SRF Q1 Review – All Growth Engines Firing: Dolat Capital

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SRF Ltd. reported a stellar quarter with all growth engines firing.

The company’s reported sales of Rs 27.0 billion, ahead of our estimates (Rs 26.2 billion) up by 74.7% YoY and 3.5% QoQ.

Ebitda too showed a strong growth of 78.4% YoY and 4.7% QoQ to Rs 6.64 billion.

Profit after tax growth was at 123.5% YoY to Rs 3.95 billion ahead of our estimates (Rs 3.71 billion).

SRF delivered strong operating leverage despite fall in gross margins by 134 basis points YoY (marginally improved gross margins by 66 bps QoQ) to 50.7%, due to which Ebitda margins stood at 24.6% (up 51 bps YoY).

Click on the attachment to read the full report:

Dolat Capital SRF Q1FY22 Result Update.pdf


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