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 ..
FY22E growth capped on higher plants utilisation
SRF’s chemical business revenues and EBIT came above estimates in Q4FY21, and performance in other businesses we..
Robust performance continues
Valuations rich; Downgrade to Neutral
* SRF’s 4QFY21 operating performance was robust on the back of margin expansion across segm..
Earnings momentum intact; maintain Buy
* SRF reported ~14% beat on our/Street sales estimates, driven by accelerated growth in Chemicals/Packaging Films business (up ~..
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, registerin..
Specialty Chemicals momentum to sustain; margin outlook favorable
* SRF reported 16% yoy sales growth, missing our estimate by 5%, dragged down by lower-thanexpected ..
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 segme..
Specialty chemicals beat already-high expectations
SRF’s specialty chemicals sawan outstanding FY20 with revenuesof Rs16.5bn, up 60% (on 82% growth in FY19).Howe..
* 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) ..
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