RESULTS REVIEW 3QFY17 13 FEB 2017

SRF
NEUTRAL
INDUSTRY CHEMICALS Challenges to continue
SRFs 3QFY17 revenues were muted at Rs 11.3bn However, the stock is fairly valued and we see no
CMP (as on 13 Feb 2017) Rs 1,601
(+3% YoY) led by a decline in its specialty biz. Lower positive trigger in the near term. Our TP is Rs
Target Price Rs 1,600 margins (PBITM 16% vs. 26%) negated the strong 1,600/sh (15x 12 months rolling forward EPS).
Nifty 8,805
results in the Technical Textile and Packaging Maintain NEUTRAL.
segments. EBITDA was at Rs 2.3bn (-1%). Lower Highlights of the quarter
Sensex 28,352
interest cost/tax rate boosted PAT to Rs 1.0bn (+8%).
KEY STOCK DATA Technical textile: Revenues were at Rs 4.9bn (+13%
Bloomberg SRF IN
We expect this muted outlook to continue in the YoY) led by higher volumes and realisations (products
near term. Growth and margins in the specialty are crude derivates). EBIT was strong at Rs 631mn
No. of Shares (mn) 57
segment will be soft, in line with the global (+196%) led by higher volumes and better product mix.
MCap (Rs bn) / ($ mn) 92/1,372
agrochemical market. Whereas, the capitalisation of
6m avg traded value (Rs mn) 452 capex will lead to higher capital costs. Rising capital
Chemical business: Revenues were at Rs 3.8bn (-4%).
EBIT margins were down to 16% (26.4% YoY, 17.5%
STOCK PERFORMANCE (%) allocation (capex of Rs 6.3bn over the next two years
QoQ) led by pressure in the global agrochem market.
52 Week high / low Rs 1,970/1,022 in BOPET and BOPP) in the cyclical and low-RoCE
EBIT was Rs 613mn (-42%).
3M 6M 12M packaging films business is another overhang for the
Absolute (%) (6.2) 1.3 38.1 stock. We expect margins in packaging to soften in Packaging films: Revenues were at Rs 3.4bn (-0.2%)
FY18/19, with new capacities coming on-stream. and EBIT was Rs 474mn (+10%). We see sequential
Relative (%) (10.2) 0.3 20.1
pressure in margins owing to upcoming capacities.
SHAREHOLDING PATTERN (%) Long-term prospects remain bright, with drivers such
Promoters 52.38 as (1) additional volumes of R134a, (2) strong Near-term outlook: The stock will be under pressure.
prospects in specialty chemicals, (3) rising share of Muted global agrochemical environment will impact
FIs & Local MFs 10.78
pharma molecules, and (4) Strengthening refrigerant growth in the specialty business. Packaging margins
FPIs 18.64
portfolio (SRF has introduced a R134a pharma grade, have peaked, and sequential decline will start with new
Public & Others 18.20 R32 and setting up a pilot plant for HFO-1234yf). capacities coming online.
Source : BSE
Financial Summary (Consolidated)
(Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%) FY16 FY17E FY18E FY19E
Net Sales 11,330 10,956 3.4 11,438 (0.9) 46,001 47,569 52,814 60,037
Satish Mishra EBITDA 2,316 2,337 (0.9) 2,326 (0.4) 9,610 10,074 11,074 12,624
satish.mishra@hdfcsec.com APAT 1,047 969 8.1 1,193 (12.2) 4,195 4,882 5,389 6,368
+91-22-6171-7334 Diluted EPS (Rs) 18.2 16.9 8.1 20.8 (12.2) 73.1 85.0 93.9 110.9
P/E (x) 21.9 18.8 17.1 14.4
Deepak Kolhe EV / EBITDA (x) 11.6 11.2 10.2 8.9
deepak.kolhe@hdfcsec.com RoE (%) 16.9 17.1 16.5 17.1
+91-22-6171-7316 Source: Company, HDFC sec Inst Research
HDFC securities Institutional Research is also available on Bloomberg HSLB <GO>& Thomson Reuters
 SRF : RESULTS REVIEW 3QFY17

Quarterly Financials Snapshot (Consolidated)

(Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%)
Net Sales 11,330 10,956 3.4 11,438 (0.9)
Revenues were muted due to
Material Expenses 5,428 5,538 (2.0) 5,525 (1.7)
weakness in chemical and
Traded Goods 131 70 87.0 175 (25.1)
packaging segments
Employee Expenses 1,075 947 13.5 1,017 5.7
Other Expenses 2,380 2,064 15.3 2,396 (0.7)
EBITDA 2,316 2,337 (0.9) 2,326 (0.4)
Other income includes a forex Depreciation 744 714 4.2 735 1.3
loss of Rs 45mn (vs loss of Rs EBIT 1,572 1,622 (3.1) 1,591 (1.2)
65mn YoY). It was due to a Other Income (Including EO Items) 16 (17) NA 141 (88.4)
transaction loss, hence we Interest 270 312 (13.4) 242 11.7
have not considered it as PBT 1,318 1,293 1.9 1,491 (11.6)
exceptional Tax 271 325 (16.5) 298 (9.0)
RPAT 1,047 969 8.1 1,193 (12.2)
APAT was boosted by lower EO Items (Adj For Tax) - - - - -
interest cost due to interest APAT 1,047 969 8.1 1,193 (12.2)
rate negotiation with banks AEPS (Rs/sh) 18.2 16.9 8.1 20.8 (12.2)
Source: Company, HDFC sec Inst Research

Margin Analysis
3QFY17 3QFY16 YoY (bps) 2QFY17 QoQ (bps)
Material Expenses as % of Net Sales 47.9 50.6 (264) 48.3 (39)
Traded Goods as % of Net Sales 1.2 0.6 52 1.5 (37)
EBITDA margins were lower Employee Expenses as % of Net Sales 9.5 8.6 84 8.9 60
because of lower margins in Other Expenses as % of Net Sales 21.0 18.8 217 20.9 6
the chemical segment EBITDA Margin (%) 20.4 21.3 (88) 20.3 11
Net Profit Margin (%) 9.2 8.8 40 10.4 (119)
Tax Rate (%) 20.6 25.1 (453) 20.0 58
Source: Company, HDFC sec Inst Research

Page | 2
 SRF : RESULTS REVIEW 3QFY17

Segmental Analysis
(Rs mn) 3QFY17 3QFY16 YoY (%) 2QFY17 QoQ (%)
Segmental Revenues
Technical textile segments
Technical Textile Business 4,892 4,319 13.3 4,805 1.8
revenues increased owing to
Chemicals Business 3,822 3,989 (4.2) 3,864 (1.1)
higher volumes
Packaging Film Business 3,352 3,360 (0.2) 3,494 (4.1)
Total 12,066 11,668 3.4 12,163 (0.8)
Chemicals business growth
Segmental Results (EBIT)
was muted owing to weak
Technical Textile Business 631 213 196.0 610 3.4
global agrochemical market
Chemicals Business 613 1,053 (41.8) 676 (9.3)
Packaging Film Business 474 431 10.1 527 (10.0)
Total 1,718 1,697 1.2 1,813 (5.3)
Less : Interest 270 312 (13.4) 242 11.7
Other Un-allocable Expenditure 129 91 41.6 81 60.2
Profit Before Tax 1,318 1,293 1.9 1,491 (11.6)
EBIT Margin (%)
Packaging margins are strong Technical Textile Business 12.9 4.9 796 12.7 20
and we expect sequential Chemicals Business 16.0 26.4 (1,036) 17.5 (146)
pressure Packaging Film Business 14.2 12.8 133 15.1 (94)
Total 14.2 14.5 (31) 14.9 (67)
Capital Employed
Technical Textile Business 12,244 11,652 5.1 12,040 1.7
Chemicals Business 27,297 25,349 7.7 26,033 4.9
Packaging Film Business 16,455 13,004 26.5 15,355 7.2
Total 55,996 50,005 12.0 53,428 4.8
Source: Company, HDFC sec Inst Research

