Srf Limited · NSE:SRF
Srf — Q2 & H1 FY25 Earnings Presentation
36 slides from Srf's earnings presentation, Oct 23, 2024
Slide 1: Exchange filing cover letter
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 23.10.
Slide 2: Q2 & H1 FY25 Results Presentation
Q2 & H1 FY25 Results Presentation October 23, 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
Table of Contents 01 02 03 04 Company Q2 & H1 FY25 Q2 & H1 FY25 Outlook Overview Results Overview Segmental Performance SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only. 3
Slide 5: Company Overview
COMPANY OVERVIEW SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.
Slide 6: Snapshot
Snapshot 100+ 4 16 ~9,000 Countries- Countries- Manufacturing Global Exports Operations Facilities Workforce ₹ 13,139 cr. ₹ 2,744 cr. ₹ 1,336 cr. Revenue EBITDA PAT 48% 34% 18% Chemicals Packaging Technical Films Textiles & Others Note: On Consolidated basis as on 31st March 2024 SRF - General [Rest
Slide 7: Overview - Business Profile
Overview - Business Profile No of Plants - 2 Specialty Chemicals Fluorochemicals • Intermediates for AI/API/Specialized • Refrigerants • Industrial Chemicals EBIT - ₹ 1,627 cr. • Pharma Propellants Applications • Fluoropolymers Revenue - ₹ 6,297 cr. • Contract Development & Manufacturing Chemicals N
Slide 8: Manufacturing Facilities
Manufacturing Facilities FLUOROCHEMICALS & SPECIALTY CHEMICALS 2 National Operations LAMINATED FABRICS 1. Rajasthan, India - Bhiwadi 1 National Operation 2. Gujarat, India - Dahej 1. Uttarakhand, India - Kashipur TECHNICAL TEXTILES 1 4 National Operations 1 1 COATED FABRICS 1. Madhya Pradesh, India
Slide 9: Market Leadership Across Businesses
Market Leadership Across Businesses 01 Specialty Chemicals • Established relationship with marquee customers • Strong tech capability – pilot to commercial; creating value through operational excellence • Driving customer engagement and satisfaction through world class R&D, EHS and quality managemen
Slide 10: Growth Levers
Growth Levers Build a Company known and respected for its R&D capabilities Greater focus on ESG initiatives Focus on building high-end • Benefit the communities where we work value-added products • Embrace diversity, equity & inclusion Continue to build new • Enhance focus on the 3R’s- Recycle, Reus
Slide 11: Q2 & H1 FY25 Results Overview
Q2 & H1 FY25 RESULTS OVERVIEW SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.
Slide 12: Abridged Results Overview
Abridged Results Overview Consolidated figures Particulars (Rs. Crore) Q2 FY25 Q2 FY24 % Y-o-Y H1 FY25 H1 FY24 % Y-o-Y Gross Operating Revenue 3,424.3 3,177.4 7.8% 6,888.4 6,515.7 5.7% EBITDA 594.0 674.4 -11.9% 1,239.9 1,406.2 -11.8% EBITDA Margin (%) 17.3% 21.2% 18.0% 21.6% Depreciation 193.9 161.2
Slide 13: Results Overview - Financial Overview
Results Overview - Financial Overview Consolidated figures Key Financial Ratios Particulars FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 EBITDA Margin 20.43% 22.13% 21.42% 17.69% 19.00% 20.90% 26.05% 25.30% 24.94% 20.88% PAT Margin 8.78% 9.51% 10.87% 8.38% 8.33% 12.70% 14.26% 15.19% 14.54% 10.1
Slide 14: Results Overview - Revenue Share
Results Overview - Revenue Share Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Total – 3,180.8 Crs. Total – 3,426.7 Crs. Total – 6,519.5 Crs. Total – 6,896.5 Crs. 126.9 112.8 245.6 239.0 506.1 4.0% 1,426.3 535.5 3.3% 1,357.8 970.8 3.8% 3,086.8 1,060.8 3.5% 2,839.8 15.9% 15.6% 14.9% 15.4% 39.6% 41.2% 44.8% 47.3% 3
Slide 15: Results Overview - EBIT Share
Results Overview - EBIT Share Q2 FY24 Q2 FY25 H1 FY24 H1 FY25 Total – 533.1 Crs. Total – 417.5 Crs. Total – 1,128.3 Crs. Total – 901.9 Crs. 33.1 17.2 56.3 40.8 75.0 6.2% 347.8 71.3 4.1% 246.1 135.6 5.0% 807.8 139.0 4.5% 552.5 14.1% 17.1% 12.0% 15.4% 11.4% 14.5% 128.6 59.0% 18.8% 61.3% 65.2% 19.8% 77
Slide 16: Q2 & H1 FY25 - Segmental Performance
Q2 & H1 FY25 - SEGMENTAL PERFORMANCE Chemicals Packaging Films Technical Textiles Others SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.
