SRFNSE10 May 2022

SRF Limited has informed the Exchange about Investor Presentation

SRF Limited

SF RF

The Corporate Relationship Department, BSE Limited 1st Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001

National Stock Exchange of India Limited "Exchange Plaza" Bandra-Kurla Complex Bandra (E) Mumbai 400 051

Scrip Code- 503806

Scrip Code-SRF

SRF/SEC/BSE/NSE

Dear Sir,

10" May, 2022

Presentation- Earnings Call (Audited Financial Results for the quarter and year ended 31.03.2022)

In continuation of our letter dated 05\ May, 2022 informing about hosting of earning call to discuss audited financial results for quarter and year ended 31s March, 2022, please find enclosed Investors presentation, of the same for your reference and record.

The same is also available on the Company's website i.e. www.srf.com

Thanking you,

Yours faithfully,

For SRF LIMITED

RAJAT LAKHANPAL VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

SR - General [Restricted use] - This mail, document can be used by recipients for its intended purpose only.

Corporate Identity No. L18101DL1970PLC005197

SRF LIMITED Block-C Sector-45 Gurugram 122 003 Haryana India Tel: +91-124-4354400 Fax: +91-124-4354500 E-mail: info@srf.com Website: www.srf.com

Regd. Office: Unit No. 236 & 237, 2nd Floor DLF Galleria, Mayur Place Naida Link Road Mayur Vihar Phase-1 Extension Delhi 110091

SRF Limited

Q4 & FY22 Results Presentation May 10, 2022

/ SE

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Disclaimer

Certain 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 by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding COVID-19 and the effects of government and other measures seeking to contain its spread, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.

including exports to SRF Limited may, from time to time, make additional written and oral forward-looking statements, shareholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.

2 Q4 & FY22 Results Presentation | 2

Contents

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Company Overview

13 10

Q4 & FY21 Q4 & FY22 Segmental Performance Results Overview

Q4 & FY22 Segmental Performance

Outlook

Q4 & FY22 Results Presentation | 3

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COMPANY OVERVIEW

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Snapshot

12,434 Cr Revenue

3,146 Cr EBIDTA

1,889 Cr PAT

O e 0

Exports to 90+ Countries

14 Manufacturing Plants

Operations in 4 Countries

42%

Chemicals

38%

Packaging

20%

Technical Textiles & Others

7,000+ Global Workforce

Q4 & FY22 Results Presentation | 5 Q4 & FY22 Results Presentation | 5

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Overview - Business Profile

Revenue

EBIT

No of Plants

5,241

1,397

4,779

946

2,085

471

340

Chemicals

Packaging Films

Technical Textiles

Others

Specialty Chemicals

Films for Flexible Packaging

•

Bi-axially Oriented Polyethylene Terephthalate (BOPET)

Bi-axially Oriented Polypropylene (BOPP)

•

Intermediates for AI / API / Applications

Contract Manufacturing, Custom Research & Synthesis

Fluorochemicals

•

Refrigerants

Pharma Propellants

Industrial Chemicals

Fluoropolymers (Upcoming)

•

Tyre Cord Fabrics (Nylon & Polyester)

Belting Fabrics

Polyester Industrial Yarn

•

Coated Fabrics

Laminated Fabrics

These numbers are based on FY22 results

6 Q4 & FY22 Results Presentation | 6

FLUOROCHEMICALS & SPECIALTY CHEMICALS 2 National Operations

Manufacturing Facilities • •

1. Rajasthan, India - Bhiwadi 2. Gujarat, India - Dahej

TECHNICAL TEXTILES 4 National Operations

1. Madhya Pradesh, India - Malanpur, Bhind 2. Tamil Nadu, India - Manali 3. Gummidipoondi 4. Viralimalai

•

PACKAGING FILMS 3 National Operations

1. Uttarakhand, India- Kashipur 2. Madhya Pradesh, India - Special Economic Zone (SEZ), 3. Pithampur, Indore - Bagdoon, Pithampur, Indore