Page | 3
 SRF : RESULTS REVIEW 3QFY17

Quarterly Performance
Technical Textiles Performance Chemicals & Polymers Performance
Revenues (Rs bn) EBIT Margin (%) (RHS) Revenues (Rs bn) EBIT Margin (%) (RHS)
Technical textiles reported 6.0 14.0 5.0 30.0
strong margins, led by higher 4.5
5.0 12.0
volumes and a better product 4.0 25.0
mix 10.0 3.5
4.0 20.0
8.0 3.0
3.0 2.5 15.0

5.4

4.5
5.2
6.0

5.1

4.3
5.0

5.0
4.9

4.9
4.8

4.8

4.0
2.0

3.9
3.9

3.8
3.8
4.3
2.0

4.0
10.0

3.2
3.2

3.2
3.1
4.0 1.5
Weakness in the global 1.0 1.0 5.0
2.0
agrochemical market led to 0.5
- - - -
muted growth in Chemicals
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17

1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
(specialty)

Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

Packaging Performance Consolidated Performance

Revenues (Rs bn) EBIT Margin (%) (RHS) Revenues Growth YoY (RS) EBITDA Margin (RS)

Commissioned a new BOPET 4.0 20.0 Rs bn %

13 25.0
films unit in Indore in Feb 3.5 18.0
12
16.0 20.0
2017 at a cost of Rs 3.3bn 3.0 11
14.0
2.5 15.0
12.0 10
2.0 10.0 9 10.0
3.6
3.5

3.5

3.5
3.5
3.4

3.4

8.0
3.1
3.0

1.5 8
2.9
2.8

6.0 5.0
1.0 7
4.0
0.5 -
2.0 6
- - 5 (5.0)
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17

1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

Page | 4
 SRF : RESULTS REVIEW 3QFY17

Quarterly Segmental Trend

Revenues Share EBIT Share
Technical Textile Chemicals Business Packaging Film Technical Textile Chemicals Business Packaging Film

100% 100%
Softness in Chemical 10 14 15
5
26 27 26 26 27 28 27 25 21 25 28
segments mainly led by 30 29 29 29 29 29 29
80% 80%
Specialty business 54
60% 28 27 29 60% 58 49
27 31 31 39 34 32 32 54 36
34 54 47 37
45 47
40% 40% 62

20% 46 43 45 44 40 40 39 40 41 20% 41
37 36 32 37 31 34 37
27 26 25 28
13
0% 0%

1QFY15

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17
1QFY15

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17
Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

Capital Employed Share

With incremental capex in
Technical Textile Chemicals Business Packaging Film
both Chemicals and
Packaging segments, we 100%
expect their share to remain 27 26 26 27 26 26 26 27 28 29 29
80%
the same
60%
45 46 48 49 49 51 51 51 49 49 49
40%

20%
28 28 26 24 24 22 23 22 23 23 22
0%
1QFY15

2QFY15

3QFY15

4QFY15

1QFY16

2QFY16

3QFY16

4QFY16

1QFY17

2QFY17

3QFY17

Source: Company, HDFC sec Inst Research

Page | 5
 SRF : RESULTS REVIEW 3QFY17

Yearly Performance (Improving Mix)

Revenues Share
Technical Textiles Chemicals (ex specilty) and Polymers Specialty Chemicals Packaging Film

100%
18 18
Higher share of Specialty and 26 22 27 28 27 27 29
R134a will keep margins 80% 4 8
3 11
strong 15
17 14 13 16 16 16 16
60% 13
15
18 18 20 21
40%
56 60 60 54
20% 45 39
38 37 35

0%
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E

Source: Company, HDFC sec Inst Research

EBIT Share
Technical Textiles Chemicals (incl specilty) and Polymers Packaging Film

100% 3
8 11
Profitability from Packaging 24 22
26 26
remains cyclical and volatile 80%
50 42
55
55 53
60%
Profit share from Chemical 52
42 45 50
and Polymers will increase 40% 23
56
20% 47
37 35 33 31
26 23 28

