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SRF Q2 PAT up 21% YoY to ₹ 382 crore  
(15:18, 25 Oct 2021)

The company's Chemicals Business reported an increase of 28% in its segment revenue from ₹ 881 crore to ₹ 1,126 crore during Q2FY22 over corresponding period last year (CPLY).

During the quarter, the company said that the fluorochemicals business performed well on account of higher sales volumes in the refrigerants, blends, and chloromethanes segments, with better realizations, especially driven by international sales. The specialty chemicals business delivered a robust performance owing to higher sales from exports and domestic markets. Demand for existing and new, niche products has contributed to the overall sales. Rising crude prices, logistics concerns and global shortage of key raw materials had an impact on the business during Q2 FY22.

The Packaging Films Business reported an increase of 29% in its segment revenue from ₹ 833 crore to ₹ 1,076 crore during Q2 FY22 when compared with CPLY. During the quarter, margins of BOPET films were under pressure. However, this trend was partially offset with a sustained demand of BOPP films.

The Technical Textiles Business reported an increase of 68% in its segment revenue from ₹ 332 crore to ₹ 558 crore during Q2 FY22 over CPLY. Higher sales volumes from the nylon tyre cord fabrics, belting fabrics and polyester industrial yarn segments augured well for the business.

The Other Businesses reported an increase of 52% in its segment revenue from ₹ 57 crore to ₹ 86 crore in Q2 FY22 when compared with CPLY. Both the coated and laminated fabrics business performed reasonably well in a difficult external environment.

Total expenses rose by 38.1% to ₹ 2317.67 crore in Q2 FY22 over Q2 FY21, due to higher raw material costs (up 58.7% YoY), higher power and fuel charges (up 39.1% YoY) and higher other expenses (up 40.2% YoY).

Profit before tax in Q2 FY22 stood at ₹ 532.42 crore, up by 23.2% from ₹ 432.07 crore in Q2 FY21.

Ashish Bharat Ram, managing director, said, “This has been another good quarter for the company. Although we have witnessed an increase in prices of key raw materials and logistics costs due to many domestic and international factors, and despite various challenges linked to COVID-19 and supply chain disruptions, we were able to deliver good numbers.”

As of September 2021, the company's net debt position was lower by ₹ 180 crore when compared with March 2021, despite continued investment in capex.

To enhance the production capacity of a key product catering to the agrochemical industry, the Board has approved a debottlenecking project at Dahej at a projected cost of ₹ 27.5 crore.

SRF is a chemical based multi-business conglomerate engaged in the manufacturing of industrial and specialty intermediates.

The scrip slumped 5.52% to currently trade at ₹ 2096.65 on the BSE.

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