Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>4QFY21 Result Update</p>
<h2>SRF</h2>
<h3>Another stellar quarter led by chemicals &amp; packaging </h3>
<p>SRF’s 4QFY21 performance was significantly ahead of our and consensus estimates on the back of robust growth in Chemicals and Packaging segments. Consolidated Revenue/EBITDA/APAT grew by ~40%/~78%/~96% YoY in 4QFY21. Specialty Chemicals vertical grew by ~45% in FY21 as against management’s guidance of ~25%. Strong demand from overseas markets and higher volume of key products from European clients aided this growth…</p>

<p>3QFY21 Result Update</p>
<h2>SRF</h2>
<h3>Tracking expectations </h3>
<p>SRF’s 3QFY21 performance was broadly in line with our &amp; consensus estimates. Revenue/EBITDA/APAT grew by ~16%/~45%/~72% YoY in 3QFY21. Specialty Chemicals and Packaging were the key growth drivers for the quarter. Strong demand from global agrochemicals clients for the existing portfolio as well as new products aided growth for Specialty Chemicals. While Specialty Chemicals growth stood at ~25% YoY (our estimate), the remaining pie of the chemicals…</p>

<p>2QFY21 Result Update</p>
<h2>SRF</h2>
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<h3>The best is yet to come</h3>
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<p>SRF’s 2QFY21 performance was significantly ahead of consensus estimates on all parameters. Beat on consolidated revenue/EBITDA/PAT was to the tune of ~14%/~44%/~58%. Consolidated margin expanded by 820bps YoY. The strong performance was led by Specialty Chemicals and Packaging Films businesses. While the Chemicals segment revenue grew by ~30% YoY, we believe that Specialty Chemicals growth would have been in excess of ~55% YoY…</p>
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India

SRF Limited is a multi-business Indian multinational engaging in the manufacture of chemical based industrial intermediates. The Company has a business portfolio that encompasses technical textiles, chemicals, packaging films and engineering plastics.

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