SRFNSE30 January 2025

SRF Limited has informed the Exchange about Investor Presentation

SRF Limited

The Corporate Relationship Department, BSE Limited Ist 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/Madam,

30.01.2025

Presentation- Earnings Call (Un-Audited Financial Results for the quarter and nine months ended 31.12.2024)

In continuation of our letter dated 27th January, 2025 informing about hosting of earning call to discuss un-Audited financial results for quarter and nine months ended 31st December, 2024, please find enclosed Investors presentation on 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 Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

Q3 & 9M FY25 Results Presentation

January 30, 2025

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 by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.

SRF Limited may, from time to time, make additional written and oral forward- looking statements, including communication to stakeholders. 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.

Table of Contents

Company Overview

Q3 & 9M FY25 Results Overview

Q3 & 9M FY25 Segmental Performance

Outlook

COMPANY OVERVIEW

Snapshot

100+ Countries- Exports

4 Countries- Operations

16 Manufacturing Facilities

~9,000 Global Workforce

₹ 13,139 cr. Revenue

₹ 2,744 cr. EBITDA

₹ 1,336 cr. PAT

48% Chemicals

34% Packaging Films

18% Technical Textiles & Others

Note: On Consolidated basis as on 31st March 2024

Overview - Business Profile

Chemicals

Packaging Films

Technical Textiles

Others

No of Plants - 2 EBIT - ₹ 1,627 cr. Revenue - ₹ 6,297 cr.

Specialty Chemicals •

Intermediates for AI/API/Specialized Applications

• Contract Development & Manufacturing

Fluorochemicals • Refrigerants • Pharma Propellants

• •

Industrial Chemicals Fluoropolymers

No of Plants - 8 EBIT - ₹ 207 cr. Revenue - ₹ 4,489 cr.

Films for Flexible Packaging • Bi-axially Oriented Polyethylene Terephthalate (BOPET) • Bi-axially Oriented Polypropylene (BOPP) • Aluminium Foil

No of Plants - 4 EBIT - ₹ 274 cr. Revenue - ₹ 1,898 cr.

Tyre Cord Fabrics (Nylon & Polyester)

• • Belting Fabrics • Polyester Industrial Yarn

No of Plants - 2 EBIT - ₹ 93 cr. Revenue - ₹ 465 cr.

• Coated Fabrics •

Laminated Fabrics

Note: On Consolidated basis as on 31st March 2024

Manufacturing Facilities

FLUOROCHEMICALS & SPECIALTY CHEMICALS

2 National Operations

Rajasthan, India - Bhiwadi

Gujarat, India - Dahej

TECHNICAL TEXTILES

4 National Operations

1. Madhya Pradesh, India - Malanpur, Bhind

Tamil Nadu, India -

a. Manali

b. Gummidipoondi

c. Viralimalai PACKAGING FILMS

5 National Operations

Uttarakhand, India - Kashipur

2. Madhya Pradesh, India -

a. Special Economic Zone (SEZ)

b. Bagdoon, Pithampur

c. Industrial Growth Centre, Pithampur

d. Jetapur

3 International Operations

3. KwaZulu - Natal, South Africa

4. Rayong, Thailand

5. Jaszfenyszaru, Hungary

1 1

2a 2b2c a 2d 2b 2c

1 2b 2 a

2 b

2 c

LAMINATED FABRICS

1 National Operation

1. Uttarakhand, India - Kashipur

COATED FABRICS

1 National Operation

1. Tamil Nadu, India - Gummidipoondi

International Operations

South Africa

Thailand

Hungary

Market Leadership Across Businesses

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 management • Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination,

Organocatalysis and Decarboxylation

Fluorochemicals • 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 of Pharma grade 134a/P - propellant in metered dose inhalers • Among the top five global manufacturers of key Fluorochemical products

Packaging Films •

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 near customer locations

Technical Textiles • Domestic market leader in Tyre Cord manufacturing and Belting Fabrics •

