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PL Capital Report
SRF Ltd. reported a strong set of numbers for the June quarter, with consolidated revenue rising 32% YoYto Rs 5,030 crore, while adjusted profit after tax surged 75.5% YoY to Rs 7,590 crore.
The performance was driven by robust growth across the packaging films, fluorochemicals and technical textiles businesses.
Following the results, PL Capital maintained its 'Reduce' rating on the stock and revised its target price to Rs 2,482 from Rs 2,603, implying limited upside from current levels.
The brokerage remains cautious due to continued weakness in agrochemicals, persistent pricing pressure in specialty chemicals and expectations of softer profitability in the packaging films business from the second quarter onward.e
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