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 Q2 FY25 Q2 FY24 % Y-o-Y H1 FY25 H1 FY24 % Y-o-Y Segment Revenues 1,357.8 1,426.3 -4.8% 2,839.8 3,086.8 -8.0% % Contribution to Revenues 39.6% 44.8% 41.2% 47.3% EBIT 246.1 347.8 -29.2% 552.5 807.8 -31.6% % EBIT Margins 18.1% 24.4% 1
Slide 19: Chemicals Business - Specialty Chemicals
Chemicals Business Specialty Chemicals Business Key Highlights Market Trends • Agrochemical market slowdown continues to impact performance • Agro segment continues to witness pressure due to o New products witnessed positive traction while high inventory adjustments inventory levels at customers’ e
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: Chemicals Business - Fluorochemicals
Chemicals Business Fluorochemicals Business Key Highlights Market Trends • Ref gases demonstrated healthy performance in domestic market • Developed markets, especially the US, experiencing decline in o Achieved highest-ever volume sales in H1, with increased HFC consumption due to regulatory requir
Slide 22: Packaging Films Business
PACKAGING FILMS BUSINESS 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 Q2 FY25 Q2 FY24 % Y-o-Y H1 FY25 H1 FY24 % Y-o-Y Segment Revenues 1,420.6 1,121.5 26.7% 2,756.9 2,216.3 24.4% % Contribution to Revenues 41.5% 35.3% 40.0% 34.0% EBIT 82.8 77.3 7.2% 169.6 128.6 31.9% % EBIT Margins 5.8% 6.9% 6.
Slide 24: Packaging Films Business
Packaging Films Business Key Highlights Market Trends • Packaging Films Business registered improved performance • Global demand-supply imbalance persists in BOPET; likely to o BOPET performed well in India owing to better pricing continue in short to mid term and margins in Q2 o BOPP continued to r
Slide 25: Technical Textiles Business
TECHNICAL TEXTILES BUSINESS 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 Q2 FY25 Q2 FY24 % Y-o-Y H1 FY25 H1 FY24 % Y-o-Y Segment Revenues 535.5 506.2 5.8% 1060.8 970.8 9.3% % Contribution to Revenues 15.6% 15.9% 15.4% 14.9% EBIT 71.3 75.0 -4.8% 139.0 135.6 2.5% % EBIT Margins 13.3% 14.8% 13.1%
Slide 27: Technical Textiles Business
Technical Textiles Business Key Highlights Market Trends • H1 performance was in line with expectations: • Demand for NTCF and PIY expected to remain strong, while BF o Nylon Tyre Cord Fabrics (NTCF) delivered stable demand may stay flat performance with highest-ever quarterly sales volumes o Beltin
Slide 28: Other Businesses
OTHER BUSINESSES 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 Q2 FY25 Q2 FY24 % Y-o-Y H1 FY25 H1 FY24 % Y-o-Y Segment Revenues 112.8 126.9 -11.1% 239.0 245.6 -2.7% % Contribution to Revenues 3.3% 4.0% 3.5% 3.8% EBIT 17.2 33.1 -48.1% 40.8 56.3 -27.5% % EBIT Margins 15.2% 26.1% 17.1% 22.9% % Contribution t
Slide 30: Others - Key Highlights
Others - Key Highlights • SRF continues to maintain its domestic market leadership in both volume and pricing • Achieved highest-ever domestic sales and VAP sales in H1. Anticipate stable performance in the Coated Fabrics upcoming quarter • Business aims to sustain profitability by increasing domest
Slide 31: SRF's Community Engagement
SRF’s SRF’s Community Community Engagement Engagement • On August 15, 2024, Dr. Mohan Yadav, Hon’ble Chief Minister of Madhya Pradesh, inaugurated SRF Foundation's Digital Bus in Bhopal. The CM interacted with students and praised SRF Foundation for ensuring quality education in rural areas. • At th
Slide 32: Outlook
OUTLOOK SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.
Slide 33: Outlook - Chemicals Business
Outlook - Chemicals Business Specialty Chemicals Agrochemicals segment likely to show improvement; demand to gradually pick up in H2 based on strong order book Work on AIs progressing as per plan Product funnel remains strong Launch of new pharma intermediates and ramp up of recently commissioned fa
Slide 34: Outlook - Packaging Films & Technical Textiles Business
Outlook – Packaging Films & Technical Textiles Business Packaging Films Business Chemicals Expect ongoing demand-supply imbalance and margin pressure to continue in BOPET BOPP to remain stable Aluminium Foil facility expected to contribute in H2 with the proposed imposition of Anti Dumping Duty Thai
Slide 35: About Us
About Us In 2024, SRF Limited proudly commemorates 50 years of manufacturing excellence. Since the inauguration of SRF’s first For further information please contact plant in 1974, the company has evolved into a manufacturing powerhouse with businesses spanning multiple verticals. The company’s dive
Slide 36: Thank You
Thank You SRF - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.