~40% share in India’s Nylon Tyre Cord market. 5th largest player globally

•

2nd largest manufacturer of Conveyor Belting Fabrics in the world

Growth Levers

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

Focus on building high-end value-added products

Continue to build new competencies in the Chemicals Technology space

Focus on building leadership businesses

Build and maintain market leadership in business segments

Greater focus on ESG initiatives

• Benefit the communities where we work • Embrace diversity, equity & inclusion

•

Enhance focus on the 3R’s- Recycle, Reuse & Reduce

Increase consumption of green/renewable sources of energy

Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

Q3 & 9M FY25 RESULTS OVERVIEW

Abridged Results Overview

Consolidated figures

Particulars (Rs. Crore)

Q3 FY25

Q3 FY24

% Y-o-Y

9M FY25

9M FY24

% Y-o-Y

Gross Operating Revenue

3,491.3

3,053.0

EBITDA

EBITDA Margin (%)

Depreciation

Interest

ECF (Gain) / Loss

Profit Before Tax

Profit After Tax

Profit After Tax Margin (%)

Basic and Diluted EPS (Rs.)

693.4

19.9%

194.3

96.3

34.2

368.7

271.1

7.8%

9.15

602.7

19.7%

168.9

67.4

18.1

348.3

253.4

8.3%

8.55

14.4%

15.1%

15.0%

42.9%

5.8%

7.0%

10,379.7

1,933.3

18.6%

576.4

286.6

74.1

996.3

724.7

7.0%

24.45

9,568.8

2,008.8

21.0%

486.7

212.3

60.9

1,248.9

913.5

9.5%

30.82

8.5%

-3.8%

18.4%

35.0%

-20.2%

-20.7%

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%

10.17%

Net Debt to Equity

Net Debt to EBIDTA

Asset Turnover

Debtors Turnover

0.98

2.83

0.77

7.43

0.71

1.97

0.70

8.79

0.67

2.11

0.68

7.21

0.82

3.01

0.66

8.10

0.83

2.42

0.72

6.90

0.76

2.48

0.66

8.09

0.39

1.24

0.65

6.64

0.32

0.87

0.79

6.94

0.32

0.88

0.79

8.33

0.35

1.45

0.64

6.76

Results Overview - Revenue Share

Q3 FY24

Q3 FY25

9M FY24

9M FY25

Total – 3,056.7 Cr.

Total – 3,491.3 Cr.

Total – 9,576.2 Cr.

Total – 10,387.8 Cr.

113.6

3.7%

458.4

15.0%

1,394.1

509.8

101.1

2.9%

14.6%

1,495.7

1,429.2

359.1

3.8%

14.9%

4,481.0

1,570.6

340.1

3.3%

15.1%

45.6%

42.8%

46.8%

4,335.4

41.7%

35.7%

1,090.7

39.7%

1,384.8

34.5%

3,307.0

39.9%

4,141.6

PFB

TTB

Others

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

Results Overview - EBIT Share

Q3 FY24

Q3 FY25

9M FY24

9M FY25

Total – 456.7 Cr.

Total – 528.7 Cr.

Total – 1,585.0 Cr.

Total – 1,430.6 Cr.

21.2

4.6%

68.8

15.1%

321.8

58.9

15.7

3.0%

11.1%

9.8%

44.9

17.1%

90.3

70.5%

68.8%

363.8

204.4

77.5

4.9%

1,129.7

198.0

56.4

3.9%

916.3

12.9%

10.9%

173.4

13.8%

18.2%

71.3%

259.9

64.1%

PFB

TTB

Others

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

Q3 & 9M FY25 - SEGMENTAL PERFORMANCE

Chemicals

Packaging Films

Technical Textiles

Others

CHEMICALS BUSINESS

Chemicals Business - Results Update

Consolidated figures

PARTICULARS

Q3 FY25

Q3 FY24

% Y-o-Y

9M FY25

9M FY24

% Y-o-Y

Segment Revenues

1,495.7

1,394.1

7.3%

4,335.4

4,481.0

-3.2%

% Contribution to Revenues

42.8%

45.6%

41.7%

46.8%

EBIT

363.8

321.9

13.0%

916.3

1,129.7

-18.9%

% EBIT Margins

24.3%

23.1%

21.1%

25.2%

% Contribution to EBIT

68.8%

70.5%

64.1%

71.3%

Chemicals Business Specialty Chemicals Business

Key Highlights

Market Trends

•

Business reported strong revenue and margin growth over previous quarter

Recently launched products gained notable traction

Achieved highest-ever quarterly sales for some products

New product development leading to enhanced customer engagement

Successful commercialization and ramp-up of new products to drive future growth

Continued emphasis on cost structures and focus on sustainability

Leveraging automation to enhance productivity, efficiency & safety, and optimising asset utilisation

