|
SRF
consolidated net sales increased 6.44% to Rs 3778.09 crore in Q4FY23 compared
to Q4FY22. Sales of Technical Textile
Business segment has gone down 13.28% to Rs 430.70 crore (accounting for 11.40%
of total sales). Sales of Chemicals and
Polymers Business segment has gone up 33.65% to Rs 2,101.67 crore (accounting
for 55.60% of total sales). Sales of
Packing Film Business segment fell 17.06% to Rs 1,153.05 crore (accounting for
30.51% of total sales). Sales of Others
segment has gone up 1.00% to Rs 94.29 crore (accounting for 2.49% of total
sales). Inter-segment sales came down
from Rs 3.27 crore to Rs 1.62 crore.
Profit
before interest, tax and other unallocable items (PBIT) has slumped 4.08% to Rs
839.94 crore. PBIT of Technical Textile
Business segment fell 47.06% to Rs 48.40 crore (accounting for 5.76% of total
PBIT). PBIT of Chemicals and Polymers
Business segment rose 46.59% to Rs 739.25 crore (accounting for 88.01% of total
PBIT). PBIT of Packing Film Business
segment fell 85.15% to Rs 40.96 crore (accounting for 4.88% of total
PBIT). PBIT of Others segment rose
177.02% to Rs 11.33 crore (accounting for 1.35% of total PBIT).
PBIT
margin of Technical Textile Business segment fell from 18.41% to 11.24%. PBIT margin of Chemicals and Polymers
Business segment rose from 32.07% to 35.17%.
PBIT margin of Packing Film Business segment fell from 19.84% to
3.55%. PBIT margin of Others segment
rose from 4.38% to 12.02%. Overall PBIT
margin fell from 24.65% to 22.22%.
During
the quarter, the fluorochemicals Business performed exceedingly well owing to
higher volumes in the refrigerants, blends and the Dymel propellants segments.
In the chloromethanes segment, higher volumes from the new CMS plant augmented
the overall results. The specialty chemicals business also performed very well
on account of strong demand for flagship products and the downstream
derivatives. Significant contribution from the agrochemical products, by way of
increased volumes aided overall sales growth. Capital expenditure plans for the
business are on track and it is expecting new projects to fructify in the near
future.
The
packaging films business faced strong headwinds with significant pressure on
margins in Q4FY23. 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. However, it believe, operational efficiencies at its international
operations are likely to kick-in during FY24 thereby aiding growth. Furthermore,
as demand pivots towards global suppliers with multilocational facilities, it
remain cautiously optimistic about the prospects of this business.
During
the quarter, the technical textiles business witnessed volume growth in the
Nylon and Polyester Industrial Yarn segments, partially offsetting low sales of
Nylon Tyre Cord Fabrics (NTCF). The Business continues to focus on improving
the sales of high-end value-added products, mostly in the belting fabrics
segment, in addition to some demand recovery expected in the NTCF segment in
FY24.
Operating
profit margin has declined from 26.71% to 24.66%, leading to 1.73% decline in
operating profit to Rs 931.60 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
45.33% to 48.41%. Purchase of finished
goods cost fell from 2.41% to 0.18%.
Employee cost decreased from 5.92% to 5.83%. Other expenses rose from 20.07% to
20.24%. Power and Oil fuel cost fell
from 9.42% to 9.36%.
Other
income rose 208.85% to Rs 22.33 crore.
PBIDT fell 0.14% to Rs 953.93 crore.
Provision for interest rose 84.65% to Rs 65.9 crore.
PBDT
fell 3.43% to Rs 888.03 crore. Provision
for depreciation rose 17.51% to Rs 154.64 crore. Fixed assets increased to Rs 12,340.60 crore
as of 31 March 2023 from Rs 9,977.52 crore as of 31 March 2022. Intangible assets declined from Rs 119.40
crore to Rs 114.73 crore.
Profit
before tax down 6.92% to Rs 733.39 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 170.94
crore, compared to Rs 182.29 crore.
Effective tax rate was 23.31% compared to 23.14%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company decreased 7.13% to Rs
562.45 crore.
Equity
capital stood at Rs 297.44 crore as of 31 March 2023 to Rs 297.44 crore as of
31 March 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 50.53% as of 31 March 2023 ,compared to 50.73% as of 31 March
2022.
