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Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities Early signs of uptick in chemicals busines Commentary from SRF’s key customers seems to be suggesting that i) channel destocking has been easing, and ii) patented agrochemicals demand will see an uptick in 2HFY23. In our view, this scenario is positive for SRF’s fluorospecialty business. Besides, commentaries from HVAC equipment producers indicate short supply for HFC blends. Our checks indicate that over the last couple of weeks SRF has started seeing good demand traction for ...
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities
8/09/2023 3:16:07 PM
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities SRF’s 1QFY24 consolidated EBITDA miss of 16%/9% on JMFe/consensus was on account of tepid ref gas demand/pricing environment, and sustained weakness in the packaging films business. The silver lining in the earnings print was the robust specialty chemicals performance. In the wake of global inventory unwinding in the agrochemicals, management has refrained from giving out the full year guidance for fluorospecialty business till end 2QFY24. We believe SRF should be able to achieve ~18-20...
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.3,245 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities
26/07/2023 2:18:43 PM
Stock Picks : NTPC Ltd and SRF Ltd By ICICI Direct NTPC Ltd Buy NTPC Ltd @195.50-196.00; Target 199.20; Stop Loss 194.20   SRF Ltd Buy SRF Ltd @2154-2158; Target 2126.00; Stop Loss 2177.20       To Read Complete Report & Disclaimer Click Here   Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631   Above views are of the author and not of the website kin...
Stock Picks : NTPC Ltd and SRF Ltd By ICICI Direct
Stock Picks : NTPC Ltd and SRF Ltd By ICICI Direct
Source: ICICI Direct
25/07/2023 10:19:27 AM
Neutral SRF Ltd For Target Rs. 2,580 - Motilal Oswal Financial Services Chemical business to spearhead growth trajectory SRF’s Chemical business was the top performer in FY23 with 41% growth, whereas its Packaging Film and Technical Textile businesses remained under pressure. Going forward as well, the chemical business is expected to drive growth as the company has allocated a higher share of capex (~83% of total guided capex) to the business over the next five years. * The Chemical business is expected to maintain robust growth (~20% CAGR over FY23-...
Neutral SRF Ltd For Target Rs. 2,580 - Motilal Oswal Financial Services
Neutral SRF Ltd For Target Rs. 2,580 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services
29/06/2023 12:49:16 PM
India`s SRF posts 7% fall in Q4 profit on packaging margin hit Indian chemicals and polymers maker SRF Ltd on Tuesday reported a 7.3% fall in fourth-quarter profit, hit by significant pressure on the margins of its packaging film business. Consolidated net profit after tax stood at 5.62 billion rupees ($68.7 million) for the three months ended March 31, compared with 6.06 billion rupees a year earlier, the Gurugram-based company said in an exchange filing. Cost of materials consumed rose 8.8%. A spike in the prices of polypropylene and polyethylene fi...
India`s SRF posts 7% fall in Q4 profit on packaging margin hit
India`s SRF posts 7% fall in Q4 profit on packaging margin hit
Source: Reuters
9/05/2023 3:58:20 PM
SRF gains on commencing pharma intermediates plant at Dahej SRF is currently trading at Rs. 2437.60, up by 12.85 points or 0.53% from its previous closing of Rs. 2424.75 on the BSE. The scrip opened at Rs. 2426.05 and has touched a high and low of Rs. 2453.95 and Rs. 2426.05 respectively. So far 16003 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2864.35 on 14-Sep-2022 and a 52 week low of Rs. 2002.50 on 06-Jul-2022. Last one week high and low of the scrip stood at Rs...
SRF gains on commencing pharma intermediates plant at Dahej
SRF gains on commencing pharma intermediates plant at Dahej
Source: Accord Fintech
13/04/2023 2:56:16 PM
Buy SRF Ltd For Target Rs.3,195- Yes Securities Our View: SRF’s 3QFY23 Ebitda at Rs 8.3bn (-5% YoY; +8% QoQ), stood in-line with our and street estimates, with broader earning trends in-line with expectations. In the 9M period the operating earnings have grown by 25% YoY, driven by CB segment. Over 3QFY23, CB revenue at Rs 17.6bn registered a growth of 23% YoY, driven by demand traction for both specialty chemicals and fluorochemicals, helping offset 6% YoY lower PFB revenue at Rs 12bn and 21% YoY lower TTB revenue at Rs 4.3bn. Wh...
