SRF Limited has informed the Exchange about Investor Presentation
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
May 13, 2025
Dear Sir/Madam,
Presentation- Earnings Call (Audited Financial Results for the quarter and year ended 31.03.2025)
In continuation of our letter dated 07th May, 2025 informing about hosting of earning call to discuss audited financial results for quarter and year ended 31st March, 2025, 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 Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY
Encl: As above
Q4 & FY25 Results Presentation
May 13, 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.
2
Table of Contents
01
Company Overview
02
03
Q4 & FY25 Results Overview
Q4 & FY25 Segmental Performance
04
Outlook
3
COMPANY OVERVIEW
Snapshot
100+ Countries- Exports
4 Countries- Operations
16 Manufacturing Facilities
9,000+ Global Workforce
₹ 14,693 cr. Revenue
₹ 2,970 cr. EBIDTA
₹ 1,251 cr. PAT
45% Chemicals
38% Performance Films & Foil
17% Technical Textiles & Others
Note: On Consolidated basis as on 31st March 2025
5
Overview - Business Profile
No of Plants - 2 EBIT - ₹ 1,665 cr. Revenue - ₹ 6,691 cr.
Specialty Chemicals •
Intermediates for AI/API/Specialized Applications
• Contract Development & Manufacturing
Fluorochemicals • Refrigerants • Pharma Propellants
• •
Industrial Chemicals Fluoropolymers
Chemicals
No of Plants - 8 EBIT - ₹ 365 cr. Revenue - ₹ 5,554 cr.
Films for Flexible Packaging • Bi-axially Oriented Polyethylene Terephthalate (BOPET) • Bi-axially Oriented Polypropylene (BOPP) • Aluminium Foil
Performance Films & Foil
Technical Textiles
Others
No of Plants - 4 EBIT - ₹ 238 cr. Revenue - ₹ 2,029 cr.
Tyre Cord Fabrics (Nylon & Polyester)
• • Belting Fabrics • Polyester Industrial Yarn
No of Plants - 2 EBIT - ₹ 69 cr. Revenue - ₹ 428 cr.
• Coated Fabrics •
Laminated Fabrics
Note: On Consolidated basis as on 31st March 2025
6
Manufacturing Facilities
FLUOROCHEMICALS & SPECIALTY CHEMICALS
2 National Operations
1.
2.
Rajasthan, India - Bhiwadi
Gujarat, India - Dahej
TECHNICAL TEXTILES
4 National Operations
1. Madhya Pradesh, India - Malanpur, Bhind
2.
Tamil Nadu, India -
a. Manali
b. Gummidipoondi
c. Viralimalai
PERFORMANCE FILMS & FOIL
5 National Operations
1.
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
1 1
1
1
2
1
1
2
2a 2b2c a 2d 2b 2c
2d
1
1 2b 2 a
2a
2 b
2c
2 c
LAMINATED FABRICS
1 National Operation
1. Uttarakhand, India - Kashipur
COATED FABRICS
1 National Operation
1. Tamil Nadu, India - Gummidipoondi
International Operations
3
5
4
South Africa
Thailand
Hungary
7
Market Leadership Across Businesses
01
02
03
04
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
Performance Films & Foil •
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 •
Significant share in India’s Nylon Tyre Cord market. 5th largest player globally
•
2nd largest manufacturer of Conveyor Belting Fabrics in the world
8
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
9
Q4 & FY25 RESULTS OVERVIEW
Abridged Results Overview
Consolidated figures
Particulars (Rs. Crore)
Q4 FY25
Q4 FY24
% Y-o-Y
FY25
FY24
% Y-o-Y
Gross Operating Revenue
EBIDTA
EBIDTA Margin (%)
Depreciation
Interest
ECF (Gain) / Loss
Profit Before Tax
Profit After Tax
Profit After Tax Margin (%)
Basic and Diluted EPS (Rs.)
