Buy SRF; target of Rs 2550: ICICI Direct

ICICI Direct's research report on SRF

Incorporated in 1970, SRF started with nylon cord tyre and thereafter diversified into refrigerant gases, speciality chemicals and packaging film among others. Chemicals (Specialty + Fluorochemicals) form 43% of overall revenues followed by packaging film (39%), technical textile (15%) and others (3%). The company exports to more than 90+ countries. The revenue from international market constitutes 57% of overall revenues while rest is from the domestic market segment.

Outlook

We value SRF on SOTP to arrive at a target price of Rs 2550/share (earlier Rs 2900/share).

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SRF - 01 -01-2023 - ic