|
SRF
consolidated net sales increased 44.28% to Rs 3894.72 crore in Q1FY23 compared
to Q1FY22. Sales of Technical Textile
Business segment has gone up 15.84% to Rs 571.02 crore (accounting for 14.66%
of total sales). Sales of Chemicals and
Polymers Business segment has gone up 54.66% to Rs 1,722.43 crore (accounting
for 44.22% of total sales). Sales of
Packing Film Business segment rose 43.67% to Rs 1,496.00 crore (accounting for
38.41% of total sales). Sales of Others
segment has gone up 96.87% to Rs 105.60 crore (accounting for 2.71% of total
sales). Inter-segment sales came down
from Rs 2.11 crore to Rs 0.33 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 57.80% to Rs
938.35 crore. PBIT of Technical Textile
Business segment fell 13.07% to Rs 116.21 crore (accounting for 12.38% of total
PBIT). PBIT of Chemicals and Polymers
Business segment rose 134.02% to Rs 520.21 crore (accounting for 55.44% of
total PBIT). PBIT of Packing Film
Business segment rose 24.66% to Rs 295.17 crore (accounting for 31.46% of total
PBIT). PBIT of Others segment rose
255.79% to Rs 6.76 crore (accounting for 0.72% of total PBIT).
PBIT
margin of Technical Textile Business segment fell from 27.12% to 20.35%. PBIT margin of Chemicals and Polymers
Business segment rose from 19.96% to 30.20%.
PBIT margin of Packing Film Business segment fell from 22.74% to 19.73%. PBIT margin of Others segment rose from 3.54%
to 6.40%. Overall PBIT margin rose from
22.01% to 24.09%.
Operating
profit margin has jumped from 24.88% to 25.55%, leading to 48.16% rise in
operating profit to Rs 994.97 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
48.07% to 47.45%. Purchase of finished
goods cost rose from 1.09% to 1.87%.
Employee cost decreased from 6.76% to 4.83%. Other expenses rose from 19.11% to
21.09%. Power and Oil fuel cost rose
from 8.62% to 10.21%.
Other
income fell 28.52% to Rs 9.85 crore.
PBIDT rose 46.62% to Rs 1004.82 crore.
Provision for interest rose 18.31% to Rs 32.5 crore.
PBDT
rose 47.80% to Rs 972.32 crore.
Provision for depreciation rose 6.33% to Rs 130.73 crore.
Profit
before tax grew 57.33% to Rs 841.59 crore.
Provision for tax was expense of Rs 233.59 crore, compared to Rs 139.63
crore. Effective tax rate was 27.76%
compared to 26.10%.
Net
profit attributable to owners of the company increased 53.82% to Rs 608.00
crore.
Promoters’
stake was 50.73% as of 30 June 2022 ,compared to 50.77% as of 30 June
2021.
Commenting on the
results, Chairman and Managing Director, Ashish Bharat Ram said, “It has been a stellar quarter for the
Company. The outlook for our Chemicals Business remains strong and we believe
the investment intensity will increase in this segment. While our Packaging
Films Business performed very well, we see strong headwinds for the Business
with weak global demand and inventory losses in the short term.”
Full year results
analysis
Net
sales of SRF have increased 48.02% to Rs 12433.66 crore. Sales of Technical Textile Business segment
has gone up 68.15% to Rs 2,085.24 crore (accounting for 16.75% of total
sales). Sales of Chemicals and Polymers
Business segment has gone up 43.78% to Rs 5,240.78 crore (accounting for 42.11%
of total sales). Sales of Packing Film
Business segment rose 45.19% to Rs 4,779.21 crore (accounting for 38.40% of
total sales). Sales of Others segment
has gone up 46.69% to Rs 340.34 crore (accounting for 2.73% of total
sales). Inter-segment sales rose Rs 8.70
crore to Rs 11.91 crore.
Operating
profit margin has jumped from 25.54% to 25.54%, leading to 48.05% rise in
operating profit to Rs 3,175.91 crore.
Raw material cost as a % of total sales (net of stock adjustments)
increased from 47.54% to 48.54%.
Purchase of finished goods cost rose from 0.74% to 1.38%. Employee cost decreased from 7.34% to
6.14%. Other expenses fell from 19.06%
to 18.96%. Power and Oil fuel cost rose
from 8.47% to 8.93%.
Other
income fell 21.45% to Rs 42.8 crore.
PBIDT rose 46.33% to Rs 3218.71 crore.
Provision for interest fell 13.45% to Rs 115.93 crore. Loan funds rose to Rs 3,655.19 crore as of 31
March 2022 from Rs 3,468.59 crore as of 31 March 2021. Inventories rose to Rs 2,138.47 crore as of
31 March 2022 from Rs 1,465.82 crore as of 31 March 2021. Sundry debtors were higher at Rs 1,792.45
crore as of 31 March 2022 compared to Rs 1,274.56 crore as of 31 March
2021. Cash and bank balance rose to Rs
459.35 crore as of 31 March 2022 from Rs 282.00 crore as of 31 March 2021. Investments declined from Rs 416.68 crore as
of 31 March 2021 to Rs 320.90 crore as of 31 March 2022.
PBDT
rose 50.20% to Rs 3102.78 crore.
Provision for depreciation rose 14.16% to Rs 517.23 crore. Fixed assets increased to Rs 9,977.52 crore
as of 31 March 2022 from Rs 8,598.60 crore as of 31 March 2021. Intangible assets increased from Rs 0.62
crore to Rs 119.40 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 55.05% to Rs
2,835.02 crore. PBIT of Technical Textile
Business segment rose 166.50% to Rs 471.43 crore (accounting for 16.63% of
total PBIT). PBIT of Chemicals and
Polymers Business segment rose 91.85% to Rs 1,396.91 crore (accounting for
49.27% of total PBIT). PBIT of Packing
Film Business segment rose 5.40% to Rs 946.33 crore (accounting for 33.38% of
total PBIT). PBIT of Others segment fell
20.48% to Rs 20.35 crore (accounting for 0.72% of total PBIT).
