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Motilal Oswal Report
SRF Ltd. reported another subdued operating performance in Q4 FY24 with a significant decline in operating profitability (Ebit down 34% YoY), due to the continuing weakness in the chemical/packaging film businesses (Ebit dipped 33%/19% YoY), which offset the strong performance in the technical textile business (Ebit jumped 44% YoY).
Factoring in the sub-par performance of the chemicals and packaging businesses in Q4 FY24 and the weak medium-term outlook, we cut our FY25/FY26 Ebitda estimates by 12%/10%.
We value the stock on an SoTP basis to arrive at our target price of Rs 2,100. Reiterate Neutral.
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