0%
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E

Source: Company, HDFC sec Inst Research

Page | 6
 SRF : RESULTS REVIEW 3QFY17

Assumptions
FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Revenue Growth (%)
1. Technical Textiles (%) (0.8) 2.6 (6.7) (10.6) 8.0 5.0 5.0
Specialty growth will be
2. Chemical & Polymers (%) (14.1) (7.6) 32.1 26.2 5.3 17.7 17.5
muted in FY17
2 a. Specialty Fluorochemicals (%) 100.9 56.9 34.8 24.3 5.0 12.0 18.0
2 b. Fluorochemicals (%) (32.7) (40.1) 35.9 14.8 1.5 21.6 13.1
R-134a Capacity (t) 5,000 5,000 17,500 17,500 17,500 17,500 17,500
Pick-up in R134a volumes is
R-134a Utilisation (%) 57.1 65.3 26.3 40.0 50.0 65.0 75.0
key
Ex R-134a Growth (%) (33.0) (48.5) 32.2 (10.6) (10.0) 10.0 10.0
2 c. Engineering Plastics (%) (4.1) 12.0 12.2 72.9 15.0 25.0 25.0
3. Packaging (%) (6.0) 42.2 41.1 6.9 0.5 11.5 20.6
EBIT Margins (%)
1. Technical Textiles 5.8 7.5 9.6 9.5 13.0 13.0 13.0
2. Chemical & Polymers 33.5 20.0 23.6 24.4 19.5 19.5 21.5
We expect a drop in margins
3. Packaging 1.0 (0.6) 5.1 14.5 15.0 14.0 12.0
in specialty segment
Source: Company, HDFC sec Inst Research

Change In Estimates
(Rs mn) FY18E Old FY18E New % Ch FY19E Old FY19E New % Ch
Cut in estimates factoring Revenue 55,836 52,050 (6.8) 63,724 59,235 (7.0)
lower growth and margins in EBITDA 11,462 11,074 (3.4) 13,092 12,624 (3.6)
specialty segment PAT 5,612 5,389 (4.0) 6,635 6,368 (4.0)
EPS (Rs/sh) 97.7 93.9 (3.9) 115.5 110.9 (4.0)
Source: Company, HDFC sec Inst Research

Page | 7
 SRF : RESULTS REVIEW 3QFY17

Peer Valuations
Mcap CMP TP EPS (Rs/sh) P/E (x) P/BV (x) ROE (%)
Rating
(Rs bn) (Rs/sh) (Rs/sh) FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E FY17E FY18E FY19E
AGROCHEMICALS
UPL 370.1 730 NEU 720 31.3 37.6 43.7 23.3 19.4 16.7 3.9 3.3 2.8 21.4 21.5 21.1
PI Industries 123.4 904 BUY 900 29.8 33.1 38.9 30.4 27.3 23.2 8.2 6.6 5.4 30.4 26.8 25.4
Rallis India 46.7 240 BUY 270 9.6 11.7 14.1 24.9 20.6 17.0 4.2 3.7 3.3 18.5 19.0 20.4
Dhanuka Agritech 38.7 773 BUY 820 24.8 31.3 39.3 31.1 24.7 19.7 6.8 5.7 4.7 23.8 25.2 26.4
Insecticides India 11.7 568 BUY 635 26.5 33.2 41.9 21.4 17.1 13.5 2.6 2.3 2.0 12.6 14.0 15.4
FERTILISERS
Coromandel Int 103.0 353 BUY 365 14.8 20.3 25.7 23.9 17.4 13.8 3.8 3.4 2.9 16.8 20.6 22.6
Chambal Fertilisers 33.3 80 BUY 100 9.7 9.8 10.0 8.3 8.2 8.0 1.2 1.1 1.0 15.9 14.4 13.2
CHEMICALS
SRF Ltd 91.9 1,601 NEU 1,600 85.0 93.9 110.9 18.8 17.1 14.4 3.0 2.6 2.3 17.1 16.5 17.1
Vinati Organics 38.6 748 BUY 820 26.0 33.8 38.5 28.7 22.2 19.5 6.0 4.9 4.0 22.6 24.2 22.7
Navin Fluorine 25.3 2,582 BUY 3,200 118.0 142.1 165.9 21.9 18.2 15.6 3.4 3.0 2.6 16.6 17.5 18.0
Source : Company, HDFC sec Inst Research

Page | 8
 SRF : RESULTS REVIEW 3QFY17

Income Statement (Consolidated) Balance Sheet (Consolidated)