4,313.3
1,037.0
24.0%
195.1
89.4
45.1
707.4
526.1
12.2%
17.75
3,569.7
735.0
20.6%
185.9
90.0
15.8
443.3
422.2
11.8%
14.24
20.8%
41.1%
5.0%
-0.7%
59.6%
24.6%
14,693.1
13,138.5
2,970.3
2,743.8
20.2%
771.5
376.0
119.2
1,703.7
1,250.8
8.5%
42.20
20.9%
672.6
302.3
76.7
1,692.2
1,335.7
10.2%
45.06
11.8%
8.3%
14.7%
24.4%
0.7%
-6.4%
11
Results Overview - Financial Overview
Consolidated figures
Key Financial Ratios
Particulars
FY16
FY17
FY18
FY19
FY20
FY21
FY22
FY23
FY24
FY25
EBIDTA Margin
22.13%
21.42%
17.69%
19.00%
20.90%
26.05%
25.30%
24.94%
20.88%
20.22%
PAT Margin
9.51%
10.87%
8.38%
8.33%
12.70%
14.26%
15.19%
14.54%
10.17%
8.51%
Net Debt to Equity
Net Debt to EBIDTA
Asset Turnover
Debtors Turnover
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
0.36
1.49
0.64
6.76
0.28
1.19
0.68
6.77
12
Results Overview - Revenue Share
Q4 FY24
Q4 FY25
FY24
FY25
Total – 3,573.4 Cr.
Total – 4,313.3 Cr.
Total – 13,149.7 Cr.
Total – 14,701.1 Cr.
468.8
106.2
3.0%
13.1%
33.1%
1,816.0
50.8%
458.4
87.4
2.0%
10.6%
2,355.3
1,898.0
465.3
3.6%
14.4%
6,297.0
2,029.1
427.5
2.9%
13.8%
32.8%
54.6%
47.9%
6,690.7
45.5%
1,182.4
1,412.2
34.1%
4,489.4
37.8%
5,553.8
CB
PFB
TTB
Others
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
13
Results Overview - EBIT Share
Q4 FY24
Q4 FY25
FY24
FY25
Total – 616.1 Cr.
Total – 905.6 Cr.
Total – 2,201.1 Cr.
Total – 2,336.2 Cr.
69.8
15.5
2.5%
33.1
11.3%
5.4%
497.7
104.6
40.1
12.4
1.4%
4.4%
11.6%
748.5
274.2
93.0
4.2%
1,627.4
238.0
68.8
2.9%
10.2%
1,664.8
12.5%
206.5
9.4%
15.6%
364.5
80.8%
82.6%
73.9%
71.3%
CB
PFB
TTB
Others
CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others
14
Q4 & FY25 - SEGMENTAL PERFORMANCE
Chemicals
Performance Films & Foil
Technical Textiles
Others
CHEMICALS BUSINESS
16
Chemicals Business - Results Update
Consolidated figures
PARTICULARS
Q4 FY25
Q4 FY24
% Y-o-Y
FY25
FY24
% Y-o-Y
Segment Revenues
2,355.3
1,816.0
29.7%
6,690.7
6,297.0
6.3%
% Contribution to Revenues
54.6%
50.8%
45.5%
47.9%
EBIT
748.5
497.7
50.4%
1,664.8
1,627.4
2.3%
% EBIT Margins
31.8%
27.4%
24.9%
25.8%
% Contribution to EBIT
82.6%
80.8%
71.3%
73.9%
17
Chemicals Business Specialty Chemicals Business
Key Highlights
Market Trends
•
•
•
•
•
Segment delivered strong revenue and margin growth over CPLY
o o
Recently launched products continued positive traction in Q4 Recovery in offtake of certain key agrochemical intermediates
Focus on strengthening the product pipeline and ramping up newly commissioned plants
Innovators expected to introduce more complex and downstream products like Active Ingredients (AIs)
Successfully launched 5 new agro products and 3 new pharma products in FY’25
Undertook debottlenecking of capacity across several products and multiple campaigns in MPPs, enhancing future capabilities
•
•
•
•
Agro segment showing some signs of recovery
o
Pickup in demand for certain key agro intermediates
Pricing pressure from Chinese competitors continued, leading to price adjustments for multiple products
Growing emphasis within chemicals industry on reducing and enhancing carbon environmentally responsible measures
sustainability
footprint
by
Raw material prices showing signs of stabilizing
18
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 FY25
Equipped with state-of-the-art R&D facilities and an ingenious team of scientists and engineers
151
Global Patents granted
481
Patents applied
19
Chemicals Business Fluorochemicals Business
Key Highlights
Market Trends
•
Fluorochemicals Business reported strong performance in Q4 driven by:
o
o
Higher volumes and realizations of HFCs across domestic and export markets Record domestic sales of ref gases, driven by highest-ever R32 production and offtake
•
•
•
•