•

Agro segment showing some signs of improvement

Demand deferment for certain key agro intermediates now witnessing gradual pickup

Some agro competition

intermediates continued to face Chinese

The chemicals industry increasingly focusing on reducing its footprint due to growing sustainability and carbon environmental awareness

Chemicals Business

Chemicals Technology Group

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

technologies

Strong internal competencies and capabilities

• Key focus on high end molecules • • • 2 R&D centres in India – Bhiwadi, Rajasthan and Gurugram, Haryana • 2 new process patents granted in 9M FY25

Equipped with state-of-the-art R&D facilities and an ingenious team of scientists and engineers

151

Global Patents granted

469

Patents applied

Chemicals Business Fluorochemicals Business

Key Highlights

Market Trends

Fluorochemicals Business delivered better performance in Q3 compared to previous quarter owing to:

•

Refrigerant gas demand and pricing expected to remain strong globally

•

Healthy growth in volumes of ref gases in domestic market

Strong support for refrigerants from OEMs

Sustained leadership position in both Room Air Conditioners (RACs) & Mobile Air Conditioners (MACs) markets

US market witnessing decline in HFC consumption due to regulatory changes and a shift to alternatives, while India and Middle East experience higher growth

China’s HFC quota and consumption growth to drive prices going forward

Demand for Dymel®/ Pharma propellant remained strong

•

Key raw material prices continue to remain largely stable

Continued focus on ramping up PTFE sales (free flow and fine cut)

Stable performance from Chloromethanes segment

PACKAGING FILMS BUSINESS

Packaging Films Business - Results Update

Consolidated figures

PARTICULARS

Q3 FY25

Q3 FY24

% Y-o-Y

9M FY25

9M FY24

% Y-o-Y

Segment Revenues

1,384.8

1,090.7

27.0%

4,141.6

3,307.0

25.2%

% Contribution to Revenues

39.7%

35.7%

39.9%

34.5%

EBIT

90.3

44.9

101.4%

259.9

173.4

49.9%

% EBIT Margins

6.5%

4.1%

6.3%

5.2%

% Contribution to EBIT

17.1%

9.8%

18.2%

10.9%

Packaging Films Business

Key Highlights

Market Trends

•

Packaging Films Business witnessed stable performance and registered slight increase in margins over Q2

SRF continues to be the largest exporter of BOPET films from India

Significant growth in sale of high-impact VAPs in both BOPP and BOPET supported performance in tough market conditions

South Africa continues to maintain stronghold in domestic market and deliver stable performance

Hungary’s sales to Mainland Europe increased

Thailand continued to face intense competition from Chinese players

Positive traction in volumes of Aluminium foil from export and domestic markets compared to Q2

Products in various gauges well-established domestically; exports starting to gain momentum in US and Europe

Proposed ADD on Chinese imports to support future performance

•

In India, BOPET demand and prices remained stable, while BOPP experienced demand growth

Some demand-supply mismatch in BOPET in short to medium- term, still remains

Freight rates from India & Thailand to US starting to show signs of softening

Aluminium foil margins in India witnessed pressure due to lower- cost imports from China

TECHNICAL TEXTILES BUSINESS

Technical Textiles Business - Results Update

Consolidated figures

PARTICULARS

Q3 FY25

Q3 FY24

% Y-o-Y

9M FY25

9M FY24

% Y-o-Y

Segment Revenues

509.8

458.4

11.2%

1,570.6

1,429.2

9.9%

% Contribution to Revenues

14.6%

15.0%

15.1%

14.9%

EBIT

58.9

68.8

-14.4%

198.0

204.4

-3.2%

% EBIT Margins

11.6%

15.0%

12.6%

14.3%

% Contribution to EBIT

11.1%

15.1%

13.8%

12.9%

Technical Textiles Business

Key Highlights

Market Trends

•

Technical Textiles Business performance was muted compared to Q2 as Belting Fabrics (BF) segment under-performed due to lower demand & margins