3 International Operations

4. KwaZulu - Natal, South Africa 5. Rayong, Thailand 6. Jaszfenyszaru, Hungary

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• •

LAMINATED FABRICS 1 National Operation

1. Uttarakhand, India - Kashipur

COATED FABRICS 1 National Operation

1. Tamil Nadu, India -

Gummidipoondi

1 1

1 2

2 1

International Operations

South Africa Thailand Hungary

Q4 & FY22 Results Presentation | 7

Market Leadership Across Businesses

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Specialty Chemicals

Fluorochemicals

Packaging Films

Technical Textiles

▪ Established relationship with

marquee customers

▪ Capability in scaling up pilot processes and creating value through operational excellence

▪ High levels of customer

engagement backed by strong R&D, technical service, product and quality management under one roof

▪ Handling complex reactions - halogenation, ethylation, hydrogenation, nitration, diazotization, grignard, isomerization, amination, organocatalysis, and decarboxylation

▪ Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals

▪ Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations

▪ One of the few global

manufacturers for Pharma grade 134a/P - propellant in metered dose inhalers

▪ Among the top five global manufacturers for key Fluorochemicals products

▪ Recognized for expertise in

developing, manufacturing and marketing innovative, superior film products

▪ Flexible business model, strong

and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness

▪ Highly efficient asset base

offering value added products in close proximity to customer locations

▪ Domestic market leader in Tyre Cord manufacturing and Belting Fabrics

▪ 40% share in India’s Nylon Tyre Cord market. 2nd largest player globally

▪ 3rd largest manufacturer of

Conveyor Belting Fabrics in the world

Q4 & FY22 Results Presentation | 8

Growth Levers

Build a Company known and respected for its R&D capabilities

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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 knowledge-based value-added products Continue to build new competencies in the chemical technology space

lil

Drive growth in new businesses De-risk from Technical Textiles Business

Q4 & FY22 Results Presentation | 9

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• •

Q4 & FY22 RESULTS OVERVIEW

arms

Abridged Results Overview - Consolidated

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Consolidated figures

Particulars (Rs. Crore)

Q4 FY22

Q4 FY21

% Y-o-Y

FY22

FY21

% Y-o-Y

Gross Operating Revenue

3,549.4

2,607.6

EBITDA

EBITDA Margin (%)

Depreciation

Interest

ECF (Gain) / Loss

Profit Before Tax

Profit After Tax

Profit After Tax Margin (%)

EPS (Rs.)

EPS is recalculated based on post bonus issue

943.8

26.6%

131.6

35.7

(11.4)

787.9

605.6

17.1%

20.43

647.2

24.8%

118.5

26.2

(9.1)

511.7

381.5

14.6%

12.88

36.1%

45.8%

11.1%

36.5%

25.8%

54.0%

58.8%

12,433.7

3,146.0

25.3%

517.2

115.9

(72.7)

2,585.5

1,888.9

15.2%

63.75

8,400.0

2,187.8

26.0%

453.1

134.0

(11.9)

1,612.7

1,198.3

14.3%

40.58

48.0%

43.8%

14.2%

-13.5%

513.2%

60.3%

57.6%

Q4 & FY22 Results Presentation | 11

Results Overview - Financial Overview

Consolidated figures

Key Financial Ratios

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PARTICULARS

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY20

FY21

FY22

EBITDA Margin

17.59%

13.59%

20.43%

22.13%

21.42%

17.69%

19.00%

20.90%

26.05%

25.30%

PAT Margin

6.69%

4.04%

8.78%

9.51%

10.87%

8.38%

8.33%

12.70%

14.26%

15.19%

Net Debt to Equity

0.70

1.00

0.98

0.71

0.67

0.82

0.83

0.76

Net Debt to EBIDTA

2.08

3.80

2.83

1.97

2.11

3.01

2.42

2.48

Asset Turnover

0.82

0.73

0.77

0.7

0.68

0.66

0.72

0.66

Debtors Turnover

7.44

5.81

7.43

8.79

7.21

8.1

6.90

8.09

0.39

1.24

0.65

6.64

0.32

0.88

0.79

6.94

Q4 & FY22 Results Presentation | 12

Results Overview - Revenue & EBIT

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Consolidated figures

REVENUES (Rs. Crore)

■

Q4 FY21 Q4 FY22 ■

5 . 2 7 5 , 1

6 . 2 5 1 , 1

2 . 0 9 3 , 1

5 . 9 7 9

7 . 6 9 4

6 . 0 0 4

7 . 7 7

4 . 3 9

7 . 2 5 5 , 3

4 . 0 1 6 , 2

EBIT (Rs. Crore)