Commenting
on the results, Chairman and Managing Director, Ashish Bharat Ram said, “It has
been an excellent year for the company. Despite weakness in our Technical
Textiles and Packaging Films Businesses due to cyclical reasons, we have seen
the Chemicals Business deliver outstanding results. This shows the resilience
of our Business model and I remain cautiously optimistic about the future.”
Full year results
analysis
Net
sales of SRF has increased 19.60% to Rs 14870.25 crore. Sales of Technical Textile Business segment
has gone down 9.18% to Rs 1,893.88 crore (accounting for 12.73% of total
sales). Sales of Chemicals and Polymers
Business segment has gone up 41.41% to Rs 7,410.88 crore (accounting for 49.80%
of total sales). Sales of Packing Film
Business segment rose 8.44% to Rs 5,182.75 crore (accounting for 34.83% of
total sales). Sales of Others segment
has gone up 15.36% to Rs 392.61 crore (accounting for 2.64% of total
sales). Inter-segment sales came down
from Rs 11.91 crore to Rs 9.87 crore.
Profit
before interest, tax and other unallocable items (PBIT) has jumped 12.64% to Rs
3,193.42 crore. PBIT of Technical
Textile Business segment fell 44.48% to Rs 261.74 crore (accounting for 8.20%
of total PBIT). PBIT of Chemicals and
Polymers Business segment rose 67.56% to Rs 2,340.67 crore (accounting for
73.30% of total PBIT). PBIT of Packing
Film Business segment fell 41.23% to Rs 556.19 crore (accounting for 17.42% of
total PBIT). PBIT of Others segment rose
71.11% to Rs 34.82 crore (accounting for 1.09% of total PBIT).
PBIT
margin of Technical Textile Business segment fell from 22.61% to 13.82%. PBIT margin of Chemicals and Polymers
Business segment rose from 26.65% to 31.58%.
PBIT margin of Packing Film Business segment fell from 19.80% to
10.73%. PBIT margin of Others segment
rose from 5.98% to 8.87%. Overall PBIT
margin fell from 22.78% to 21.46%.
Operating
profit margin has declined from 25.54% to 23.73%, leading to 11.12% rise in
operating profit to Rs 3,529.20 crore.
Raw material cost as a % of total sales (net of stock adjustments)
decreased from 48.54% to 47.89%.
Purchase of finished goods cost rose from 1.38% to 1.86%. Employee cost decreased from 6.14% to 5.47%. Other expenses rose from 18.96% to
21.06%. Power and Oil fuel cost rose
from 8.93% to 9.89%.
Other
income rose 75.07% to Rs 74.93 crore.
PBIDT rose 11.97% to Rs 3604.13 crore.
Provision for interest rose 76.68% to Rs 204.82 crore. Loan funds rose to Rs 4,477.53 crore as of 31
March 2023 from Rs 3,655.19 crore as of 31 March 2022. Inventories rose to Rs 2,274.29 crore as of
31 March 2023 from Rs 2,138.47 crore as of 31 March 2022. Sundry debtors were lower at Rs 1,785.62
crore as of 31 March 2023 compared to Rs 1,792.45 crore as of 31 March 2022. Cash and bank balance rose to Rs 616.46 crore
as of 31 March 2023 from Rs 459.35 crore as of 31 March 2022. Investments rose to Rs 494.21 crore as of 31
March 2023 from Rs 320.90 crore as of 31 March 2022 .
PBDT
rose 9.56% to Rs 3399.31 crore.
Provision for depreciation rose 11.23% to Rs 575.32 crore. Fixed assets increased to Rs 12,340.60 crore
as of 31 March 2023 from Rs 9,977.52 crore as of 31 March 2022. Intangible assets declined from Rs 119.40
crore to Rs 114.73 crore.
Profit
before tax grew 9.22% to Rs 2,823.99 crore.
Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 661.65
crore, compared to Rs 696.63 crore.
Effective tax rate was 23.43% compared to 26.94%.
Minority
interest was nil in both the periods.
Net profit attributable to owners of the company increased 14.47% to Rs
2,162.34 crore.
Equity
capital stood at Rs 297.44 crore as of 31 March 2023 to Rs 297.44 crore as of
31 March 2022. Per share face Value
remained same at Rs 10.00.
Promoters’
stake was 50.53% as of 31 March 2023 ,compared to 50.73% as of 31 March 2022
.