(Rs mn) FY15 FY16 FY17E FY18E FY19E (Rs mn) FY15 FY16 FY17E FY18E FY19E
Net Revenues 44,924 45,308 46,842 52,050 59,235 SOURCES OF FUNDS
Growth (%) 12.5 0.9 3.4 11.1 13.8 Share Capital 584 584 584 584 584
Material Expenses 25,420 23,306 23,672 27,129 31,962 Reserves 22,379 26,110 29,972 34,236 39,274
Employee Expenses 3,561 3,890 4,260 4,665 5,108 Total Shareholders Funds 22,963 26,695 30,557 34,821 39,859
Other Operating Expenses 9,243 9,196 9,564 9,946 10,344 Long-term Debt 17,882 19,120 18,120 17,620 17,120
Operating Profits 6,700 8,917 9,347 10,310 11,822 Short-term Debt 6,467 5,781 5,281 5,281 5,281
Operating Profit Margin (%) 14.9 19.7 20.0 19.8 20.0 Total Debt 24,349 24,901 23,401 22,901 22,401
Other Operating Income 475 693 728 764 802 Net Deferred Taxes 3,386 3,997 3,997 3,997 3,997
EBIDTA 7,175 9,610 10,074 11,074 12,624 Long Term Provisions & Others 667 583 583 583 583
EBIDTA Margin (%) 15.8 20.9 21.2 21.0 21.0 TOTAL SOURCES OF FUNDS 51,365 56,176 58,538 62,302 66,840
EBITDA Growth (%) 42.0 33.9 4.8 9.9 14.0 APPLICATION OF FUNDS
Depreciation 2,450 2,892 2,957 3,196 3,477 Net Block 39,188 41,104 43,147 46,624 50,148
EBIT 4,724 6,718 7,117 7,877 9,147 CWIP 1,172 1,923 3,923 4,249 4,249
Other Income (Including EO Good will 35 35 35 35 35
646 273 286 272 272
Items) Investments 1 43 43 43 43
Interest 1,376 1,283 1,064 1,011 985 LT Loans & Advances 1,272 1,436 1,436 1,436 1,436
PBT 3,994 5,708 6,340 7,138 8,434 Inventories 7,635 7,050 7,290 8,094 9,201
Tax 966 1,478 1,458 1,749 2,066 Debtors 6,107 5,145 5,734 6,367 7,237
RPAT 3,028 4,229 4,882 5,389 6,368 Cash & Equivalents 2,015 5,468 2,980 2,295 2,420
EO (Loss) / Profit (Net Of Tax) 379 35 - - - Other Current Assets 1,406 2,493 2,493 2,493 2,493
APAT 2,649 4,195 4,882 5,389 6,368 Total Current Assets 17,163 20,155 18,497 19,248 21,351
APAT Growth (%) 65.3 58.3 16.4 10.4 18.2 Creditors 5,814 7,146 7,168 7,958 9,047
Adjusted EPS (Rs) 46.1 73.1 85.0 93.9 110.9 Other Current Liabilities 1,652 1,376 1,376 1,376 1,376
Source: Company, HDFC sec Inst Research Total Current Liabilities 7,466 8,521 8,543 9,334 10,422
Net Current Assets 9,697 11,634 9,954 9,914 10,929
TOTAL APPLICATION OF FUNDS 51,365 56,176 58,538 62,302 66,840
Source: Company, HDFC sec Inst Research