■

Q4FY21

■

Q4FY22

3 . 4 0 5

2 . 5 7 2

8 . 5 7 2

6 . 8 1 2

8 . 2 7

4 . 1 9

8 . 8

1 . 4

6 . 5 7 8

3 . 5 7 5

C B

P F B

T T B

O T H E R S

T O T A L

C B

P F B

T T B

O T H E R S

T O T A L

REVENUES (Rs. Crore)

■

FY21

■

FY22

8 . 0 4 2 , 5

9 . 4 4 6 , 3

2 . 9 7 7 , 4

7 . 1 9 2 , 3

2 . 5 8 0 , 2

1 . 0 4 2 , 1

0 . 2 3 2

3 . 0 4 3

6 . 5 4 4 , 2 1

7 . 8 0 4 , 8

EBIT (Rs. Crore)

■

FY21

■

FY22

9 . 6 9 3 , 1

1 . 8 2 7

3 . 6 4 9

9 . 7 9 8

4 . 1 7 4

9 . 6 7 1

6 . 5 2

3 . 0 2

0 . 5 3 8 , 2

5 . 8 2 8 , 1

C B

P F B

T T B

O T H E R S

T O T A L

C B

P F B

T T B

O T H E R S

T O T A L

CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

Q4 & FY22 Results Presentation | 13

Results Overview - Revenue Share

Q4 FY22

2.6%

Q4 FY21

3.0%

39.1%

14.0%

44.3%

37.5%

FY22

2.7%

FY21

2.9%

38.4%

16.8%

42.1%

39.1%

15.3%

44.2%

14.7%

43.3%

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PFB

TTB

• • • •

Others

CB – Chemicals Business; PFB - Packaging Films Business; TTB – Technical Textiles Business; Others

Q4 & FY22 Results Presentation | 14

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Q4 & FY22 SEGMENTAL OVERVIEW

Chemicals

Packaging Films

Technical Textiles

Others

Chemicals Business

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Q4 & FY22 Results Presentation | 16

Chemicals Business - Results Update

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Consolidated figures

Particulars (Rs. Crore)

Segment Revenues

Q4 FY22 Q4 FY21 % SHIFT

FY22

FY21 % SHIFT

1,572.5

1,152.6

36.4% 5,240.8

3,644.9

43.8%

% Contribution to Revenues

44.3%

44.2%

42.1%

43.3%

EBIT

% EBIT Margins

504.3

275.2

83.3% 1,396.9

728.1

91.8%

32.1%

23.9%

26.7%

20.0%

% Contribution to EBIT

57.6%

47.8%

49.3%

39.8%

Q4 & FY22 Results Presentation | 17

Chemicals Business

Specialty Chemicals Business o Healthy performance recorded in this segment on account of:

Strong demand for flagship products and downstream derivatives

• • Continuous enhancement of new product portfolio, thereby strengthening customer base – 6 new products

launched during the year

• Continued focus on cost reduction initiatives through process-improvement and optimization of asset utilization • Managing our environmental footprint with continuous improvements in our systems and processes

o The Board has approved a project to setup dedicated facilities to produce key specialty products at Dahej at an estimated

cost of ₹115 cr

• The current opportunity along with recent commissioned / upcoming capacities will strengthen our market position

in both Agro and Pharma industries

Market Trends • Global agrochemical innovators witnessing healthy growth in key markets, leading to better demand for specialty product

•

‘China plus one’ strategy continues to gain further momentum

• Rising crude prices, logistics challenges, and global shortages of some key raw materials remains a concern

Q4 & FY22 Results Presentation | 18

Chemicals Business

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Chemicals Technology Group o Chemicals Technology Group (CTG) is actively engaged in the development of new process technologies

o Key focus on high end molecules o Strong internal competencies and capabilities o Equipped with state-of-the-art R&D facilities and an

ingenious team of scientists and engineers

o 2 R&D centres in India o 21 new process patents were granted in FY22, taking the tally to 114 global patents to-date. Overall, the Company has applied for 361 patents

114

Global Patents granted

361

Patents applied

Q4 & FY22 Results Presentation | 19

Chemicals Business

Fluorochemicals Business o Segment delivered robust performance on account of:

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• •

Sustained volumes with healthy margin realizations across all HFCs in both domestic and export markets Strong demand for Dymel® HFA 134a/P sales. Business is expanding presence across India, Bangladesh, Argentina, and Thailand. In addition, it has entered new markets such as Greece and Taiwan

• Higher sales realizations and optimized product mix from chloromethanes segment augured well for the business

o Capexes are on track. The Board has also approved a project for capacity expansion of R 22 at Dahej at an approximate cost

of ₹30 cr

Market Trends • Domestic passenger vehicles production volumes higher than LY Q4 by 2%, YTD basis higher by 19% and domestic sales

volumes lower in Q4 over CPLY by -1%. AC market demand and production volumes also higher than LY Q4

•

Positive traction for refrigerants likely to continue

• Demand from Pharma segment remains healthy

•

Severe inflationary pressure on prices of key raw materials and utilities; capex costs higher on account of commodity price inflation

Q4 & FY22 Results Presentation | 20

Packaging Films Business

Packaging Films

• •

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-----

Q2 & H1 FY21 Results Presentation | 21

Q4 & FY22 Results Presentation | 21

Packaging Films Business - Results Update

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Consolidated figures

Particulars (Rs. Crore)

Segment Revenues

Q4 FY22 Q4 FY21 % SHIFT

FY22

FY21 % SHIFT

1,390.2

979.5

41.9% 4,779.2

3,291.7

45.2%

% Contribution to Revenues

39.1%

37.5%

38.4%

39.1%

EBIT

% EBIT Margins

275.8

218.6

26.2%

946.3

897.9

5.4%

19.8%

22.3%

19.8%

27.3%

% Contribution to EBIT

31.5%

38.0%

33.4%

49.1%

Q4 & FY22 Results Presentation | 22

Packaging Films Business

Key Highlights o This segment delivered a strong performance with growth in sales across domestic and international businesses:

• All plants ran at full capacities • Both BOPET and BOPP demand remained healthy • Ramp up of capacities in Hungary and Thailand aided volume growth • • Continued focus on cost-competitive procurements, despite supply chain constraints

Increasing sales growth from Value-Added Products (VAP), further enhanced overall performance

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o ‘Easy to Do Business With’ philosophy aided further growth, thereby strengthening our position as a global major in the industry:

Successfully increased our footprint with presence in over 100 countries

• • Continuing focus on improving quality and delivery parameters, helping the business expand to a wider and deeper

customer base across the globe using SRF Management Way

Market Trends

• BOPP demand is expected to remain healthy

•

Several new BOPET lines are expected to become operational in India, likely pressure on margins

• High logistics costs and supply chain-related constraints continue to weigh over margins

Q4 & FY22 Results Presentation | 23

Technical Textiles Business

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Technical Textiles

Q4 & FY22 Results Presentation | 24

Technical Textiles Business - Results Update

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Consolidated figures

Particulars (Rs. Crore)

Segment Revenues

Q4 FY22 Q4 FY21 % SHIFT

FY22

FY21 % SHIFT

496.7

400.6

24.0% 2,085.2

1,240.1

68.1%

% Contribution to Revenues

14.0%

15.3%

16.8%

14.7%

EBIT

% EBIT Margins

91.4

72.8

25.6%

471.4

176.9

166.5%

18.4%

18.2%

22.6%

14.3%

% Contribution to EBIT

10.4%

12.7%

16.6%

9.7%

Q4 & FY22 Results Presentation | 25

Technical Textiles Business

Key Highlights

o Segment reported healthy revenues on account of:

•

Subdued Nylon Tyre Cord Fabrics volumes with steady margins

Significant growth in the Belting Fabrics and the Polyester Industrial Yarn segments

o Business continues to enhance its operational excellence parameters, both in terms of production and associated utilities

Market Trends

• Replacement demand sales likely to be positive in the upcoming quarters • Due to re-opening of the mining sector and the revival of economic activities, the belting fabric segment is likely to see

robust demand

• Anticipate healthy demand due to improving outlook for Indian economy along with infrastructure push and agriculture

growth

Q4 & FY22 Results Presentation | 26

Others

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Q4 & FY22 Results Presentation | 27