Cash
flow from operating activities increased to Rs 2,901.71 crore for year ended
March 2023 from Rs 2,105.72 crore for year ended March 2022. Cash flow used in acquiring fixed assets
during the year ended March 2023 stood at Rs 2,865.75 crore, compared to Rs
1,832.07 crore during the year ended March 2022.
The
scrip is currently trading at Rs 2576
|
SRF : Consolidated Results
|
|
Particulars
|
2303 (03)
|
2203 (03)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
3,778.09
|
3,549.42
|
6
|
14,870.25
|
12,433.66
|
20
|
|
OPM (%)
|
24.7
|
26.7
|
|
23.7
|
25.5
|
|
|
OP
|
931.6
|
948
|
-2
|
3,529.20
|
3,175.91
|
11
|
|
Other Inc.
|
22.33
|
7.23
|
209
|
74.93
|
42.8
|
75
|
|
PBIDT
|
953.93
|
955.23
|
0
|
3,604.13
|
3,218.71
|
12
|
|
Interest
|
65.9
|
35.69
|
85
|
204.82
|
115.93
|
77
|
|
PBDT
|
888.03
|
919.54
|
-3
|
3,399.31
|
3,102.78
|
10
|
|
Depreciation
|
154.64
|
131.6
|
18
|
575.32
|
517.23
|
11
|
|
PBT
|
733.39
|
787.94
|
-7
|
2823.99
|
2585.55
|
9
|
|
Share of Profit/(Loss) from Associates
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT before EO
|
733.39
|
787.94
|
-7
|
2823.99
|
2585.55
|
9
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
733.39
|
787.94
|
-7
|
2823.99
|
2585.55
|
9
|
|
Taxation
|
170.94
|
182.29
|
-6
|
661.65
|
696.63
|
-5
|
|
PAT
|
562.45
|
605.65
|
-7
|
2162.34
|
1888.92
|
14
|
|
Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net profit
|
562.45
|
605.65
|
-7
|
2162.34
|
1888.92
|
14
|
|
EPS (Rs)*
|
#
|
#
|
|
73.0
|
63.7
|
|
|
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)
|
2303 (03)
|
2203 (03)
|
Var.(%)
|
% of (Total)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Sales
|
|
Technical Textile Business
|
11
|
430.7
|
496.66
|
-13
|
13
|
1,893.88
|
2,085.24
|
-9
|
|
Chemicals and Polymers Business
|
56
|
2,101.67
|
1,572.47
|
34
|
50
|
7,410.88
|
5,240.78
|
41
|
|
Packing Film Business
|
31
|
1,153.05
|
1,390.20
|
-17
|
35
|
5,182.75
|
4,779.21
|
8
|
|
Others
|
2
|
94.29
|
93.36
|
1
|
3
|
392.61
|
340.34
|
15
|
|
Total Reported Sales
|
100
|
3,779.71
|
3,552.69
|
6
|
100
|
14,880.12
|
12,445.57
|
20
|
|
Less: Inter segment revenues
|
|
1.62
|
3.27
|
-50
|
|
9.87
|
11.91
|
-17
|
|
Net Sales
|
|
3,778.09
|
3,549.42
|
6
|
|
14,870.25
|
12,433.66
|
20
|
|
PBIT
|
|
Technical Textile Business
|
6
|
48.4
|
91.42
|
-47
|
8
|
261.74
|
471.43
|
-44
|
|
Chemicals and Polymers Business
|
88
|
739.25
|
504.31
|
47
|
73
|
2,340.67
|
1,396.91
|
68
|
|
Packing Film Business
|
5
|
40.96
|
275.83
|
-85
|
17
|
556.19
|
946.33
|
-41
|
|
Others
|
1
|
11.33
|
4.09
|
177
|
1
|
34.82
|
20.35
|
71
|
|
Total PBIT
|
100
|
839.94
|
875.65
|
-4
|
100
|
3,193.42
|
2,835.02
|
13
|
|
Less : Interest
|
|
65.9
|
35.69
|
85
|
|
204.82
|
115.93
|
77
|
|
Add: Other un-allcoable
|
|
-40.65
|
-52.02
|
22
|
|
-164.61
|
-133.54
|
-23
|
|
PBT
|
|
733.39
|
787.94
|
-7
|
|
2,823.99
|
2,585.55
|
9
|
|