SRF EarningsCall1 SRF IN 2016-09-16T12 23 30 EARNING

Company Name: SRF Market Cap: 93,302.
57 Bloomberg Estimates - EPS

Company Ticker: SRF IN Current PX: 1624.9 Current Quarter: 22.820
Date: 2016-08-09 YTD Change($): +360.2 Current Year: 90.516
Event Description: Q1 2017 Earnings Call YTD Change(%): +28.481 Bloomberg Estimates - Sales
Current Quarter: 11852.500
Current Year: 50503.917
Q1 2017 Earnings Call

Company Participants
• Ranjit Cirumalla, Analyst
• Anoop Joshi, President, Chief Financial Officer and Company Secretary
Other Participants
• Jignesh Kamani, Analyst
• Nihal Jham, Analyst
• Niket Shah, Analyst
• Chintan Modi, Analyst
• Chirag Dagli, Analyst
• Chetan Thakkar, Analyst
• Surya Patra, Analyst
• Manish Ostwal, Analyst
• Jigar Jani, Analyst
• Ritesh Gupta, Analyst
• Dheeresh Pathak, Analyst
• Paresh Jain, Analyst
• Rohan Gupta, Analyst
• Bhabani Prasad Dehury, Analyst
• Abhishek Jaiswal, Analyst
• Dikshit Mittal, Analyst
Presentation
Operator
Ladies and gentlemen, good day and welcome to SRF Limited Q1 FY17 Post Result Conference Call, hosted by B&K
Securities Private Limited. As a reminder, all participant lines will be in the listen-only mode. And there will be an
opportunity for you to ask question after the presentation concludes. (Operator Instructions) Please note that this
conference is being recorded.
I now hand the conference over to Mr. Ranjit Cirumalla from B&K Securities. Thank you, and over to you, sir.
Ranjit Cirumalla, Analyst

Hi, all. We, at B&K thank the management of SRF for giving us the opportunity to host this call. We also welcome all
the participants who have joined the call. We have with us Mr. Anoop Joshi, President, CFO and Company Secretary;
and Mr. Rahul Jain, Senior Vice President, Treasury and Corporate Controller.
I would like to hand over the call to Mr. Anoop Joshi to start off with the opening remarks, post that we can take the
question-and-answer session. Over to you, sir.
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Company Name: SRF Market Cap: 93,302.57 Bloomberg Estimates - EPS
Anoop Joshi, President, Chief Financial Officer and Company Secretary

Good afternoon, everyone. I warmly welcome everyone to SRF Limited's Q1 FY17 results call. I thank you for taking
the time out to participate in our earnings call.
Before we begin this call, I would like to point out that some statements made in this call may be forward-looking and
disclaimer to this effect has been included in the earnings presentation shared with you earlier.
I will initiate this call with a broad overview and key highlights for the quarter and the review. I will also give an
insight into events that have had an impact on our businesses. As always, I would like to keep my initial remarks brief,
so that we can have a detailed question and answer discussion to address any queries that you may have.
Our financial performance continues to be in line with expectations. We have been able to register a healthy top line
and post a 20.7% increase in PAT during the quarter. Most of our businesses performed exceptionally well on robust
demand, operational efficiency and market penetration. The performance of the Chemicals business was as per our
expectations on account of higher volumes and market penetration. The Fluorochemicals business saw growth in
passenger vehicle sales and hotter summers which led to increase in use of air-conditioners, which in turn supported
volume growth for our refrigerants.
In addition, we continued to strengthen our position in the replacement market for refrigerants and exports were also
strong. On the back of higher-than-expected offtake, I am pleased to share that capacity utilization of our HFC 134 at
Dahej unit has improved significantly compared to previous quarters. Higher volumes also enabled us to expand our
market share and emerge as the largest refrigerant player in India.
In related news, the government recently extended an anti-dumping duty on import of HFC 134a from China for a
period of five years till July 2021. This will deter China from dumping HFC 134a in the domestic market and is a
positive development for SRF as we are the only manufacturer of this gas in the country.
As you are aware, we recently commissioned the HFC 32 plant using our in-house technology at Bhiwadi in Rajasthan.
The plant is currently under stabilization. This is a new refrigerant for room air-conditioners to be used in future and is
increasingly gaining traction in our market. The pilot plant to manufacture next generation refrigerant gas HFO 1234yf
is progressing as per schedule. We are confident that our in-house R&D expertise and leadership in fluorine chemistry
will help us to develop and manufacture this next-gen gas at a mass level. As you may be aware, the break-through
initiative will make SRF, the first technology developer outside US and Europe for manufacture of HFO 1234yf, which
is expected to find increasing use in car air-conditioning systems globally in the future.
In the Specialty Chemicals business, as we intimated on the last con call, we are witnessing some slowdown of demand
in the global agrochemicals space. Having said this, we believe this is a short-term phenomena, and it's only a matter of
time before global demand for agro products picks up.
Pharma segment on the other hand has been growing, which enabled us to report healthy growth in the business. Our
pipeline of molecules remains robust in both pharma and agro segments. Over the years, we have built strong R&D
capabilities, capacities, manpower and processes to strengthen this business. So when demand in the agro sector picks
up, we will be well positioned to reap the benefits. Therefore, excluding some short-term sluggishness, we continue to
remain confident about the long-term fundamentals of this business.
I'm glad to share that recently SRF was conferred with Syngenta Global Supplier Award 2016 for Health, Safety &
Environment at Syngenta's supplier conference in Switzerland. The award also recognizes SRF as a reliable key
supplier to Syngenta. This showcases our capabilities to engage and successfully deliver world-class products.
As many of you would know, our Board has recently approved an investment proposal for setting up our second
chloromethanes plant in Dahej, Gujarat at an estimated cost of INR165 crores. This will not only double our capacity
for chloromethanes but also strengthen our foothold in the Indian market, which remains a net importer of methylene
chloride a key ingredient of chloromethanes. The Board has also approved another CapEx for setting up a new
multipurpose plant in Dahej, at an estimated cost of 180 crores. This will augment our capability to develop and
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commercialize new molecules for agro and pharma sectors.