SRF retains dominant share in domestic Room Air Conditioners (RAC) and Mobile Air Conditioners (MAC) markets
AHF-3 plant capitalized; to enhance HFC output leveraging the quota regime
PTFE showed signs of improvement; full ramp-up expected in FY’26
Healthy demand for Dymel® continues
•
•
•
•
•
•
Rising demand for refrigerants due to increased AC and automobile production in India
Mandate for in-cabin AC for Commercial vehicles expected to further drive ref gas consumption
Reduced Chinese HFC supplies resulting in increased global prices
Focus on maximizing HFC production within India’s phasedown quota (2024–26)
Increased competition and oversupply situation chloromethanes market impacting margins
in domestic
India and Middle East to drive future growth for ref gases
20
PERFORMANCE FILMS & FOIL BUSINESS
21
Performance Films & Foil Business - Results Update
Consolidated figures
PARTICULARS
Q4 FY25
Q4 FY24
% Y-o-Y
FY25
FY24
% Y-o-Y
Segment Revenues
1,412.2
1,182.4
19.4%
5,553.8
4,489.4
23.7%
% Contribution to Revenues
32.8%
33.1%
37.8%
34.1%
EBIT
104.6
33.1
216.4%
364.5
206.5
76.5%
% EBIT Margins
7.4%
2.8%
6.6%
4.6%
% Contribution to EBIT
11.6%
5.4%
15.6%
9.4%
22
Performance Films & Foil Business
Key Highlights
Market Trends
•
•
•
•
•
Performance Films & Foil Business witnessed healthy growth in revenue and margins compared to CPLY driven by
o o
Higher volumes and realisations for both BOPP and BOPET Continued focus on ramping up sales of high-impact VAPs
Launched 12 new products in FY’25 : 5 in BOPET and 7 in BOPP
Continue to be the largest exporter of BOPET from both India and Thailand
Maintained strong international momentum with improved market share in South Africa and sales growth in mainland Europe. Margin pressure in Thailand continues due to cheap imports
Performance of Aluminium foil witnessed positive change over Q3 led by higher export volumes
o o
New customers identified in US and Europe Anti Dumping duty in India notified; should aid future performance
•
•
•
•
•
Demand-supply balance for BOPP better than BOPET. Capacity utilisation in India improved for both BOPP and BOPET
New BOPP lines expected to be added over next 18-36 months ; unlikely to adversely impact demand-supply balance
Sustainability agenda gaining momentum globally
Energy costs in Europe have begun to soften; to improve competitiveness for domestic manufacturers
Domestic demand for Aluminium foil was subdued
23
TECHNICAL TEXTILES BUSINESS
24
Technical Textiles Business - Results Update
Consolidated figures
PARTICULARS
Q4 FY25
Q4 FY24
% Y-o-Y
FY25
FY24
% Y-o-Y
Segment Revenues
458.4
468.8
-2.2%
2,029.1
1,898.0
6.9%
% Contribution to Revenues
10.6%
13.1%
13.8%
14.4%
EBIT
40.1
69.8
-42.6%
238.0
274.2
-13.2%
% EBIT Margins
% Contribution to EBIT
8.7%
4.4%
14.9%
11.3%
11.7%
14.4%
10.2%
12.5%
25
Technical Textiles Business
Key Highlights
Market Trends
•
•
•
•
•
Technical Textiles Business Q4 performance negatively impacted due to
o
o
Weak demand and increased competition from low-cost Chinese imports in Belting Fabrics Lower margins in Nylon Tyre Cord Fabrics
•
•
Demand for Polyester Industrial Yarn remained strong, driven by healthy performance in Geo-textiles and Seat Belt/Sling
Achieved highest-ever production and sales in FY’25 of Tyre Cord Fabrics, Polyester Industrial Yarn and Belting Fabrics
o Maintained dominant position in domestic Belting Fabrics market
with sequential growth in exports Regained significant market share in Tyre Cord Fabrics
o
Commissioned Belting Fabrics capacity in Q4
Enhanced share of renewable sources reinforcing commitment to sustainability and reducing carbon footprint
in total energy consumption,