Buy SRF Ltd For Target Rs.3,195- Yes Securities
Buy SRF Ltd For Target Rs.3,195- Yes Securities
Source: Yes Securities
16/03/2023 2:13:02 PM
SRF jumps on getting nod for production of range of Specialty Fluoropolymers at Dahej SRF is currently trading at Rs. 2188.00, up by 43.25 points or 2.02% from its previous closing of Rs. 2144.75 on the BSE. The scrip opened at Rs. 2190.00 and has touched a high and low of Rs. 2235.25 and Rs. 2172.70 respectively. So far 27345 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2864.35 on 14-Sep-2022 and a 52 week low of Rs. 2002.50 on 06-Jul-2022. Last one week high and low of the scrip stood at Rs...
SRF jumps on getting nod for production of range of Specialty Fluoropolymers at Dahej
SRF jumps on getting nod for production of range of Specialty Fluoropolymers at Dahej
Source: Accord Fintech
31/01/2023 11:10:45 AM
Buy SRF Ltd For Target Rs.2900 - ICICI Direct Chemicals continue to deliver amid challenges in others… About the stock: Incorporated in 1970, SRF started with nylon cord tyres and thereafter diversified into refrigerant gases, speciality chemicals and packaging film to name a few over time. * Chemical division forms 43% of overall revenue followed by packaging film (39%), technical textile (15%) and others (3%) * The company exports to more than 90+ countries. Revenue from international market constitutes 57% of overall r...
Buy SRF Ltd For Target Rs.2900 - ICICI Direct
Buy SRF Ltd For Target Rs.2900 - ICICI Direct
Source: ICICI Direct Ltd
21/11/2022 10:06:04 AM
Hold SRF Ltd For Target Rs.2,490 - ICICI Securities Chemicals business holding well! SRF’s Q2FY23 print was mixed with chemicals business EBITDA holding up QoQ in a seasonally weak quarter (up 2x YoY). Ref-gas and specialty business outperformed our expectations and the management expects specialty segment revenue growth in FY23 to exceed the guidance of >20%. Company also anticipates EBIT margin to remain healthy at ~30% in H2FY23. It has announced capex of Rs10bn in specialty in past 12 months, which will add to revenue by Rs9bn-...
Hold SRF Ltd For Target Rs.2,490 - ICICI Securities
Hold SRF Ltd For Target Rs.2,490 - ICICI Securities
Source: ICICI Securities
8/11/2022 11:46:49 AM
Buy SRF Ltd For Target Rs.3195 - Yes Securities Chemical segment grows despite challenging macro Our View: SRF’s 2QFY23 Ebitda at Rs 7.7bn (+14% YoY; ?23%), missed our and street estimates on weaker than estimated earnings in Technical Textiles Business (TTB) & Packaging films Business (PFB), even as Chemical Business (CB) stood better than expectations. CB revenue at Rs 18.3bn registered a growth of 62% YoY and 6% QoQ driven by growing demand for existing and new products. However, weaker demand for nylon tyre chord f...
Buy SRF Ltd For Target Rs.3195 - Yes Securities
Buy SRF Ltd For Target Rs.3195 - Yes Securities
Source: Yes Securities Ltd
7/11/2022 3:22:10 PM
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial Services Building capacity to seize the opportunity In this report, we have analyzed SRF’s Packaging Films division. The company has aggressively expanded its capacity to capitalize on the impending opportunity in the Packaging Film industry, with a shift in consumer buying behavior. We have analyzed the Packaging Film industry and the competitive intensity of SRF. The key highlights are as follows: * Over the last seven years, SRF aggressively incurred a cumulative capex of INR32.3b on bu...
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial Services
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial Services
Source: Motilal Oswal Financial Services Ltd
23/09/2022 9:39:31 AM
Buy SRF Ltd For Target Rs.3,000- JM Financial Institutional Securities High ref gas prices to sustain, bolster chemicals margin Investors have always been worried over how long high refrigerant gas prices will sustain. In that context, if the current price trend continues till end-FY23, our calculations indicate refrigerant gas will contribute over 60% to SRF’s chemicals EBIT in FY23E (compared to ~47- 48% during FY21-22). In that case, our FY23E chemicals EBIT assumption could also be revised upwards, by ~10-15%. Since refrigerant gas production is ene...
