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SRF: Agrochemical opportunity offsets weakness in other areas

The demand for agrochemicals remains strong as the company remains focused on active ingredients while engaging with global innovators

February 03, 2023 / 09:48 AM IST
SRF: Agrochemical opportunity offsets weakness in other areas

We remain positive on the long-term investment thesis of SRF as it has transformed significantly in the last few years in terms of business mix, growth visibility, market share gains and project execution. (Rrepresentative image)

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Highlights Mixed numbers in Q3FY23; strong growth for chemicals Chemicals margin improvement offset by softness in other segments Packaging and technical textile businesses to remain subdued in near term Elevated capex budget with new announcements for agrochemicals Fair valuation SRF’s (CMP: Rs 2,201; Market cap: Rs 65,251 crore) Q3FY23 performance was a mixed bag, with the strong show in chemicals blunted by demand softness in other segments. The key area of growth was agrochemicals, which were equally supported by a favourable demand-supply situation in fluorochemicals. While...

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