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, 2024. 

The consolidated revenue of the company increased 4% from Rs. 3,338 crore to Rs. 3,464 crore in Q1FY25 when compared with Corresponding Period Last Year (CPLY). The company’s Earnings before Interest and Tax (EBIT) decreased 19% from Rs. 595 crore to Rs. 484 crore in Q1 FY25 when compared with CPLY. The company’s Profit after Tax (PAT) decreased 30% from Rs. 359 crore to Rs. 252 crore in Q1FY25 when compared with CPLY.

Commenting on the results, Chairman and Managing Director, Ashish Bharat Ram said, “While this has been a weak quarter, it is on expected lines. We remain confident of a revival in the second half of this year.”

The Chemicals Business reported a decline of 11% in its segment revenue from Rs. 1,661 crore to Rs. 1,482 crore during Q1FY25 over CPLY. The operating profit of the Chemicals Business decreased 33% from Rs. 460 crore to Rs. 306 crore in Q1FY25 over CPLY. The Specialty Chemicals Business faced headwinds in the quarter as the agrochemicals segment was sluggish due to inventory rationalization by certain key customers. The performance of the Fluorochemicals Business was affected due to low margin in the Chloromethanes segment. However, the domestic refrigerant gases business improved during the quarter, which boosted the overall results.

The Packaging Films Business reported an increase of 22% in its segment revenue from Rs. 1,095 crore to Rs. 1,336 crore during Q1FY25 when compared with CPLY. The operating profit of the Packaging Films Business increased 69% from Rs. 51 crore to Rs. 87 crore in Q1FY25 over CPLY. The Business performed better when compared with CPLY. The BOPP films segment performed in line with expectations. However, the BOPET films segment continued to witness an oversupplied market. The Business also had tough competition from the Chinese players in the Southeast Asian markets.

The Technical Textiles Business reported an increase of 13% in its segment revenue from Rs. 465 crore to Rs. 525 crore during Q1FY25 over CPLY. The operating profit of the Technical Textiles Business increased 12% from Rs. 61 crore to Rs. 68 crore in Q1FY25 over CPLY. The Technical Textiles Business had a good performance, achieving the highest sales ever of Tyre Cord Dipped Fabrics.

The Other Businesses reported an increase of 6% in its segment revenue from Rs. 119 crore to Rs. 126 crore in Q1FY25 when compared with CPLY. The operating profit of the Other Businesses increased 2% from Rs. 23 crore to Rs. 24 crore in Q1FY25 over CPLY. Both the Coated and Laminated Fabrics Business performed well in a difficult market.

The board of directors approved an interim dividend amounting to Rs. 3.60 per share was approved.

As of June 30, 2024, the company has applied for a total of 451 patents. Till date, the company has been granted one hundred and fifty-one patents globally.