Buy SRF Ltd For Target Rs.3,000- JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.3,000- JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
22/09/2022 1:39:41 PM
Hold SRF Ltd For Target Rs.2,460 - ICICI Securities Preparing for ambitious journey; opportunities galore We had a meeting with the management of SRF during which we were briefed on its ambitious journey involving a capex of Rs150bn over the next five years (vs Rs73bn in the past five). The lion’s share (Rs125bn) of the investment will be for expansion of the chemicals business. Focus will be on the specialty chemicals business, largely agrochemicals, particularly AIs. Part of the capex will also go into increasing the contribution fr...
Hold SRF Ltd For Target Rs.2,460 - ICICI Securities
Hold SRF Ltd For Target Rs.2,460 - ICICI Securities
Source: ICICI Securities Ltd
21/09/2022 11:35:08 AM
Buy SRF Ltd For Target Rs.3,000 - JM Financial Institutional Securities Strong delivery yet again, capex guidance raised; maintain BUY SRF’s 1QFY23 consolidated EBITDA came in ~6%/9% ahead of JMFe/consensus primarily on account of a strong beat in the technical textiles and packaging films businesses while the high-value chemicals business performance was largely in line. Going forward, the management has guided for a) chemicals EBIT margin expansion for FY23, b) some margin pressure in BOPET films, c) robust margin trajectory for FY23 overall due to cer...
Buy SRF Ltd For Target Rs.3,000 - JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.3,000 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
8/09/2022 2:26:31 PM
Stock Picks - Concor Ltd and SRF Ltd By ICICI Direct Concor Ltd Buy Concor Ltd @719.50-721.50 CMP 718.90 Stop Loss 713.90 Target 726.40/733.00   SRF Ltd Buy SRF Ltd @2494.00-2498.00 CMP 718.90 Stop Loss 2474.40 Target 2514.00/2533.00   To Read Complete Report & Disclaimer Click Here   Please refer disclaimer at https://secure.icicidirect.com/Content/StaticData/Disclaimer.html SEBI Registration number INZ000183631 &nb...
Stock Picks - Concor Ltd and SRF Ltd By ICICI Direct
Stock Picks - Concor Ltd and SRF Ltd By ICICI Direct
Source: ICICI Direct
17/08/2022 11:11:13 AM
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial Strong delivery yet again, capex guidance raised; maintain BUY Chemicals business drives earnings growth Earnings beat our estimates but valuation stretched; maintain Neutral??????? * SRF posted a strong 1QFY23 with revenue growing across all businesses, mainly driven by the Chemicals and Packaging segments. * Healthy operating performance was primarily led by the Chemicals business (87% of total incremental EBIT YoY) followed by Packaging Film business (17% of total incremen...
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial
Neutral SRF Ltd For Target Rs. 2,510 - Motilal Oswal Financial
Source: Motilal Oswal Financial Services Ltd
25/07/2022 1:05:48 PM
SRF zooms on getting nod to setup facility to produce agro, pharma intermediates at Dahej SRF is currently trading at Rs. 2387.90, up by 97.45 points or 4.25% from its previous closing of Rs. 2290.45 on the BSE. The scrip opened at Rs. 2313.00 and has touched a high and low of Rs. 2405.20 and Rs. 2304.30 respectively. So far 22929 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2773.00 on 08-Apr-2022 and a 52 week low of Rs. 1514.82 on 28-Jul-2021. Last one week high and low of the scrip stood at Rs...
SRF zooms on getting nod to setup facility to produce agro, pharma intermediates at Dahej
SRF zooms on getting nod to setup facility to produce agro, pharma intermediates at Dahej
Source: Accord Fintech
25/07/2022 11:30:10 AM
SRF jumps on reporting 54% rise in Q1 consolidated net profit SRF is currently trading at Rs. 2385.70, up by 41.10 points or 1.75% from its previous closing of Rs. 2344.60 on the BSE. The scrip opened at Rs. 2395.00 and has touched a high and low of Rs. 2409.00 and Rs. 2357.35 respectively. So far 38438 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2773.00 on 08-Apr-2022 and a 52 week low of Rs. 1514.82 on 28-Jul-2021. Last one week high and low of the scrip stood at Rs...
