Slide 1: Exchange cover letter for earnings call presentation
The Corporate Relationship Department, National Stock Exchange of India Limited BSE Limited “Exchange Plaza” Ist Floor , New Trading Ring Rotunda Bandra-Kurla Complex Building, P.J. Towers Bandra (E) Dalal Street, Mumbai 400 051 Mumbai 400 001 Scrip Code- 503806 Scrip Code-SRF SRF/SEC/BSE/NSE 31.01.
Slide 2: Q3 & 9M FY24 Results Presentation
Q3 & 9M FY24 Results Presentation SRF Limited 31 January 2024 SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.
Slide 3: Disclaimer
Disclaimer Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties like regulatory changes, local, political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated b
Slide 4: Table of Contents
04 CONTENTS TABLE OF COMPANY OVERVIEW 10 Q3 & 9M FY24 RESULTS OVERVIEW 15 Q3 & 9M FY24 SEGMENTAL PERFORMANCE 31 OUTLOOK SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 3
Slide 5: Company Overview
01. Company Overview SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 4
Slide 6: Snapshot
Snapshot Exports to Operations in 15 8,000+ ₹ 14,870 cr. 90+ 4 Manufacturing Global Workforce Revenue Countries Countries Facilities 35% 50% 15% ₹ 3,708 cr. ₹ 2,162 cr. Packaging Chemicals Technical Textiles & EBITDA PAT Others Note: On Consolidated basis as on 31st March 2023 SRF - General [Restric
Slide 7: Overview - Business Profile
Overview - Business Profile Specialty Chemicals Films for Flexible • Intermediates for AI / Packaging API / Specialized • Bi-axially Oriented Applications Polyethylene • Contract Development Terephthalate (BOPET) and Manufacturing • Bi-axially Oriented Chemicals Polypropylene (BOPP) Packaging • Alum
Slide 8: Manufacturing Facilities
Manufacturing Facilities FLUOROCHEMICALS & SPECIALTY CHEMICALS LAMINATED FABRICS 2 National Operations 1 National Operation 1. Rajasthan, India - Bhiwadi 1. Uttarakhand, India - Kashipur 2. Gujarat, India - Dahej TECHNICAL TEXTILES 1 COATED FABRICS 1 4 National Operations 1 National Operation 1. Mad
Slide 9: Market Leadership Across Businesses
Market Leadership Across Businesses Specialty Chemicals Fluorochemicals Packaging Films Technical Textiles • Established relationship with • Unique and fully integrated • Recognized for expertise in • Domestic market leader in Tyre marquee customers facilities extending across a developing, manufact
Slide 10: Growth Levers
Growth Levers Focus on building leadership businesses Build and maintain market leadership in business segments Nurture innovation through R&D Reposition portfolio towards knowledge-based products Focus on building high-end value-added products Continue to build new competencies in the Chemicals Tec
Slide 11: Q3 & 9M FY24 Results Overview
02. Q3 & 9M FY24 Results Overview SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 10
Slide 12: Abridged Results Overview
Abridged Results Overview Consolidated figures Particulars (Rs. Crore) Q3 FY24 Q3 FY23 % Y-o-Y 9M FY 24 9M FY 23 % Y-o-Y Gross Operating Revenue 3,053.0 3,469.7 -12.0% 9,568.8 11,092.2 -13.7% EBITDA 602.7 858.6 -29.8% 2,008.8 2,726.2 -26.3% EBITDA Margin (%) 19.7% 24.7% 21.0% 24.6% Depreciation 168.
Slide 13: Results Overview - Financial Overview
Results Overview - Financial Overview Consolidated figures Key Financial Ratios PARTICULARS FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 EBITDA Margin 13.59% 20.43% 22.13% 21.42% 17.69% 19.00% 20.90% 26.05% 25.30% 24.94% PAT Margin 4.04% 8.78% 9.51% 10.87% 8.38% 8.33% 12.70% 14.26% 15.19% 14.54
Slide 14: Results Overview - Revenue Share
Results Overview - Revenue Share Revenue (Rs. Crore) Q3 FY24 Q3 FY23 9M FY24 9M FY23 Total – 3,056.7 Total – 3,477.6 Total – 9,576.2 Total – 11,110.4 113.6 92.3 359.1 298.3 458.4 425.9 1,463.2 3.7% 2.7% 1,429.2 3.8% 2.7% 12.2% 13.2% 15.0% 14.9% 45.6% 50.5% 46.8% 47.8% 34.6% 35.7% 36.3% 34.5% 1,090.7
Slide 15: Results Overview - EBIT Share
Results Overview - EBIT Share EBIT (Rs. Crore) Q3 FY24 Q3 FY23 9M FY24 9M FY23 Total – 456.7 Total – 725.9 Total – 1,585.0 Total – 2,353.5 21.2 34.2 9.1 77.5 23.5 213.3 68.8 4.6% 1.3% 204.4 1.0% 118.6 4.7% 4.9% 9.1% 15.1% 12.9% 515.2 16.3% 173.4 21.9% 9.8% 10.9% 44.9 70.5% 68.0% 77.7% 71.3% 321.8 1,
Slide 16: Q3 & 9M FY24 Segmental Performance
03. Q3 & 9M FY24 Segmental Performance Chemicals Packaging Technical Others Films Textiles SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 15
Slide 17: Chemicals Business
Chemicals Business SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 16
Slide 18: Chemicals Business - Results Update
Chemicals Business - Results Update Consolidated figures PARTICULARS Q3 FY24 Q3 FY23 % Y-o-Y 9M FY24 9M FY23 % Y-o-Y Segment Revenues 1,394.1 1,756.6 -20.6% 4,481.0 5,309.2 -15.6% % Contribution to Revenues 45.6% 50.5% 46.8% 47.8% EBIT 321.8 563.9 -42.9% 1,129.7 1,601.4 -29.5% % EBIT Margins 23.1% 3
Slide 19: Specialty Chemicals Business - Key Highlights
Chemicals Business Specialty Chemicals Business - Key Highlights • Business faced headwinds due to continued inventory Market Trends rationalization by certain key customers • Demand outlook remains strong in the medium- to-long term • Witnessed improved performance in later part of the quarter o Si
