In 2024, SRF Limited proudly commemorates 50 years of manufacturing excellence. Since the inauguration of our first plant in 1974, the company has evolved into a manufacturing powerhouse with businesses spanning multiple verticals. SRF’s internationally acclaimed facilities set industry standards, while our products, fully compliant with global standards, bear the hallmark of quality. In FY24, SRF recorded a total turnover of Rs.13,138.52 crore with PAT of Rs.1,335.71 crore and EBIDTA of Rs. 2,743.84 crore.
Mr. Ashish Bharat Ram, Chairman and Managing Director, SRF Limited said, “A milestone year has arrived for SRF in 2024. The year in which we celebrate our “Golden Jubilee”. 50 years of serving our customers. 50 years of commitment. 50 years of excellence and innovation. 50 years of improving lives and developing our communities; and most importantly, 50 years of vision set on the present and the future. We have, indeed come a long way since our first facility in Manali commenced operations in 1974.
Over five decades, our path has been illuminated by innovation. Our products and solutions transcend borders, impacting lives, industries, and ecosystems. Our commitment to environmental and social responsibility underscores our vision for a sustainable and inclusive future.Our golden legacy is not just a reflection of the past but a beacon guiding us towards an even brighter future. We look ahead with renewed vigour, passion, and a commitment to creating prosperity for all our stakeholders”, added Mr. Ram.
Technical Textiles Business
SRF is India’s largest manufacturer of technical textiles and also global leader for most of the products manufactured by this business. The company’s four manufacturing plants in Madhya Pradesh (1) and Tamil Nadu (3) are capable of producing Nylon-6 Tyre Cord Fabrics, Chips, Industrial Yarn, Polyester Tyre Cord Fabric.
SRF has deep expertise in manufacturing of tyre cord fabrics, offering comprehensive solutions ranging from polymerisation to fabric dipping by utilising advanced technologies.
In FY24, SRF reported healthy performance in the Technical Textiles Business and registered revenue of ₹ 1,898 crore. Mr. Ram said, “The Technical Textiles Business has had a good year, and I am pleased to share that we are now supplying Tyre Cord Fabric (TCF) to all the major tyre companies in India, which is a first for us. The demand for our Belting Fabrics and Polyester Industrial Yarn segments was healthy during the year due to an increased Government focus on infrastructural development. Our new investment in Polyester Industrial Yarn got commissioned in FY24 and the progress in the expansion project for Belting Fabrics remains on track”.
Tyre Cord & Belting Fabrics
The NTCF market witnessed marginal growth during the year. Business increased the sales volumes of NTCF and Nylon Yarn in the domestic market with heightened focus on value-added Yarn portfolio. During FY24, the business also successfully commissioned the capacity expansion of Nylon Yarn manufacturing for captive consumption and external sales.
In FY24, the Belting Fabrics (BF) segment did well with healthy demand coming from the core sectors of coal, steel, and cement. These sectors grew rapidly during the year on the back of increased spending on infrastructure projects by the Government of India. Having said that, the Belting Fabrics segment faced challenges due to cheap imports from China, leading to stress on the domestic margins. Several countermeasures were undertaken to tide over the challenges that included an increase in its high-end, value-added products (VAPs) offerings, thereby tapping into a wider customer base.
During the year, the Polyester Industrial Yarn (PIY) performed well with strong demand from the Geotextiles, Seat Belts and Belting verticals. SRF also successfully commissioned PIY capacity expansion by the end of the year and the expanded capacity is expected to be fully utilised in FY25.
Coated and Laminated Fabrics
SRF is equipped with world-class facilities for manufacturing yarn, weaving, coating, printing and lacquering, it is fully integrated to manufacture coated fabrics with PVC formulation. The company’s solutions include wide range of fabrics from 350 gsm to 1500 gsm and coating thickness from 0.3 mm to 1.5 mm in more than 100 shades.
SRF has a monthly capacity to produce 75 lakh sqm of cold laminated front lit, cold laminated back lit and hot laminated protective covers. The company’s manufacturing process is equipped with a state-of-the-art fabrication machine with automatic heat sealing facilities to produce tarpaulins.
FY24 was a good year for the Coated Fabrics Business. Domestic demand, particularly for VAPs remained strong, which helped the Business achieve its highest-ever domestic sales. Business made the highest-ever EBITDA during the year. In response to the growing demand, SRF expanded its textile capacity by adding four new looms during the year. The company continued to maintain its domestic market leadership in Coated Fabrics. Business also continued its price and volume leadership in the Laminated Fabrics Business by selling at full capacity and achieving its highest-ever sales during the FY.
In FY25, SRF expects the demand to remain strong for both the Coated Fabrics and Laminated Fabrics Businesses. In Coated Fabrics, the focus will be to enhance capacity, strengthen its VAPs portfolio and increase sales during the year. In Laminated Fabrics, SRF will be commissioning its new Hot Lamination Machine, which will replace the existing Cold Lamination machine to help cater to customers with a better product offering.
Future Outlook
“Our position remains strong and promising for delivering sustained performance, particularly as the end markets begin to rebound. And, despite the recent challenges, we firmly believe our foundation for future growth is set. This optimism stems from our proven track record in developing complex products, all of which are supported by world-class infrastructure, skilled personnel, and exceptional R&D capabilities, in driving sustainable growth of our business, for people and the society at large”, asserts Mr. Ram.