SRF jumps on reporting 54% rise in Q1 consolidated net profit
SRF jumps on reporting 54% rise in Q1 consolidated net profit
Source: Accord Fintech
22/07/2022 11:28:14 AM
Buy SRF Ltd For Target Rs.2,765 - JM Financial Institutional Securities Most of the investors seem to be worried about a) the future of HFCs; and b) sustainability of the ref gas margin. We in this note highlight that i) demand for refrigerant gases produced by SRF (R-32, R-125, and R-134a) will only peak globally over CY30-37, ii) SRF’s investment decision in HFC-32 (in Jul’21) has been a strategic one, and iii) price premium for HFCs would continue to persist in the long run. Further, there have been recent news flows that the US government is evalu...
Buy SRF Ltd For Target Rs.2,765 - JM Financial Institutional Securities
Buy SRF Ltd For Target Rs.2,765 - JM Financial Institutional Securities
Source: JM Financial Institutional Securities Ltd
9/07/2022 12:23:56 PM
SRF jumps on getting nod to produce intermediates for Agrochemicals at Dahej Plant SRF is currently trading at Rs. 2211.90, up by 100.00 points or 4.74% from its previous closing of Rs. 2111.90 on the BSE. The scrip opened at Rs. 2150.75 and has touched a high and low of Rs. 2274.45 and Rs. 2150.75 respectively. So far 57206 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2773.00 on 08-Apr-2022 and a 52 week low of Rs. 1240.00 on 12-May-2021. Last one week high and low of the scrip stood at R...
SRF jumps on getting nod to produce intermediates for Agrochemicals at Dahej Plant
SRF jumps on getting nod to produce intermediates for Agrochemicals at Dahej Plant
Source: Accord Fintech
11/05/2022 1:48:46 PM
Buy SRF Ltd For Target Rs.2,920 - Yes Securities Strong demand for specialty chemicals drives growth Our View SRF reported a robust operating profit of Rs 9.5bn (+47% YoY; +7.6% QoQ), broadly in-line with our and street estimates. The strong YoY growth during the quarter was primarily driven by strong earnings traction from the Chemicals business. The operating profit the FY22, as a consequence stood 47% higher YoY at Rs 30.2bn. Chemicals business (CB), benefited from strong revenue traction from both domestic and exports markets, led...
Buy SRF Ltd For Target Rs.2,920 - Yes Securities
Buy SRF Ltd For Target Rs.2,920 - Yes Securities
Source: Yes Securities Ltd
11/05/2022 1:09:01 PM
Buy SRF Ltd For Target Rs.3,065 - ICICI Direct Seasoned stalwart strengthening further… About the stock: Incorporated in 1970, SRF started with nylon cord tyre and thereafter diversified into other areas such as refrigerant gases, speciality chemicals and packaging film among others. The chemical division accounts for 43% of overall revenues followed by packaging film (39%), technical textile (15%) and others (3%) Exports constitute 57% of overall revenues (90+ countries across the world) and the rest of revenues are deriv...
Buy SRF Ltd For Target Rs.3,065 - ICICI Direct
Buy SRF Ltd For Target Rs.3,065 - ICICI Direct
Source: ICICI Direct
19/04/2022 10:26:08 AM
SRF more than doubles investors money in FY22, shares up 132% Those who invested in specialty chemical maker SRF's shares bagged robust returns in the past 12 months. Founded in 1970, the Gurugram-headquartered company is a multi-business chemicals conglomerate engaged in the manufacturing of industrial and specialty intermediates. The shares of the company rose 132 per cent during the period to Rs 2,625 at Friday closing. The Centre's intention to provide production-linked incentives for the specialty chemical sector likely to have att...