Page | 9
 SRF : RESULTS REVIEW 3QFY17

Cash Flow (Consolidated) Key Ratios

(Rs mn) FY15 FY16 FY17E FY18E FY19E FY15 FY16 FY17E FY18E FY19E
Reported PBT 3,994 5,708 6,340 7,138 8,434 PROFITABILITY %
Non-operating & EO Items (537) (126) (286) (272) (272) Gross Margin 44.0 49.3 50.2 48.6 46.8
EBITDA Margin 15.8 20.9 21.2 21.0 21.0
Interest Expenses 1,376 1,283 1,064 1,011 985
EBIT Margin 10.4 14.6 15.0 14.9 15.2
Depreciation 2,450 2,892 2,957 3,196 3,477 APAT Margin 5.8 9.1 10.3 10.2 10.6
Working Capital Change (1,011) 2,232 (807) (646) (889) RoE 12.1 16.9 17.1 16.5 17.1
Tax Paid (850) (1,087) (1,458) (1,749) (2,066) Core RoCE 7.6 11.4 12.2 12.3 13.1
OPERATING CASH FLOW ( a ) 5,423 10,900 7,809 8,679 9,668 RoCE 8.1 10.3 10.7 10.9 11.7
Capex (4,845) (5,789) (7,000) (7,000) (7,000) EFFICIENCY
Free Cash Flow (FCF) 579 5,112 809 1,679 2,668 Tax Rate % 24.2 25.9 23.0 24.5 24.5
Asset Turnover (x) 1.0 0.9 0.9 0.9 1.0
Investments 101 (43) - - -
Inventory (days) 61 56 56 56 56
Non-operating Income 105 223 286 272 272 Debtor (days) 49 41 44 44 44
Others (359) (1,059) - - - Other Current Assets (days) 11 20 19 17 15
INVESTING CASH FLOW ( b ) (4,998) (6,667) (6,714) (6,728) (6,728) Payables (days) 47 57 55 55 55
Debt Issuance/(Repaid) 1,889 191 (1,500) (500) (500) Other Current Liab & Provns 13 11 11 10 8
Interest Expenses (1,392) (1,324) (1,064) (1,011) (985) Cash Conversion Cycle (days) 62 49 54 53 52
FCFE 1,076 3,978 (1,755) 168 1,183 Net Debt/EBITDA (x) 3.1 2.0 2.0 1.9 1.6
Share Capital Issuance - - - - - Net D/E 1.0 0.7 0.7 0.6 0.5
Interest Coverage 3.9 5.4 7.0 8.1 9.6
Dividend (678) (692) (1,019) (1,125) (1,330)
PER SHARE DATA (Rs)
FINANCING CASH FLOW ( c ) (181) (1,825) (3,583) (2,637) (2,815) EPS 46.1 73.1 85.0 93.9 110.9
NET CASH FLOW (a+b+c) 245 2,408 (2,488) (685) 126 CEPS 88.8 123.4 136.5 149.5 171.4
EO Items, Others 432 (97) - - - DPS 10.2 10.0 15.3 16.9 20.0
Closing Cash & Equivalents 2,015 5,468 2,980 2,295 2,420 BV 399.9 464.9 532.2 606.4 694.2
Source: Company, HDFC sec Inst Research VALUATION
P/E (x) 34.7 21.9 18.8 17.1 14.4
P/Cash EPS (x) 18.0 13.0 11.7 10.7 9.3
P/BV (x) 4.0 3.4 3.0 2.6 2.3
EV/EBITDA (x) 15.9 11.6 11.2 10.2 8.9
EV/Revenue (x) 2.5 2.4 2.4 2.1 1.9
OCF/EV (%) 4.7 9.8 7.0 7.7 8.6
FCFF/EV (%) 0.5 4.6 0.7 1.5 2.4
FCFE/M CAP (%) 1.2 4.3 (1.9) 0.2 1.3
Dividend Yield (%) 0.6 0.6 1.0 1.1 1.2
Source: Company, HDFC sec Inst Research

Page | 10
 SRF : RESULTS REVIEW 3QFY17

RECOMMENDATION HISTORY
SRF TP Date CMP Reco Target
2,200 9-Feb-16 1,159 BUY 1,500
2,000 13-May-16 1,385 NEU 1,330
1,800 10-Aug-16 1,581 NEU 1,490
1,600 11-Nov-16 1,691 NEU 1,600
1,400 13-Feb-17 1,601 NEU 1,600
1,200
1,000 Rating Definitions
800 BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
Aug-16
Apr-16

Jan-17
Feb-16

Jul-16

Sep-16

Feb-17
Nov-16
Jun-16
May-16

Dec-16
Mar-16

Oct-16
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

Page | 11
 SRF : RESULTS REVIEW 3QFY17

Disclosure:
We, Satish Mishra, PGDM, & Deepak Kolhe, MBA, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our
views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in
this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its
Associate may have beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further
Research Analyst or his relative or HDFC Securities Ltd. or its associate does not have any material conflict of interest.
Any holding in stock No

Disclaimer:
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