SRF · Chemicals
SRF Ltd. reported revenue of ₹3,053 cr for October to December 2023, — on the year and −3.9% on the quarter.
Operating profit (EBITDA) was ₹566 cr, a margin of 18.5%, — on the year and −116 bps on the quarter.
Net profit was ₹253 cr, — on the year and −15.9% on the quarter, with earnings per share of ₹8.55.
Speciality chemicals are read on volumes and pricing, with Chinese supply a recurring swing factor; inventory destocking can hit a quarter without a change in demand. The quarterly statements do not carry volumes against prices, capacity utilisation and new molecules; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
No check fired. That is a statement about the checks below, not a verdict on the company.
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
| Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | Q2 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,053 cr | ₹3,570 cr | ₹3,464 cr | ₹3,424 cr | ₹3,491 cr | ₹4,313 cr | ₹3,819 cr | ₹3,640 cr | ₹3,713 cr | ₹4,615 cr | ₹5,033 cr | ₹4,904 cr |
| YoY | — | — | +4% | +8% | +14% | +21% | +10% | +6% | +6% | +7% | +32% | +35% |
| EBITDA margin | 18.5% | 19.5% | 17.4% | 15.7% | 17.8% | 22.2% | 21.7% | 21.3% | 21.0% | 22.2% | 24.6% | 19.3% |
| Other income, % of PBT | 5% | 5% | 7% | 12% | 11% | 5% | 5% | 5% | −10% | 2% | 3% | 4% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 27% | 5% | 27% | 29% | 26% | 26% | 25% | 25% | 4% | 23% | 22% | 24% |
| Net profit | ₹253 cr | ₹422 cr | ₹252 cr | ₹201 cr | ₹271 cr | ₹526 cr | ₹432 cr | ₹388 cr | ₹433 cr | ₹582 cr | ₹759 cr | ₹509 cr |
| YoY | — | — | −30% | −33% | +7% | +25% | +71% | +93% | +60% | +11% | +76% | +31% |
| Core profit YoY | — | — | −33% | −35% | 0% | +60% | +71% | +96% | +51% | +11% | +73% | +32% |
| EPS | ₹8.55 | ₹14.24 | ₹8.51 | ₹6.79 | ₹9.14 | ₹17.75 | ₹14.58 | ₹13.10 | ₹14.60 | ₹19.63 | ₹25.60 | ₹17.18 |
| Flags | · | 1 | 2 | 1 | 1 | ✓ | ✓ | ✓ | 1 | ✓ | ✓ | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
SRF Ltd. reported revenue of ₹3,053 cr (— on the year) and net profit of ₹253 cr (— on the year) for October to December 2023.
None of the 2 checks that could run raised a question.
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.