Others - Results Update

Consolidated figures

Particulars (Rs. Crore)

Segment Revenues

% Contribution to Revenues

EBIT

% EBIT Margins

% Contribution to EBIT

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Q4 FY22 Q4 FY21 % SHIFT

FY22

FY21 % SHIFT

20.2%

340.3

232.0

46.7%

93.4

2.6%

4.1

4.4%

0.5%

77.7

3.0%

8.8

-53.4%

11.3%

1.5%

2.7%

20.3

6.0%

0.7%

2.9%

25.6

-20.5%

11.0%

1.4%

Q4 & FY22 Results Presentation | 28

Others - Key Highlights

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•

Coated Fabrics SRF continues to be a leader in domestic market with focus on operating increased performance

initiatives

sourcing

better

and

• Domestic demand which was slow initially due to the deferment / postponement of orders is now picking up and is expected to firm up considerably

•

Laminated Fabrics SRF maintained its price & volume leadership with plant operated at full capacity, achieving its highest ever sales in Q4 FY 22

• Realizations in this segment were adversely impacted by the

continuing surplus supply situation

Q4 & FY22 Results Presentation | 29

SRF’s Community Engagement

s er way

• SRF collaborated with the Election Commission and Child & voting activities at Dehradun and Greater Noida,

Women Development Departments awareness motivating people to vote

to conduct

• Teachers’ training on digital skills was organized to digitally empower teachers. More than 5,00 teachers were trained at 5 locations (in collaboration with IndiGo Aviation)

• SRF Foundation received the CSR Times Award-2021 (gold

category) for its Rural Education Program

Q4 & FY22 Results Presentation | 30

SF¢=

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OUTLOOK

Outlook - Chemicals Business

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Specialty Chemicals • Moving up the value chain by accelerating qualifications of new molecules in both Agro and Pharmaceuticals sectors, capacity utilization of newly commissioned plants to remain in focus

•• •

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• AI pipeline witnessing traction • Working on key campaigns to be run in the next few quarters • ROI accretive projects involving complex chemicals and specialty

products for SRF’s global customers

• Focus on launch of new products soon to be commissioned MPP4

Fluorochemicals • Completion of

in-progress capex, and ramp up volumes to

achieve high asset utilization

• US market for refrigerants witnessing demand, which SRF is well

positioned to capitalize on

• Focus on expanding in new markets / geographies and product ramping up sales from refrigerants, blends and

offerings, industrial solvents

• Strong focus on effective resource utilization

Q4 & FY22 Results Presentation | 32

Outlook - Packaging Films Business

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• BOPP demand likely to remain stable; new BOPP

film line in India on track

• Expected pressure on BOPET margins with new

capacities

coming

on-stream,

SRF’s

regional

presence provides hedge

• Focus on enhancing value added products’ volumes

by optimizing product and customer mix

• Focus on increasing pace of R&D efforts,

sustainability initiatives, efficient cost structures,

enhanced capabilities and value-added products • SRF Altech Limited is incorporated as a wholly

owned subsidiary of SRF Ltd., to engage in the

manufacturing of Aluminium foil

Q4 & FY22 Results Presentation | 33

Outlook - Technical Textiles Business

s a better way

• Higher

operating

leverage

and

cost

optimization by capacity rationalization across

various plants

• Demand recovery likely over the next few

quarters

• Other

sub-segments of Technical Textiles

Business expected to make a significant

contribution to the overall performance

Q4 & FY22 Results Presentation | 34

About Us

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Established in 1970, SRF Limited with an annual turnover of ₹12,313 crore (US$ 1.6 billion) is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Packaging Films, Technical Textiles and Coated and Laminated Fabrics. Anchored by a strong workforce of 7,000+ employees from different nationalities working across eleven manufacturing plants in India and one each in Thailand, South Africa and Hungary, the company exports to more than 90+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 361 patents for R&D and technology so far, of which 114 have been granted. A winner of the prestigious Deming Prize for two of its businesses namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.

Anoop Poojari / Karl Kolah

For further information please contact • a £ a

Tel: +91 98330 90434 / +91 98330 10478

CDR India

Email: anoop@cdr-india.com / karl@cdr-india.com

Q4 & FY22 Results Presentation | 35

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