SRF more than doubles investors money in FY22, shares up 132%
SRF more than doubles investors money in FY22, shares up 132%
Source: IANS
2/04/2022 3:13:54 PM
Buy SRF Ltd For Target Rs.2,965 - Yes Securities Robust all‐round performance; BUY Our View: SRF reported a robust, above estimated, operating profit of Rs 8.8bn (+62% YoY; +30% QoQ), during the quarter, backed by strong operating earnings, across its business segments. With the 9MFY22 Ebitda of Rs 20.7bn, SRF has already clocked in operating profits higher than entire FY21, in the nine month period. Chemicals business, benefited from strong revenue traction from both domestic and exports markets, led by demand from agrochemicals m...
Buy SRF Ltd For Target Rs.2,965 - Yes Securities
Buy SRF Ltd For Target Rs.2,965 - Yes Securities
Source: Yes Securities Ltd
9/02/2022 10:37:32 AM
Buy SRF Ltd For Target Rs.2,744 - Edelweiss Financial Services Chemical segment boosts earnings SRF posted strong results in Q3FY22 (revenue/EBITDA/PAT up by 56% YoY each), driven by outperformance in all the segments. Higher prices in refrigerant gases and chloromethane boosted overall margins in the chemical business (EBIT margins up 840bps YoY to 29.4%) while packaging film and technical textile margins were stable. Management shared an encouraging outlook for Q4FY22, driven by strong demand in refrigerant gases and robust growth in speciality c...
Buy SRF Ltd For Target Rs.2,744 - Edelweiss Financial Services
Buy SRF Ltd For Target Rs.2,744 - Edelweiss Financial Services
Source: Edelweiss Financial Services Ltd
31/01/2022 9:19:22 AM
Neutral SRF Ltd For Target Rs.2,488 - Motilal Oswal Chemicals and Packaging business to pave the path for growth Earning above our estimates; maintain our Neutral rating * SRF reported a strong 3QFY22, with revenue growth across all businesses, driven by the Chemicals and Packaging business. Operating performance has been largely driven by the Chemicals business (72% of total incremental EBIT YoY). * Factoring in its 3QFY22 performance, with higher than estimated Chemicals and Packaging EBIT, we have upgraded our FY22E/FY23E/FY24E ear...
Neutral SRF Ltd For Target Rs.2,488 - Motilal Oswal
Neutral SRF Ltd For Target Rs.2,488 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
29/01/2022 9:31:44 AM
SRF falls despite reporting 56% rise in Q3 consolidated net profit SRF is currently trading at Rs. 2367.00, down by 100.70 points or 4.08% from its previous closing of Rs. 2467.70 on the BSE. The scrip opened at Rs. 2425.00 and has touched a high and low of Rs. 2425.00 and Rs. 2271.45 respectively. So far 62104 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 2679.00 on 14-Jan-2022 and a 52 week low of Rs. 1026.63 on 19-Mar-2021. Last one week high and low of the scrip stood at...
SRF falls despite reporting 56% rise in Q3 consolidated net profit
SRF falls despite reporting 56% rise in Q3 consolidated net profit
Source: Accord Fintech
27/01/2022 12:06:06 PM
Hold SRF Ltd For Target Rs.2,010 - ICICI Securities Ref-gas likely to aid profitability in H2FY22 SRF’s Q2FY22 print was not encouraging, but for strong margin expansion in chemical business from higher realisations in HFCs (ref-gas), we anticipate even higher benefit in H2FY22. Technical textiles and packaging films margin compression QoQ was expected, but pace has negatively surprised. Ref-gas utilisation increase along with higher spreads should support near-term profitability and continued growth in specialty chemicals (guidance: ...
Hold SRF Ltd For Target Rs.2,010 - ICICI Securities
Hold SRF Ltd For Target Rs.2,010 - ICICI Securities
Source: ICICI Securities
25/11/2021 9:27:16 AM
Neutral SRF Ltd : Fluorochemicals to support growth in Chemicals in FY22 - Motilal Oswal Neutral SRF Ltd For Target Rs.8,075 Fluorochemicals to support growth in Chemicals in FY22 SRF’s FY21 Annual Report highlights its performance and outlook across key businesses. Additionally, the company has announced its vision – Aspirations 2025, on the back of which it aims to achieve: (i) Professional Reputation and Value System, (ii) Customer Advocacy, (iii) Innovation and Technology Leadership, and (iv) Operational Excellence. Here are the key highlights:   ...
