SRF Ltd - 503806 - Compliance Certificate Under Regulation 7 (3) Of SEBI (Listing Obligations And Disclosure Requirements ), Regulations, 2015
In compliance with Regulation 7(3) of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015, we hereby submit duly signed Compliance Certificate for the half year ended 30th September, 2019. Kindly take the same on record and acknowledge. SRF LTD. - 503806 - Statement Of Investor Complaints For The Quarter Ended September 2019
No.of Investor complaints pending at the beginning of the quarter No.of Investor complaints received during the quarter No.of Investor complaints disposed of during the quarter No.of Investor complaints unresolved at the end of the quarter 056560 Name of the Signatory :- Rajat LakhanpalDesignation :- Company Secretary and Compliance Officer Top buy, sell, hold ideas from D-Street experts
SRF is a 'Sell' call with a target price of Rs 2,640 and a stop loss of Rs 2,700. SRF Ltd - 503806 - Litigation Pertaining To Stamp Duty In The Matter Of Acquisition Of The Tyrecord Division At Malanpur From CEAT Limited
In compliance with regulation 30 and other applicable regulations of the captioned listing regulations, it is hereby informed that the Hon'ble Supreme Court of India has passed an order on 23rd September, 2019 dismissing Special Leave Petition filed by the Company against the order of the Division Bench of Hon'ble Madhya Pradesh High Court, Gwalior Bench per which the Hon'ble High Court had set aside the order of Single Bench of Hon'ble Madhya Pradesh High Court, Gwalior. Accordingly, the order of Collector of Stamps, Bhind (Madhya Pradesh) assessing a stamp duty of Rs. 23.73 Crores with a penalty of Rs. 5.09 Crores on the Deed of Conveyance dated 13th June, 1996 executed in relation to acquisition of captioned division from Ceat Limited was revived. Therefore, the demand of Rs. 28.82 Crores raised by the Collector of Stamps, Bhind (Madhya Pradesh) stands confirmed. The Company is exploring legal options available in this matter. SRF Ltd - 503806 - Compliances-Reg. 39 (3) - Details of Loss of Certificate / Duplicate Certificate
Issue of Duplicate Share Certificates and Trade Approval SRF shuts technical textiles plant in Thailand
SRF Ltd, a leading manufacturer of technical textiles, engineering plastics, chemicals and packaging films, has decided to shut operations at Rayong i SRF LTD. - 503806 - Announcement under Regulation 30 (LODR)-Diversification / Disinvestment
Closure of operations of the Technical Textiles Business of SRF Industries (Thailand) Ltd. SRF becomes first Indian refrigerant with ASHRAE certification
Indian refrigerant manufacturer SRF said that it has obtained ASHRAE (American Society of Heating, Refrigeration, Air-conditioning Engineers) certific SRF LTD. - 503806 - Announcement under Regulation 30 (LODR)-Press Release / Media Release
We enclose a copy of the Press Release to be issued by the SRF Limited ('the Company') on 06.09.2019.
Despite the auto sector slowdown, SRF has maintained its growth
by Suhani Adilabadkar SRF has gained over 70% in its share price, from its 52-week low of Rs.1,615 last year. The company is a value creator stock, multiplying four times over the past five years. SRF is a chemical and technical textile company, engaged in the manufacturing of industrial and specialty intermediates. Though its journey started with a nylon tyre cord plant in Manali, in its current avatar, it’s diversified business portfolio encompasses Technical Textiles, Fluorochemicals, Specialty Chemicals, Packaging Films, as well as Coated and Laminated Fabrics. SRF is anchored by its strong manufacturing prowess through 11 manufacturing plants in India, two in Thailand, one each in South Africa and Hungary. The company exports to more than 75 countries, is equipped with State-of-the-Art R&D; facilities and has filed 170 patents for R&D; and technology, of which 38 have been granted. Quick Takes SRF reported robust June performance mainly driven by Chemical business and Packaging Films Business rising 26% and 11% respectively. The company saw its PAT grow 41% along with operating profit jumping 17% YoY for Q1 FY20. THe firm has developed a refrigerant, R-467A, first ever from India to receive certification from the US ASHRAE authority. Specialty segment is expected to grow at 40-50% for FY20. Capacity expansion: Setting up of PTFE plant at an estimated cost of Rs.424 cr with an envisaged capacity of 5000 metric tonnes. A stellar June Quarter FY20 SRF - India’s largest fluorochemical company - reported robust June performance mainly driven by growth in the Chemical business and Packaging Films. Revenues in these two rose 26% and 11% YoY respectively. The Technical Textile business the third division of the company contributing one third of revenues, was a laggard, shrinking 11% YoY in June quarter FY20. Revenue for Q1 FY20 stood at Rs. 1828 crore against Rs. 1676 cr same period previous year rising 9% YoY. Operating Profit jumped 17% YoY from Rs.311 cr in June quarter FY19 to Rs. 365 cr quarter ended June FY20. Operating Margin expanded strongly by 211 bps YoY at 19.98% against 17.87% same period previous year. PAT came