Aggressive import prices for BF from China continue to effect margins
BF performance to spending, revival of Tier II markets, and higher exports
improve with
increased government
o
Rebound in cement, steel and coal production, and road construction expected in FY’26
26
OTHER BUSINESSES
27
Others - Results Update
Consolidated figures
PARTICULARS
Q4 FY25
Q4 FY24
% Y-o-Y
FY25
FY24
% Y-o-Y
Segment Revenues
87.4
106.2
-17.6%
427.5
465.3
-8.1%
% Contribution to Revenues
2.0%
3.0%
2.9%
3.6%
EBIT
12.4
15.5
-20.3%
68.8
93.0
-26.0%
% EBIT Margins
14.2%
14.7%
16.1%
20.0%
% Contribution to EBIT
1.4%
2.5%
2.9%
4.2%
28
Others - Key Highlights
Coated Fabrics
Laminated Fabrics
•
•
•
•
•
•
•
Maintained leadership position in domestic market
Strong Lacquered/Blackout) offset shortfall in FG liners
performance
VAP
(Print/Stripes
&
Operational debottlenecking and on-time delivery, enhanced efficiency
improvements,
including
coating
line
Witnessed competition due to Cheap imports from China
SRF maintained market price leadership by operating at full capacity and ensuring consistent on-time delivery to customers
Successfully stabilized and scaled up the new Hot Lamination (HL) machine
Excessive oversupply situation continues Fabrics leading to pressure on margins
in Laminated
29
SRF’S COMMUNITY ENGAGEMENT
HP WOW DIGITAL BUS PROGRAM
SWASTHYA SEVA
BHIND, MADHYA PRADESH ➢ We engaged 5,182 students with daily academic activities through our HP WoW Digital Bus.
➢ Our Awareness Programs,
screenings rallies, 2,000 community members.
and
including movie over benefited
➢ We completed a Basic Computer Literacy
Course for 20 students.
DAHEJ, BHARUCH We organized a health check-up camp for 120 residential students at Ashram School, Atali, in partnership with Indrashil Kaka Ba and Kala Budh Public Charitable Trust, Hansot, Gujarat. The camp provided comprehensive health screenings, including skin, vision, dental, CBC, and general health checks. Five specialist doctors from the trust, covering dermatology, dental, eye care, and general medicine, were present to ensure thorough examinations.
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OUTLOOK
Outlook - Chemicals Business
Specialty Chemicals
Agrochemicals segment likely to show improvement
Work on AIs progressing as per plan
Product funnel remains strong
Launch of new pharma intermediates as well as ramp up of recently commissioned facilities to drive growth
Focus on cost structures and efficiency enhancement to counterbalance pricing pressure
Fluorochemicals
Focus on maximizing HFC production for quota requirements
SRF’s integrated play provides significant advantages
CMS demand and prices to remain range bound; creating export ability to offset pricing pressure
PTFE should witness traction with positive developments in FY’26
New HF plant commissioned; to support costs and higher volumes of ref gases in FY’26
32
Outlook - Performance Films & Foil Business Technical Textiles Business
Performance Films & Foil Business
Ongoing demand-supply imbalance in BOPET expected to improve in medium term
Continue ramp-up in sales of high-impact VAPs in both BOPET and BOPP
Margins in Thailand under pressure due to ongoing Chinese competition
Aluminium Foil facility to contribute positively to the overall performance in FY’26
Hungary expected to perform better, with higher sales to Mainland Europe and lower energy costs
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 and Nylon Industrial Yarn sales to witness positive trends
33
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, Performance Films & Foil, 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 481 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
34
Thank You