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SRF Announces Quarterly Results (3QFY21); Net Profit Down 6.1%

SRF Announces Quarterly Results (3QFY21); Net Profit Down 6.1%
Fri, 22 Jan

SRF has announced its results for the quarter ended December 2020. Here is a detailed performance review of the same:

SRF Quarterly Financials

No. of Mths Qtr. Ending		3 Dec-19*	3 Sep-20*	3 Dec-20*	QoQ Change	YoY Change
Net Sales	Rs m	18,505	21,008	21,464	2.2%	16.0%
Other income	Rs m	56	98	217	122.4%	289.9%
Turnover	Rs m	18,561	21,106	21,681	2.7%	16.8%
Expenses	Rs m	14,476	15,283	15,803	3.4%	9.2%
Gross profit	Rs m	4,029	5,725	5,661	-1.1%	40.5%
Depreciation	Rs m	1,019	1,140	1,166	2.2%	14.4%
Interest	Rs m	475	362	285	-21.2%	-40.1%
Profit before tax	Rs m	2,591	4,321	4,428	2.5%	70.9%
Tax	Rs m	-864	1,164	1,185	1.8%
Profit after tax	Rs m	3,455	3,157	3,243	2.7%	-6.1%
Gross profit margin	%	21.8	27.3	26.4
Effective tax rate	%	-33.4	26.9	26.8
Net profit margin	%	18.6	15.0	15.0

* Results Consolidated
Interim results exclude extraordinary / exceptional items

Source: Company Reports, Regulatory Filings, Equitymaster

Year-on-Year Performance:

The company's operating income during the quarter grew 16.0% on a year-on-year (YoY) basis. The expenses were up by 9.2% YoY during the same period.
The company's operating profit increased by 40.5% YoY during the quarter. Consequently, operating profit margins witnessed a growth and stood at 26.4% in 3QFY21 as against 21.8% in 3QFY20.
Depreciation charges increased by 14.4% and finance costs declined by 40.1% YoY, respectively.
Other income increased by 289.9% YoY during the quarter.
Net profit for the quarter declined by 6.1% YoY. Net profit margins during the quarter declined from 18.6% in 3QFY20 to 15.0% in 3QFY21.

Quarter-on-Quarter Performance:

The company's operating income during the quarter grew 2.2% on a quarter-on-quarter (QoQ) basis. The expenses were up by 3.4% QoQ during the same period.
The company's operating profit declined by 1.1% QoQ during the quarter. Consequently, operating profit margins witnessed a decline and stood at 26.4% in 3QFY21 as against 27.3% in 2QFY20.
Net profit for the quarter increased by 2.7% QoQ, while net profit margins declined from 15.0% in 2QFY20 to 15.0% in 3QFY21.

To see how SRF has performed over the last eight quarters,please visit here.

SRF Share Price Performance

Over the last one year, SRF share price has moved up from Rs 3,608.2 to Rs 5,404.4, registering a Gain of Rs 1,796.3 or around 49.8%.

Overall, the S&P BSE SENSEX is up 18.1% over the year.

Current Valuations

At the current price of Rs 5,404.4, the price to earnings (P/E) ratio of SRF stands at 36.3 times its trailing twelve months earnings, while its price to book value (P/BV) ratio stands at 8.9 times.

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SRF SHARE PRICE

BSE: 5,443.70 -1.75% NSE: 5,437.95 -1.85%
Feb 26, 2021 (Close)

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SRF Announces Quarterly Results (3QFY21); Net Profit Down 6.1% Fri, 22 Jan