Further, the Board has also approved a proposal to set up electrochemical research facility at Bhiwadi, at an estimated
cost of 6.8 crores. This augments our capability to develop fluorine cell and explore new design concepts aiming to
achieve improved norms and efficiency.
As we announced earlier, we have a plan to invest around INR3,500 crore in the next four years and around 70% of the
investments are earmarked for the Chemicals business. Therefore, I would reiterate here, that the chemical space
remains a key segment for the Company and our strategic intent to further grow the business remains intact. But at the
same time, the management's strategy is to have a diversified business portfolio, which enables us to withstand any
specific -- business specific downturns and develop individual strategies for each segment.
Moving on to the other businesses, our Packaging Film business delivered stable financial performance in Q1 '17. All
our facilities continue to operate at optimal capacity levels in spite of challenging market conditions. We have seen
softness in realizations, both in India and globally. However, we continue to focus on enhancing the product mix by
adding new value-added products. We are on track for setting up the BOPET line and BOPP film line each with a
metalizer in DTA at Indore which is expected to be commissioned in March '17 and March '18, respectively. This will
enable us to emerge as one-stop shop for our customers. We are also increasing focus to engage directly with FMCG
players and large organized players.
On the international operations front, Thailand and South Africa continues to perform as expected. Currently, South
African demand is weak. However, this should get normalized in the subsequent quarters with the upcoming festive
demand. During the quarter, there was an exceptional income of INR8 crores on account of utilization of Status Holder
Incentive Scheme Scrips for import duty -- for payment of import duty and CBT for import of machinery in the
Packaging Film.
Coming to the Technical Textiles Business, the nylon tire cord business posted a stable performance on higher demand
as normally experienced before the onset of the monsoon season. The two-wheeler segment is witnessing good traction
and is a great opportunity for the tire cord business. On the other hand, tire industry continues to face competition from
lower priced Chinese truck and bus variants. We have seen some negative trends in the tractor segments and the same
is expected to reverse with good monsoons. All our plants are operating at optimal capacity and we continue to be the
leading player in this segment. This was the first quarter of normalized operations of Manali plant after the floods in
December 2015.
In conclusion, I would like to reiterate that SRF today is recognized as a globally renowned chemical company driven
by cutting-edge R&D capabilities. In the Packaging Film business, we will continue to focus on enhancing value-added
products, making SRF a preferred supplier for customers in the organized segment and also focus on enhancing our
cost efficiencies. The Technical Textiles Business segment continues to be a cash generating business for us, with
minimal maintenance and upgradation CapEx.
On that note, I conclude my remarks and would like to thank you all for joining us on this conference call. We would
now be happy to discuss any questions, comments or suggestions that you may have.
Questions And Answers

Operator
Thank you. We will now begin with the question-and-answer session. (Operator Instructions) We take the first question
from the line of Jignesh Kamani from GMO. Please go ahead.
Jignesh Kamani, Analyst

Hi, sir. Congratulations for good set of numbers.
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Thank you, Jignesh.

I'll start with three questions. So first question is related to, what was the growth in the Specialty Chemicals segment
and how is the breakup between the pharma and agro?

See, Specialty Chemicals business as I covered, there has been the agrochemicals part is still subdued. And we expect
that it may remain soft for a couple of quarters.

But any particular breakup between how is the 70%, 75% from mega (inaudible)?

I'm coming to that, I'm coming to that.

Yeah. Sure.

But our strategy of concentrating more on pharma has really helped us even during this quarter like our -- broadly our
split between agro and pharma earlier on was 21% and 79%.

Okay.

This has improved in this quarter to almost 25% versus 75%.

Understood.
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That is helping us, yeah.

And in the growth-wise, if I should look at this 10% plus growth trend is Specialty Chemicals this quarter or --?

I didn't get you. Can you repeat, please?

What is the revenue growth in Specialty Chemicals segment?

