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Prabhudas Lilladher Report
We visited SRF Ltd.’s Dahej (Gujarat) plant spread over 293 acres which houses specialty chemicals and fluorochemicals businesses and also interacted with the management.
Dahej site houses 28 plants including 15 dedicated plants producing ~40 agrochemical intermediates, four multipurpose plants for agrochemicals, two multipurpose plants for pharma and fluorochemical plants (refrigerant gases and chlorinated solvents).
The site reflects company’s unparalleled size, scale and execution.
We are of the view that strong cash flows led by chemicals business profitability along with healthy performance from packaging and technical textile segments, will aid self-funded growth capex of ~Rs 90 billion over FY23-25E.
SRF’s earnings mix will improve with rising chemicals Ebit contribution from ~49% in FY22 to more than 60% by FY25E.
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