out in stellar numbers, growing 41% YoY from Rs.134 cr in Q1 FY19 to Rs. 189 cr in June quarter FY20 with Net Profit Margin of 10.35% compared to 7.69% in corresponding quarter previous year. SRF’s three divisions, Technical textile, Chemical and Packaging Films contributed 24%, 33% and 38% respectively in June quarter ended FY20. The stock zoomed 16% after stellar quarterly results and has gained 26% over the past six months. Diversified Multi-business Entity Though everything is chemical and technical about SRF and its product profile, its diversified multi-business functional structure is coming handy in the current volatile slow down. Understanding its structural strength, first its core business, Technical Textile business (TTB) constituting Tyre Cord Fabric business, Belting Fabrics and Polyester Industrial Yarn Business. Tyre Cord Fabric is used as reinforcement material in various categories of tyres for bicycle, passenger cars, light commercial vehicles, heavy commercial vehicles, tractors and off-the-road (OTR) tyres. With respect to Belting Fabrics, SRF is the second largest manufacturer of conveyor belting fabrics catering to industries like cement and coal and exports to about 20 countries in Europe, Asia, USA and Latin America. Polyester Industrial yarn on the other hand has applications in hoses, seatbelts, geogrids, transmission and conveyor belts, ropes and cordage. Moving on to SRF’s major growth driver segment, Chemicals has been growing at a CAGR of 21% over the past five years andencompasses Fluorochemicals and Specialty Chemicals. Fluorochemicals derives its revenue from refrigerants (FLORON brand), pharma propellants and industrial chemicals. SRF is the domestic market leader in refrigerants exporting to more than 60 countries worldwide, catering to OEMs manufacturing air-conditioners, refrigerators, pharmaceuticals, chillers and automobiles. With respect to Specialty chemicals which services agrochemicals and pharma clients, Mr Rahul Jain, Chairman and MD, SRF said, “Our focus remains on agrochemicals, pharma will be a play, that will come through over a period of time”.\ SRF also provides flexible packaging solutions to a wide range of applications ranging from both food to non-food category of fast-moving consumer goods, and is growing at a CAGR of 25% over the past few years. Better Than Expected June Result The street was expecting a subdued performance, but SRF defied street estimations reporting Revenue growth of 9% YoY, strong operating performance and PAT reported at 41% YoY. The stock rose 16% in a single day, as ‘better than expected’ was the verdict given by the street pundits. First and foremost, stable revenue growth reported even after Chemicals Business was impacted due to slower than expected recovery, post Dahej site closure in April. Technical Textile has had stagnant revenues over the past five years, further adversely affected by the ongoing auto slowdown. With respect to Dahej plant closure, SRF management reiterated that loss of production in April was temporary and customer requirements would be duly fulfilled on a full-year basis. The street cheered the chemical business resilience supported by strong performance by fluorochemicals due to extended summers and improved contribution from Chloromethanes. The Company successfully developed R-467A (refrigerant), and is the first ever from India to receive certification from American Society of Heating, Refrigeration, Air-conditioning Engineers (ASHRAE). This refrigerant will be marketed and sold under its FLORON brand, as a substitute to R22, to be phased out by Jan 2020. In addition to this, there is further impetus through HFC capacity addition of F32, F125 and F134a under the FLORON portfolio expected to be completed by the end of September 2019 indicating strong future positive outlook. Another growth stimulant is its specialty segment with growth guidance of 40-50% for FY20. Though the global agro-chemical industry is experiencing extended slow down, SRF is witnessing strong demand for its flagship products and has launched two new intermediates in the Agro segment along with two new molecules in the Pharma segment. In the Packaging Films business, Mr Jain commented, “We have been able to use assets better, been able to produce value added products and therefore got higher sales realization”. He further added that, “Big growth will come through after Thailand and Hungary plants become operational”. Both these plants are expected to be operational by March and September respectively next year. SRF is one of the largest manufacturers of BOPP and BOPET films exporting to roughly 90 countries. To fund future growth opportunities, SRF’s FY20 capex plan outlay is about Rs.1100 crore. And lastly, the company is entering fluoropolymers enhancing its fluorocarbon value chain by setting up of an integrated PTFE plant at an estimated cost of Rs.424 cr with an envisaged capacity of 5000 metric tonnes. All this seems to be good enough for analyst pundits to cheer for SRF’s future plans and also, a little less pessimistic about Technical Textile’s revenue growth after recently announced North Block’s revival measures.