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Reliance Securities Report
SRF Ltd.’s revenue grew by 56% YoY and 18% QoQ to Rs 33.5 billion (9% above our estimate). Revenue growth is backed by-
fluorochemicals business performed exceedingly well on account of higher prices of certain key refrigerant products in the international markets and increased export volumes in fluorochemical blends; and
packaging films business performed very well with both the domestic and international facilities delivering robust results.
SRF’s gross margin stood at 50.9% (down 160 basis points YoY but up 132 bps QoQ), led by a sharp increase in raw material prices (up 55% YoY).
Ebitda grew by 56% YoY and 31% QoQ to Rs 8.8 billion (17% above our estimate), mainly due to a higher capacity utilisation of dedicated/multipurpose facilities and significant cost-savings across all product streams.
Overall Ebitda margin sustained at 26.3% (flat YoY and up 256 bps QoQ).
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