Company – SRF Ltd.

1. Index Based Numbers for last 3 years –

  Values Index Based

Comment (in approx. 80
2020 2019 2018 2020 2019 2018 words)
Assets
Rs. Cr. Rs. Cr. Rs. Cr.      
Cash & Bank Balances 125.47 198.88 96.74 129.70 205.58 100
1.In FY20, Non-current assets
Trade receivables 891.07 1028.75 680.65 130.91 151.14 100
have grown at rapid pace
Inventories 1,201.23 1,224.74 958.18 125.37 127.82 100 (30%) as compared to
Other financial/current asset 688.43 719.92 690.32 99.73 104.29 100 current assets (19%). The
total current asset 2,906 3,172 2,426 119.80 130.77 100 company has increased its
Net Fixed Assets 6,022.93 5,496.45 5,004.78 120.34 109.82 100 fixed asset in addition to
Capital Work In Progress 1393.29 753.61 558.81 249.33 134.86 100 capital work in progress
(grew by 48%).
Other non-current assets 554.36 465.55 373.53 148.41 124.64 100
total non current asset 7,970.58 6,715.61 5,937.12 134.25 113.11 100 2.Net worth has increased at
Total Assets 10,877 9,888 8,363 130.06 118.23 100 a faster rate (38%) in 2020
Short term borrowings 955 1,127 850.78 112.30 132.51 100 wrt to growth of 15% in
Trade payables 1,112 1,382 1,044.24 106.46 132.39 100 2019.
Other current liabilities 1,242 689 637 194.89 108.11 100
3.Short term borrowings and
total current liabilities 3,309 3,199 2,532 130.67 126.32 100
trade payables grew by
Secured Loans 2311.63 2161.34 1,907.26 121.20 113.32 100 meagre 12% &6% compared
Other LT liabilities & prov 148.38 56.63 67.63 219.40 83.74 100 to previous year which
Deferred Tax Liability, Net 175.5 341.98 291.38 60.23 117.37 100 shows that company is
total non-current liabilities 2,636 2,560 2,266 116.29 112.96 100 managing its cash flows in a
better way.
Net worth 4,933 4,129 3,565 138.40 115.84 100
Total Liabilities 10,878 9,888 8,363 130.07 118.23 100

Values Index Based

Income statement 2020 2019 2018 2020 2019 2018 Comment (approx. 90 words)
Rs. Cr. Rs. Cr. Rs. Cr.      
7,099.5 1.In FY19, Sales grew at faster rate 25% wrt to
Total Sales
7,209.41 9 5,684.87 126.82 124.89 100 asset increased by 18% which shows
Add : Other Income 49.05 27.97 115.12 42.61 24.30 100 increased asset utilisation but in FY 20 asset
utilisation is marginally reduced (sales grew
3,967.1
Less:Cost of goods sold by 27% and asset by30%).
3,686.97 3 3,032.00 121.60 130.84 100
3,160.4
Gross Profit 2.In FY20, COGS and depreciation increased
3,571.49 3 2,767.99 129.03 114.18 100
by 21% &23% which was less than the sales
Less: Operating 1,835.4
rate increase 26%. It shows better achieved
Expense/Other Expense 2,067.50 6 1,746.63 118.37 105.09 100
manufacturing efficiency levels and pricing
1,324.9
EBIDTA strategy.
1,503.99 7 1,021.36 147.25 129.73 100
Less:Interest 200.68 198.37 123.89 161.98 160.12 100 3. In FY 20, Taxes were negligible which was
Less:Depreciation 388.61 358.17 315.8 123.06 113.42 100 the main reason behind the high growth in
net profit (98%)
PBT 914.70 768.43 581.67 157.25 132.11 100
Less:Tax -1.2 176.85 119.96 -1.00 147.42 100
PAT 915.90 591.58 461.71 198.37 128.13 100
2. Common size numbers for 2 years and peer company (M/s 3M India ) for 1 year –
  SRF Ltd.   3M India
Common
Values Common size Values
    size Comment (approx. 112 words)
2020 2019 2020 2019   2020
Assets
Rs. Cr. Rs. Cr. % %   Rs. Cr. %
Cash & Bank Balances 125.47 198.88 1.15 2.01   780.57 32.92
Trade receivables 891.07 1028.75 8.19 10.40   534.24 22.53
1,224.7
Inventories 1,201.23 4 11.04 12.39   438.65 18.50
Other financial/current
asset 688.43 719.92 6.33 7.28   115.28 4.86
total current asset 2,906 3,172 26.72 32.08   1868.74 78.80
5,496.4
Net Fixed Assets 6,022.93 5 55.37 55.59   261.74 11.04
Capital Work In Progress 1393.29 753.61 12.81 7.62   6.9 0.29
Other non-current assets 554.36 465.55 5.10 4.71   233.97 9.87
total non current asset 7,971 6,716 73.28 67.92   502.61 21.20
Total Assets 10,877 9,888 100.00 100.00   2,371 100.00
Short term borrowings 955 1,127 8.78 11.40   34.71 1.46
Trade payables 1,112 1,382 10.22 13.98   312.86 13.19
Other current liabilities 1,242 689 11.42 6.97   223.67 9.43
total current liabilities 3,309 3,199 30.42 32.35   571.24 24.09
Secured Loans 2311.63 2161.34 21.25 21.86      
Other long term liabilities
& prov 148.38 56.63 1.36 0.57   49.18 2.07
Deferred Tax Liability, Net 175.5 341.98 1.61 3.46      
total non-current
liabilities 2,636 2,560 24.23 25.89   49 2.07
Net worth 4,933 4,129 45.35 41.76   1750.87 73.84
Total Liabilities 10,878 9,888 100.00 100.00   2,371 100.00

  SRF Ltd.   3M India

Values Common size   Values Common size
Comment (approx.. 80 words)
Income statement 2020 2019 2020 2019   2020
Rs. Cr. Rs. Cr.       Rs. Cr. %
100.0
Total Sales 7,209.41 7,099.59 0 100.00 2986.55 100.00
Add : Other
Income 49.05 27.97 0.68 0.39 45.89 1.54
Less:Cost of goods
sold 3,686.97 3,967.13 51.14 55.88 1736.28 58.14
Gross Profit 3,571.49 3,160.43 49.54 44.52 1,296.16 43.40
Less: Operating
Expense/Other
Expense 2,067.50 1,835.46 28.68 25.85 800.59 26.81
EBIDTA 1,503.99 1,324.97 20.86 18.66 495.57 16.59
Less:Interest 200.68 198.37 2.78 2.79 3.66 0.12
Less:Depreciation 388.61 358.17 5.39 5.04 59.33 1.99
PBT 914.70 768.43 12.69 10.82 432.58 14.48
Less:Tax -1.2 176.85 -0.02 2.49 110.39 3.70
PAT 915.90 591.58 12.70 8.33 322.19 10.79