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

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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 ChangeYoY Change
Net SalesRs m18,50521,00821,4642.2%16.0%
Other incomeRs m5698217122.4%289.9%
TurnoverRs m18,56121,10621,6812.7%16.8%
ExpensesRs m14,47615,28315,8033.4%9.2%
Gross profitRs m4,0295,7255,661-1.1%40.5%
DepreciationRs m1,0191,1401,1662.2%14.4%
InterestRs m475362285-21.2%-40.1%
Profit before taxRs m2,5914,3214,4282.5%70.9%
TaxRs m-8641,1641,1851.8%
Profit after taxRs m3,4553,1573,2432.7%-6.1%
Gross profit margin%21.827.326.4
Effective tax rate%-33.426.926.8
Net profit margin%18.615.015.0
* 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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