
|
-40
|
|
Taxation
|
21.11
|
170.94
|
-88
|
356.51
|
661.65
|
-46
|
|
PAT
|
422.21
|
562.45
|
-25
|
1335.71
|
2162.34
|
-38
|
|
Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net profit
|
422.21
|
562.45
|
-25
|
1335.71
|
2162.34
|
-38
|
|
EPS (Rs)*
|
#
|
#
|
|
45.1
|
73.0
|
|
|
* EPS is on current equity of Rs 296.42 crore, Face value of Rs
10, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|
SRF : Consolidated Segment
Results
|
|
|
% of (Total)
|
2403 (03)
|
2303 (03)
|
Var.(%)
|
% of (Total)
|
2403 (12)
|
2303 (12)
|
Var.(%)
|
|
Sales
|
|
Technical Textile Business
|
13
|
468.85
|
430.7
|
9
|
14
|
1,898.01
|
1,893.88
|
0
|
|
Chemicals and Polymers Business
|
51
|
1,816.05
|
2,101.67
|
-14
|
48
|
6,297.02
|
7,410.88
|
-15
|
|
Packing Film Business
|
33
|
1,182.37
|
1,153.05
|
3
|
34
|
4,489.34
|
5,182.75
|
-13
|
|
Others
|
3
|
106.16
|
94.29
|
13
|
4
|
465.3
|
392.61
|
19
|
|
Total Reported Sales
|
100
|
3,573.43
|
3,779.71
|
-5
|
100
|
13,149.67
|
14,880.12
|
-12
|
|
Less: Inter segment revenues
|
|
3.69
|
1.62
|
128
|
|
11.15
|
9.87
|
13
|
|
Net Sales
|
100
|
3,569.74
|
3,778.09
|
-6
|
100
|
13,138.52
|
14,870.25
|
-12
|
|
PBIT
|
|
Technical Textile Business
|
11
|
69.82
|
48.4
|
44
|
12
|
274.22
|
261.74
|
5
|
|
Chemicals and Polymers Business
|
81
|
497.69
|
739.25
|
-33
|
74
|
1,627.38
|
2,340.67
|
-30
|
|
Packing Film Business
|
5
|
33.07
|
40.96
|
-19
|
9
|
206.5
|
556.19
|
-63
|
|
Others
|
3
|
15.56
|
11.33
|
37
|
4
|
93.02
|
34.82
|
167
|
|
Total PBIT
|
100
|
616.14
|
839.94
|
-27
|
100
|
2,201.12
|
3,193.42
|
-31
|
|
Less : Interest
|
|
90
|
65.9
|
37
|
|
302.29
|
204.82
|
48
|
|
Add: Other un-allcoable
|
|
-82.82
|
-40.65
|
-104
|
|
-206.61
|
-164.61
|
-26
|
|
PBT
|
100
|
443.32
|
733.39
|
-40
|
100
|
1,692.22
|
2,823.99
|
-40
|
|