Polyester Industrial Yarn achieved highest ever capacity utilisation and better traction on Polyester Tyre Cord Fabric was witnessed

Continued focus on enhancing higher-margin VAP sales

Dipping and BF expansion projects progressing as planned

Bronze Medal awarded to SRF’s Gummidipoondi site in the 2024 EcoVadis Sustainability Rating

•

Demand outlook for NTCF and PIY is expected to remain stable, while BF demand may experience moderate growth

Aggressive import prices for BF from China continue to affect margins, presenting ongoing for competitiveness in the market

challenges

OTHER BUSINESSES

Others - Results Update

Consolidated figures

PARTICULARS

Q3 FY25

Q3 FY24

% Y-o-Y

9M FY25

9M FY24

% Y-o-Y

Segment Revenues

101.1

113.6

-10.9%

340.1

359.1

-5.3%

% Contribution to Revenues

2.9%

3.7%

3.3%

3.8%

EBIT

15.7

21.2

-26.1%

56.4

77.5

-27.1%

% EBIT Margins

15.5%

18.7%

16.6%

21.6%

% Contribution to EBIT

3.0%

4.6%

3.9%

4.9%

Others - Key Highlights

Coated Fabrics

Laminated Fabrics

•

SRF retains its dominant position in the domestic market, driving growth through strong volume and pricing power

Q3 performance negatively impacted due to weak demand in domestic market

Domestic demand expected to remain stable, with strategic focus on driving profitability through increased volumes of VAP sales and new product segments

SRF maintained market price leadership by operating at full capacity and ensuring consistent on-time delivery to customers

Q3 performance better than Q2 due to festive season

Stable sales anticipated next quarter, with improved margins

SRF’s Community Engagement Anganwadi Development Program

Madhya Pradesh

• We organised door-to-door visits and community meetings to strengthen programs and retain students in Bhopal

• We held a two-day training for Anganwadi Workers at Entkhedi Panchayat Bhawan, Bhopal, focussing on hands- on activities, circle time, workbooks, flash cards, and proper use of materials

Rajasthan

The Anganwadi Centre in Khijuriwas was inaugurated in December’24 with children, villagers, Anganwadi workers, supervisors from Gram Vikas Samiti, and the SRF Foundation team attending

SRF - General [Internal Use] - This mail, document is for general internal use in SRF

OUTLOOK

Outlook - Chemicals Business

Specialty Chemicals

Anticipate good agro demand in Q4, with significant performance improvement over Q3

Work on AIs progressing as per plan

Product funnel remains strong

Ramp up of recently commissioned facilities to drive growth

Focus on reducing costs for certain key products should partially counter-balance pricing pressure

Fluorochemicals

Q4 to perform significantly better, supported by higher HFC volumes

Focus on maximizing HFC production for quota requirements between CY 24-26

CMS demand and prices likely to be stable; to focus on stabilizing export portfolios

PTFE performance should witness positive traction in FY26

New HF plant commissioning soon; to provide cost advantages post-stabilization

Outlook - Packaging Films Business Technical Textiles Business

Packaging Films Business

Demand-supply imbalance to continue in BOPET, albeit softening

BOPP margins expected to witness pressure from current levels

Thailand margins expected to be better with ramp-up of offline coating machine

Aluminium Foil facility to contribute positively to the overall performance in FY26

Hungary expected to perform better, with increased sales to Mainland Europe and lower energy prices

South Africa to continue performing well

Technical Textiles Business

Demand for NTCF likely to be stable

Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers

Polyester Industrial Yarn and PTCF sales witnessing positive trends

About Us

Established in 1970, SRF Limited 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 9,000+ employees from different nationalities working across thirteen manufacturing facilities in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 469 patents for R&D and technology so far, of which 151 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

For further information please contact

Anoop Poojari

CDR India

Email: anoop@cdr-india.com

Tel: +91 98330 90434

Thank You

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