Slide 20: Chemicals Technology Group
Chemicals Business Chemicals Technology Group • Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies • Key focus on high end molecules • Strong internal competencies and capabilities • Equipped with state-of-the-art R&D facilities and an ingenious team
Slide 21: Fluorochemicals Business - Key Highlights
Chemicals Business Fluorochemicals Business - Key Highlights • Business performance remained subdued due to: Market Trends o Seasonally weak quarter • HFC freeze year in China commenced from o Pressure on margins due to lower realizations across HFCs in January 2024 key global markets o Sluggish gro
Slide 22: Packaging Films Business
Business Packaging Films SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 21
Slide 23: Packaging Films Business - Results Update
Packaging Films Business - Results Update Consolidated figures PARTICULARS Q3 FY24 Q3 FY23 % Y-o-Y 9M FY24 9M FY23 % Y-o-Y Segment Revenues 1,090.7 1,202.7 -9.3% 3,307.0 4,029.7 -17.9% % Contribution to Revenues 35.7% 34.6% 34.5% 36.3% EBIT 44.9 118.6 -62.2% 173.4 515.2 -66.3% % EBIT Margins 4.1% 9.
Slide 24: Packaging Films Business - Key Highlights
Packaging Films Business Key Highlights Market Trends • Business continued to face supply overhang, resulting in pressure • BOPET market continued to witness over-supply on margins situation o Demand-supply imbalance and margin • Prioritizing enhanced profitability through increased operational pres
Slide 25: Technical Textiles Business
Business Technical Textiles SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 24
Slide 26: Technical Textiles Business - Results Update
Technical Textiles Business - Results Update Consolidated figures PARTICULARS Q3 FY24 Q3 FY23 % Y-o-Y 9M FY24 9M FY23 % Y-o-Y Segment Revenues 458.4 425.9 7.6% 1,429.2 1,463.2 -2.3% % Contribution to Revenues 15.0% 12.2% 14.9% 13.2% EBIT 68.8 34.2 101.2% 204.4 213.3 -4.2% % EBIT Margins 15.0% 8.0% 1
Slide 27: Technical Textiles Business - Key Highlights
Technical Textiles Business Key Highlights Market Trends • Manali plant operations impacted in December 2023 by Cyclone Michaung – operations largely resumed by January end • Stable demand expected for NTCF o Adequate insurance cover in place on a Reinstatement Value basis • Domestic demand expected
Slide 28: Others
Others SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 27
Slide 29: Others - Results Update
Others - Results Update Consolidated figures PARTICULARS Q3 FY24 Q3 FY23 % Y-o-Y 9M FY24 9M FY23 % Y-o-Y Segment Revenues 113.6 92.3 23.0% 359.1 298.3 20.4% % Contribution to Revenues 3.7% 2.7% 3.8% 2.7% EBIT 21.2 9.1 132.0% 77.5 23.5 229.7% % EBIT Margins 18.7% 9.9% 21.6% 7.9% % Contribution to EBI
Slide 30: Others - Key Highlights
Others - Key Highlights Coated Fabrics • SRF retained its leadership in the domestic market • Witnessed strong demand; expected to remain stable • Notable growth in VAPs like blackout fabrics, high GSM lacquered fabric, and storage liners – Healthy margins expected on account of robust VAP sales Lam
Slide 31: SRF's Community Engagement
SRF’s Community Engagement • Inaugurated a new Centre for ‘Basic Electrician Training Program’ at Manali in November 2023 • 65 Students and 10 Teachers of the Tinker Coding Program got an opportunity to visit ISRO (Remote Sensing Centre), Bengaluru to interact with the scientists • Under the Digital
Slide 32: Outlook
04. Outlook SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 31
Slide 33: Outlook - Chemicals Business
Outlook - Chemicals Business Specialty Chemicals • Focus on commissioning of new plants and their ramp-up • Agro demand likely to pick-up as customer traction still strong • China + 1 remains intact, global customers’ de-risking theme continues • Focus on growth of pharma verticals • Significant rec
Slide 34: Outlook - Packaging Films Business
Outlook - Packaging Films Business • Demand supply mismatch and pressure on margins expected to continue in medium term • Downcycle at its peak; industry over- capacity to taper over time • Focus on value-added products both in BOPP and BOPET • Continue to target quick approvals in Aluminium Foil •
Slide 35: Outlook - Technical Textiles Business
Outlook - Technical Textiles Business • Higher operating leverage and cost optimization by capacity rationalization across various plants • Demand for NTCF expected to be stable • BF to drive growth as expansions get completed next year SRF - General [Restricted use] - This mail, document can be use
Slide 36: About Us
About Us In 2024, SRF Limited proudly commemorates 50 years of manufacturing excellence. Since the inauguration of SRF’s first plant in 1974, the company has evolved into a manufacturing powerhouse with businesses spanning multiple verticals. The For further information please contact company’s dive
Slide 37: Thank You
THANK YOU SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.