The Chemicals Business reported an increase of 58% in its segment revenue to Rs 1,114 crore during Q1 FY22 from Rs 705 crore posted in the same period last year. During the quarter, the Specialty Chemicals Business performed well owing to higher sales from exports and domestic markets. The Fluorochemicals Business witnessed higher sales volumes in the refrigerants and the blends segments with better sales realizations, especially from the export markets. In addition, healthy contribution from the chloromethanes segment augmented the overall results.

The Packaging Films Business reported an increase of 54% in its segment revenue from Rs 677 crore to Rs 1,041 crore during Q1 FY22 when compared with same period last year. During the quarter, while the domestic demand for BOPET films remained muted, the company witnessed healthy demand for BOPP films. New capacities that came on-stream in the past six months in Hungary and Thailand witnessed significantly better traction and enhanced sales of Value-Added Products (VAPs) also contributed to the overall performance.

The Technical Textiles Business reported an increase of 251% in its segment revenue to Rs 493 crore in Q1 FY22 from Rs 140 crore posted in Q1 FY21. Re-structuring of margin profile with long-term customers contributed to the overall performance of the Technical Textiles Business. In addition, higher sales volumes from the Nylon Tyre Cord Fabrics, Belting Fabrics and Polyester Industrial Yarn segments augured well for the business. The Other Businesses reported an increase of 126% in its segment revenue from Rs 24 crore to Rs 54 crore in Q1FY22 over Q1 FY21. Both the Coated and Laminated Fabrics Business performed well in a difficult external environment.

The Board has approved a project for Integrated Expansion of Fluorocarbon based Refrigerant Capacity at Dahej at a projected cost of Rs 550 crore to meet the growing demand for refrigerants in the domestic and exports market and is expected to be completed in 24 months.

Commenting on the results, MD Ashish Bharat Ram said, “It has been an excellent quarter for the company despite the short-term challenges emanating from the lockdowns. We worked on various countermeasures to ensure that we performed well. Going forward, I remain cautiously optimistic of our performance. The re-emergence of COVID-19 in some of our key markets along with significant increase in global freight rates remain a risk for us.”

Meanwhile, the board of directors has declared a dividend of Rs 12 per share.

SRF is a chemical based multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates.