*SRF Ltd.* | *CMP* Rs. 2931 | *M Cap* Rs. 16850 Cr | *52 W H/L* 3090/1862
(Nirmal Bang Retail Research)
*Result improved*
Chemical division has shown substantial improvement with revenue growth of 25.1% yoy and 12.4% qoq to Rs.678cr. and EBIT margin improved to 19.3% vs yoy 11.6% and 13.0% qoq
Technical textile division saw major reduction in revenue and margin
Revenue from Operations came at Rs. 1737.8 Cr (-1.4% QoQ, -1% YoY) vs expectation of Rs. 2013.1 Cr, QoQ Rs. 1763.3 Cr, YoY Rs. 1755 Cr
EBIDTA came at Rs. 335.2 Cr (-2.7% QoQ, 5.6% YoY) vs expectation of Rs. 376.5 Cr, QoQ Rs. 344.7 Cr, YoY Rs. 317.4 Cr
EBITDA Margin came at 19.3% vs expectation of 18.7%, QoQ 19.5%, YoY 18.1%
Adj. PAT came at Rs. 200.9 Cr vs expectation of Rs. 186.2 Cr, QoQ Rs. 175.3 Cr, YoY Rs. 128.7 Cr
Quarter EPS is Rs. 35
Share is trading at P/E of 21.2x FY20E EPS