Motilal Oswal's research report on SRF
SRF reported another subdued operating performance in 3QFY24 with a significant decline in operating profitability (EBIT down 39% YoY), led by continuing weakness in the Chemical/Packaging Film businesses (EBIT dipped 43%/62% YoY), which offset the strong recovery in the Technical textile business (EBIT surged 2x YoY).
Outlook
We cut our FY24 EBITDA estimate factoring in the sub-par performance of the chemicals and packaging businesses in 3QFY24, while largely maintaining our FY25E/FY26E EBITDA. We value the stock on an SoTP-basis to arrive at our TP of INR2,250. Reiterate NEUTRAL.
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