Neutral SRF Ltd : Fluorochemicals to support growth in Chemicals in FY22 - Motilal Oswal
Neutral SRF Ltd : Fluorochemicals to support growth in Chemicals in FY22 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
16/09/2021 9:30:10 AM
Hold SRF Ltd : Chemical business outlook good - ICICI Securities Hold SRF Ltd For Target Rs.7,560 Chemical business outlook good SRF’s chemical business EBIT missed our estimates in Q1FY22 despite higher refgas prices on rise in freight cost and RM pressures. SRF sees lower margins in the segment as transient, and margin expansion in textiles as sustainable on capacity shutdowns in China. As anticipated, SRF has announced large capex in ref-gas, which should commence before capacity freeze in Dec’23. The capex should help in the long run ...
Hold SRF Ltd : Chemical business outlook good - ICICI Securities
Hold SRF Ltd : Chemical business outlook good - ICICI Securities
Source: ICICI Securities
4/09/2021 10:15:07 AM
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal Beat on estimates led by Technical Textiles * SRF reported a strong operating performance on a YoY basis in 1QFY22, on a lower base in 1QFY21, led by margin expansion in Technical Textiles and Chemicals, but offset by a contraction in Packaging Films. Margin in the Chemicals segment contracted QoQ due to higher raw material prices and export freight rates. * SRF’s reported EBIT was higher v/s our estimate. The incremental EBIT of 60%/22% over our estimate was mainly contributed by...
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
31/08/2021 1:48:06 PM
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal Beat on estimates led by Technical Textiles * SRF reported a strong operating performance on a YoY basis in 1QFY22, on a lower base in 1QFY21, led by margin expansion in Technical Textiles and Chemicals, but offset by a contraction in Packaging Films. Margin in the Chemicals segment contracted QoQ due to higher raw material prices and export freight rates. * SRF’s reported EBIT was higher v/s our estimate. The incremental EBIT of 60%/22% over our estimate was mainly contributed by...
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal
Neutral SRF Ltd For Target Rs.7,230 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
31/07/2021 10:30:17 AM
Hold SRF Ltd For Target Rs.6,756 - ICICI Securities FY22E growth capped on higher plants utilisation SRF’s chemical business revenues and EBIT came above estimates in Q4FY21, and performance in other businesses were equally strong. Specialty chemical revenue rose 43% YoY in FY21 (guidance: >25%) was strong, but flattish ref-gas revenues disappointed. SRF has guided for 10-15% growth in specialty chemicals in FY22 on large base while its fresh capex may show result only in FY23E. But, FY22E can see expansion in margins on operating ...
Hold SRF Ltd For Target Rs.6,756 - ICICI Securities
Hold SRF Ltd For Target Rs.6,756 - ICICI Securities
Source: ICICI Securities Ltd
3/06/2021 10:06:40 AM
Neutral SRF Ltd For Target Rs.6,336 - Motilal Oswal Robust performance continues Valuations rich; Downgrade to Neutral * SRF’s 4QFY21 operating performance was robust on the back of margin expansion across segments (on a YoY basis). On a QoQ basis, EBIT margins have further moderated (-420bp QoQ) in the Packaging segment. * SRF’s performance over the last three years has been robust, with an earnings CAGR of 42% and stock price CAGR of ~43%. * On the other hand, we expect the earnings momentum to slow to a 21% CAGR over...
Neutral SRF Ltd For Target Rs.6,336 - Motilal Oswal
Neutral SRF Ltd For Target Rs.6,336 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
27/05/2021 11:27:25 AM
Buy SRF Ltd For Target Rs.7,060 - Emkay Global Earnings momentum intact; maintain Buy * SRF reported ~14% beat on our/Street sales estimates, driven by accelerated growth in Chemicals/Packaging Films business (up ~31%/63% yoy). Technical Textiles’ rebound too has been consistently impressive (up ~27% yoy). EBITDA was ahead of estimates by ~8% on better gross margins and lower SG&A costs. * The remarkable performance in Specialty Chemicals was driven by improved offtake in highvalue molecules from export markets. Fluorochem...
