SRF - Strong Show Continues In Q3: Motilal Oswal
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Motilal Oswal Report
SRF Ltd.’s Q3 FY21 operating performance was robust on the back of a margin expansion seen across segments (on a YoY basis).
Specialty chemicals drove overall revenue in the chemicals segment as the fluorochemicals business revenue remained flat YoY.
On a QoQ basis, Ebit margin moderated (down 310 basis point QoQ) in the packaging segment, but expanded 340 basis point in technical textiles.
We largely maintain our FY21/FY22/FY23 estimates as operating performance was broadly in line with our estimates.
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