PBIT
margin of Technical Textile Business segment rose from 14.26% to 22.61%. PBIT margin of Chemicals and Polymers
Business segment rose from 19.98% to 26.65%.
PBIT margin of Packing Film Business segment fell from 27.28% to
19.80%. PBIT margin of Others segment
fell from 11.03% to 5.98%. Overall PBIT
margin rose from 21.75% to 22.78%.
Profit
before tax grew 60.33% to Rs 2,585.55 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 696.63
crore, compared to Rs 414.4 crore.
Effective tax rate was 26.94% compared to 25.70%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 57.64% to Rs
1,888.92 crore.
Equity
capital increased from Rs 60.26 crore as of 31 March 2021 to Rs 297.44 crore as
of 31 March 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 50.73% as of 31 March 2022 ,compared to 50.77% as of 31 March 2021
.
Cash
flow from operating activities increased to Rs 2,105.72 crore for year ended
March 2022 from Rs 1,771.68 crore for year ended March 2021. Cash flow used in acquiring fixed assets
during the year ended March 2022 stood at Rs 1,832.07 crore, compared to Rs
1,214.35 crore during the year ended March 2021.
The
scrip is currently trading at Rs 2344
|
SRF : Consolidated Results
|
|
Particulars
|
2206 (03)
|
2106 (03)
|
Var.(%)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Net Sales
|
3,894.72
|
2,699.40
|
44
|
12,433.66
|
8,400.04
|
48
|
|
OPM (%)
|
25.6
|
24.9
|
|
25.5
|
25.5
|
|
|
OP
|
994.97
|
671.55
|
48
|
3,175.91
|
2,145.19
|
48
|
|
Other Inc.
|
9.85
|
13.78
|
-29
|
42.8
|
54.49
|
-21
|
|
PBIDT
|
1,004.82
|
685.33
|
47
|
3,218.71
|
2,199.68
|
46
|
|
Interest
|
32.5
|
27.47
|
18
|
115.93
|
133.95
|
-13
|
|
PBDT
|
972.32
|
657.86
|
48
|
3,102.78
|
2,065.73
|
50
|
|
Depreciation
|
130.73
|
122.95
|
6
|
517.23
|
453.08
|
14
|
|
PBT
|
841.59
|
534.91
|
57
|
2585.55
|
1612.65
|
60
|
|
Share of Profit/(Loss) from Associates
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
841.59
|
534.91
|
57
|
2585.55
|
1612.65
|
60
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
841.59
|
534.91
|
57
|
2585.55
|
1612.65
|
60
|
|
Taxation
|
233.59
|
139.63
|
67
|
696.63
|
414.4
|
68
|
|
PAT
|
608
|
395.28
|
54
|
1888.92
|
1198.25
|
58
|
|
Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net profit
|
608
|
395.28
|
54
|
1888.92
|
1198.25
|
58
|
|
EPS (Rs)*
|
#
|
#
|
|
63.7
|
40.4
|
|
|
Notes
|
|
* 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)
|
2206 (03)
|
2106 (03)
|
Var.(%)
|
% of (Total)
|
2203 (12)
|
2103 (12)
|
Var.(%)
|
|
Sales
|
|
Technical Textile Business
|
15
|
571.02
|
492.93
|
16
|
17
|
2,085.24
|
1,240.11
|
68
|
|
Chemicals and Polymers Business
|
44
|
1,722.43
|
1,113.66
|
55
|
42
|
5,240.78
|
3,644.89
|
44
|
|
Packing Film Business
|
38
|
1,496.00
|
1,041.28
|
44
|
38
|
4,779.21
|
3,291.72
|
45
|
|
Others
|
3
|
105.6
|
53.64
|
97
|
3
|
340.34
|
232.02
|
47
|
|
Total Reported Sales
|
100
|
3,895.05
|
2,701.51
|
44
|
100
|
12,445.57
|
8,408.74
|
48
|
|
Less: Inter segment revenues
|
|
0.33
|
2.11
|
-84
|
|
11.91
|
8.7
|
37
|
|
Net Sales
|
|
3,894.72
|
2,699.40
|
44
|
|
12,433.66
|
8,400.04
|
48
|
|
PBIT
|
|
Technical Textile Business
|
12
|
116.21
|
133.68
|
-13
|
17
|
471.43
|
176.9
|
167
|
|
Chemicals and Polymers Business
|
55
|
520.21
|
222.29
|
134
|
49
|
1,396.91
|
728.14
|
92
|
|
Packing Film Business
|
31
|
295.17
|
236.78
|
25
|
33
|
946.33
|
897.87
|
5
|
|
Others
|
1
|
6.76
|
1.9
|
256
|
1
|
20.35
|
25.59
|
-20
|
|
Total PBIT
|
100
|
938.35
|
594.65
|
58
|
100
|
2,835.02
|
1,828.50
|
55
|
|
Less : Interest
|
|
32.5
|
27.47
|
18
|
|
115.93
|
133.95
|
-13
|
|
Add: Other un-allcoable
|
|
-64.26
|
-32.27
|
-99
|
|
-133.54
|
-84.63
|
-58
|
|
PBT
|
100
|
841.59
|
534.91
|
57
|
100
|
2,585.55
|
1,609.92
|
61
|
|