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SRF limited announces Q4 and FY17 financial results

New Delhi [India]: 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 fourth quarter and full year ended March 31, 2017 under Indian Accounting Standards (IndAS). The company’s audited results were approved by the Board of Directors in a meeting held today in Gurgaon, Haryana.
Consolidated Q4 Financials

The consolidated gross sales of the company grew by 19.7 percent at Rs. 1,416 crore when compared with Corresponding Period Last Year (CPLY). The company reported a 15.7 percent increase in its consolidated Profit After Tax (PAT) from Rs. 112 crore in Q4FY16 to Rs. 129 crore in Q4FY17.

Consolidated Annual Results

The consolidated gross sales of the company grew by 4.9 percent from Rs. 4,898 crore in FY16 to Rs. 5,137 crore in FY17. The company reported a 19.8 percent increase in its consolidated PAT from Rs. 430 crore in FY16 to Rs. 515 crore in FY17.

Commenting on the results, Managing Director, Ashish Bharat Ram said, “In spite of a very challenging environment we have performed well. The benefits of being a diversified entity have come through as seen by the performance of our Technical Textiles Business. While our long term strategy remains intact, we see challenges in the year ahead with agrochemicals remaining weak.”

Consolidated Annual Segment Results

Technical Textiles Business reported a 23 percent increase in its segment revenues from Rs. 433 crore to Rs. 533 crore during Q4FY17 over CPLY. This is primarily on account of higher volumes and improved commodity prices. The Business continued to maintain its market leadership position with significant improvements in operational parameters across all its plant locations.

Chemicals & Polymers Business reported a 12 percent increase in segment revenues from Rs. 453 crore to Rs. 506 crore during Q4FY17 over CPLY, owing to significant volume growth in the refrigerants space.

Segment revenues of Packaging Films Business increased by 26 percent from Rs. 299 crore to Rs. 378 crore in Q4FY17 when compared with CPLY. The newly commissioned Bi-axially Oriented Polyethylene Terephthalate (BOPET) Film and Metallizer Plants at the Greenfield Packaging Film line in the Domestic Tariff Area, Indore have witnessed vertical sales ramp up amidst tough market conditions, with all other plants operating at optimal capacity.

Financial Ratios

The consolidated Net Debt to Equity ratio for SRF improved from 0.73 as on March 31, 2016 to 0.67 times as on March 31, 2017 and the consolidated Earnings Per Share of the company improved from Rs. 74.87 in FY16 to Rs. 89.69 in FY17.

Capex

The Board approved capex aggregating approximately Rs. 200 crore in the Chemicals Business to create production capability to produce new agrochemical with a peak production capacity of 250 MT and carry out modifications in the P 11/12 plant with the objective of improving capacities to meet R 134a production requirements, both at Dahej, Gujarat. (ANI)