SRF Limited, a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates today announced its consolidated financial results for the first quarter ended June 30, 2022. The company’s unaudited results were approved by the Board of Directors in a meeting held today.
Consolidated Q1FY23 Financials
The consolidated revenue of the company grew 44% from ₹2,699 crore to ₹3,895 crore in Q1FY23 when compared with Corresponding Period Last Year (CPLY). The company’s Earnings before Interest and Tax (EBIT) increased 58% from ₹595 crore to ₹938 crore in Q1FY23 when compared with CPLY. The company’s Profit after Tax (PAT) increased 54% from ₹395 crore to ₹608 crore in Q1FY23 when compared with CPLY.
Consolidated Q1FY23 Segment Results
The Chemicals Business reported an increase of 55% in its segment revenue from ₹1,114 crore to 1,722 crore during Q1FY23 over CPLY. The operating profit of the Chemicals Business increased 134% from ₹222 crore to ₹520 crore in Q1FY23 over CPLY. During the quarter, the Fluorochemicals Business performed exceedingly well owing to higher sales volumes in the refrigerants, pharma propellants, and the blends segments with better sales realizations, especially from the export markets. In addition, healthy contribution from the chloromethanes segment augmented the overall results. The Specialty Chemicals Business performed well on account of strong demand for flagship products and the downstream derivatives. New products are gaining significant traction, resulting in SRF’s capital expenditure plans for the business being robust.
The Packaging Films Business reported an increase of 44% in its segment revenue from ₹1,041 crore to ₹1,496 crore during Q1FY23 when compared with CPLY. The operating profit of the Packaging Films Business increased 25% from ₹237 crore to ₹295 crore in Q1FY23 over CPLY. During the quarter, the Business witnessed a slight slowdown in demand for BOPET and BOPP films, which impacted the overall margins.
The Technical Textiles Business reported an increase of 16% in its segment revenue from ₹493 crore to ₹571 crore during Q1FY23 over CPLY. The operating profit of the Technical Textiles Business declined 13% from ₹134 crore to ₹116 crore in Q1FY23 over CPLY. The Business has performed in line with expectations with increased export volumes from the Nylon Tyre Cord and Belting Fabrics segments.
The Other Businesses reported an increase of 97% in its segment revenue from ₹54 crore to ₹106 crore in Q1FY23 when compared with CPLY. The operating profit of the Other Businesses increased 250% from ₹2 crore to ₹7 crore in Q1FY23 over CPLY. Both the Coated and Laminated Fabrics Business performed well in a difficult external environment.