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ICICI Direct Report
SRF Ltd.'s sales growth in line with estimates led by chemicals while margins were below expectations due to cost pressure in packaging and technical textiles divisions.
Reported revenue growth was 4% YoY to Rs 3,469.7 crores, led by chemicals (up 23% YoY), but pulled down by technical textile (down 21% YoY), packaging film (down 6% YoY) and other segment (down 14% YoY).
SRF's gross margins increased 22 basis points YoY to 51.2% while Ebitda margin fell 232 bps YoY to 24%. Absolute Ebitda was down 5% YoY to Rs 833.5 crore.
Profit after tax increased 1% YoY to Rs 511 crore. Finance cost increased 111% YoY to Rs 62 crore due to higher capex investment.
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