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Tuesday, October 4, 2022

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SRF Q1 Review – Strong Growth Trajectory On The Horizon: Dolat Capital

SRF Ltd.’s Q1 FY23 numbers came in above our estimates. Sales grew by 44.3% YoY (sequentially up by 9.7% YoY) to Rs 38.9 billion (our estimate: Rs 34.4 billion) driven by strong performance from the chemicals and packaging films business.

SRF’s Ebitda for the quarter stood at Rs 10.2 billion (our estimate: Rs 8.6 billion) registering a growth of 53.5% YoY resulting in Ebitda margin expansion of 157 basis points YoY to 26.2% with chemicals business being the key contributor.

Profit after tax growth came in at 53.8% YoY to Rs 6.1 billion (our estimate: Rs 5.1 billion) benefitting from improved operational performance.

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