Buy SRF Ltd For Target Rs.7,060 - Emkay Global
Buy SRF Ltd For Target Rs.7,060 - Emkay Global
Source: Emkay Global Financial Services Ltd
17/05/2021 9:31:36 AM
SRF Q4 net profit jumps 78.16% at Rs 311.04 cr The company reported standalone net profit of Rs 311.04 crore for the quarter ended March 31, 2021 as compared to Rs 174.58 crore in the same period last year, registering a year-on-year growth of 78.16 per cent. Net revenue of the company rose substantially by 30.78 per cent at Rs 2,105.15 crore in January-March quarter of this fiscal as against Rs 1,609.68 crore in the corresponding period last year. During January-March quarter, operating expenses increased by 20.34 per cent to Rs 1,590...
SRF Q4 net profit jumps 78.16% at Rs 311.04 cr
SRF Q4 net profit jumps 78.16% at Rs 311.04 cr
Source: Dion Global Solutions Ltd
5/05/2021 5:09:58 PM
Buy SRF Ltd For Target Rs.6,173 - Emkay Global Specialty Chemicals momentum to sustain; margin outlook favorable * SRF reported 16% yoy sales growth, missing our estimate by 5%, dragged down by lower-thanexpected growth in Fluorochemicals while other segments reported solid performance. EBITDA was in line with the expectation on higher-than-anticipated margin expansion in Technical Textiles and Packaging Films. The board announced an interim dividend of Rs19/share. * Specialty Chemicals reported ~25%/~55% yoy growth in Q3/9MFY21 (a...
Buy SRF Ltd For Target Rs.6,173 - Emkay Global
Buy SRF Ltd For Target Rs.6,173 - Emkay Global
Source: Emkay Global Financial Services Ltd
5/02/2021 11:24:22 AM
Buy SRF Ltd For Target Rs.6,315 - Motilal Oswal Strong show continues EBITDA in line; PAT below estimates * SRF’s 3QFY21 operating performance was robust on the back of a margin expansion seen across segments (on a YoY basis). Specialty Chemicals drove overall revenue in the Chemicals segment as the Fluorochemicals business revenue remained flat YoY. On a QoQ basis, EBIT margin moderated (-310bp QoQ) in the Packaging segment, but expanded 340bp in Technical Textiles. * We largely maintain our FY21/FY22/FY23 estimates as ope...
Buy SRF Ltd For Target Rs.6,315 - Motilal Oswal
Buy SRF Ltd For Target Rs.6,315 - Motilal Oswal
Source: Motilal Oswal Financial Services Ltd
28/01/2021 12:34:53 PM
Hold SRF Limited For The Target Rs.3,653 - ICICI Securities Specialty chemicals beat already-high expectations SRF’s specialty chemicals sawan outstanding FY20 with revenuesof Rs16.5bn, up 60% (on 82% growth in FY19).However,ref-gas revenues, despite doubling of HFC capacity,slightlydippeddue to pressure on realisation. This also hurt marginsresulting inchemical business EBIT margin improving byonly 160bpsto 17.3%. SRF has guided for 20-25% specialty chemical revenue growth in FY21,and last two years’track record suggests it should surp...
Hold SRF Limited For The Target Rs.3,653 - ICICI Securities
Hold SRF Limited For The Target Rs.3,653 - ICICI Securities
Source: ICICI Securities Ltd
13/07/2020 10:41:50 AM
Buy SRF Ltd For Target Rs. 2,305.00 - Emkay Global * SRF’s Q1FY19 revenue grew by 34.6% yoy to Rs17.4bn (Emkay Est. of Rs16.16bn), driven by strong performance of Packaging Films (+64% yoy) and Chemicals (+44% yoy) segments, aided by 6.2% yoy growth in Technical Textiles. * EBITDA stood at Rs3.1bn with margin expanding by 277bps yoy to 17.9% (Emkay Est: 19.4%) on account of better operational performance across segments. Margin expansion was supported by a healthy performance in Core Speciality Chemicals. * Forex-adjusted EBIT mar...
Buy SRF Ltd For Target Rs. 2,305.00 - Emkay Global
Buy SRF Ltd For Target Rs. 2,305.00 - Emkay Global
Source: Emkay Global Financial Services Ltd
3/09/2018 10:19:33 AM