See, that we don't share separately because it is a segment as a whole for us, because there are so many intricacies and
so many interdependent things which happen all the time.

Sure.

So the 11% is the combined growth, which is available in the segment.

Sure. And the second thing, if you take our last year, we have witnessed healthy growth in R134a and your
commentary mentioned that we will -- right now, your utilization levels increased drastically. So for the full year what
kind of volume we should consider for the R134a?

See, it's seasonal. Again, the refrigerant this quarter, yes, we have done very well compared to the maybe last quarter in
the same -- similar quarter in last year or the immediately preceding quarter. But being a seasonal business, we don't
know. But yes, definitely compared to what we did in the last year, we are going to increase. We are going to see -- we
are able to see the trend of increasing use of R134a. And hopefully, we should have a better utilization going forward
maybe next year by 100% or so.
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Sure. And thirdly, on the CapEx plan of around 3,500 crore for the next four years, is it possible to give a breakup of
how much CapEx you are trying to incur year-wise or some programmatically more lumpy towards the back-end of
'18-'19 or how it will be play out?

That you would have seen last -- 600 crores, we almost announced last year and we have just now announced over 365
crores, 180 plus 165 crores, another 7 crores. So it will not be lumpy, as we see, as per our strategy, which is the market
which is growing and which is where the investment is required like 180 crores at the third multipurpose plant, we just
now committed.
So it's not going to be lumpy, we would like to spread it, the way the cash flow has come, so that -- largely the internal
accruals. But yes, if there is an opportunity which is faster enough and the internal accruals are going to come later, we
don't mind borrowing and funding it.

Sure. And last question, if I allow [ph], or I can say allow, (inaudible) what we said, you've [ph] decided to set up a
third multipurpose plant. So, it is safe to assume that our R&D capability and our R&D pipeline will increase
drastically because earlier we were -- limitation on account only to MPP plant?

See, that is a -- that itself is an evidence of how full our funnel is. It is robust on both the molecules agro and pharma,
and that is why we needed the third multipurpose plant to be able to work and supply the material or whatever the
requires to our customers.

Sure. Okay. Thanks a lot and all the best.
Operator
Thank you. We take the next question from the line of Nihal Jham from Edelweiss. Please go ahead.
Nihal Jham, Analyst

Hi, sir, good afternoon and congratulations on the good set of numbers this quarter.

Good afternoon and thanks.
Nihal Jham, Analyst

Sir, my first question was on Technical Textiles segment, this quarter also it's been very robust and we have seen a big
upturn. So first I wanted to understand is it just normalization of operations mainly or there has been a demand uptick?
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And related to this is that we have seen, I think a multi-year high margin this quarter in Technical Textiles which is I
think either top end of the guidance that we have given. Is this sustainable going forward?

See, Technical Textiles again is a little cyclical business and pre-monsoon we have always seen that the demand is on
the higher side. And this being the first quarter and the first quarter post are floods in December, so we operated at an
optimal -- almost full capacity and we supplied so that has really given us a benefit.
And the other segments of Technical Textiles, the coated fabrics and the laminated fabrics have also done very well
during this quarter. We have increased our market share. We have penetrated, our product quality has been -- has
improved and we are sort of turning from just a supplier to a solution provider in all these segments and therefore, that
cumulatively has helped us to post a very good performance on TTB as a segment.
Nihal Jham, Analyst

Right. But if I had to look at on a year-on-year basis and last year we did not have the impact of Manali also in our
number, still the margins have seen a 2%, 3% improvement. So --

That's what I'm saying, because this quarter the laminated fabrics and the coated fabrics were not as good in the last
quarter same -- same quarter last year, which have delivered a better performance. So this is all cumulative effect of all
the segments which are part of this TTB as a large extent.
Nihal Jham, Analyst

Sure. Sure, sir. And just on the fluorochemicals part, have we continued to kind of export growth we were seeing in
FY16 for R134a in this quarter also?

Export, yes, we continue to export a lot R134a, it has improved. Overall quantity of exports has improved.
Nihal Jham, Analyst

And any update on the Wal-Mart order. Can you share some details on that?

Yeah. We will continue to get on order, the quantity, et cetera, is under discussion, but we should hopefully be doing
better than the last year.
Nihal Jham, Analyst

Okay sir. I'll get back to the queue for further questions, sir. Thank you.
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Thank you.
Operator
Thank you. We take the next question from the line of Niket Shah from Motilal Oswal. Please go ahead.
Niket Shah, Analyst

Yeah. Thanks so much for the opportunity. Sir, just wanted to understand on the Specialty Chemicals part of the
business, while you do not want to share out the exact details of growth. Is it safe to assume that the growth in
Specialty Chemicals was in line with the growth of the Chemicals business or lower or higher? If you can just give us
that broad direction?

See, I said just now that the agrochemicals is witnessing softness across the world. And as you watch, the agro majors'
announcements, as you will know that they have reduced their guidance by as much as 10%, both the buyers and the
BASF. Last year, they announced 10% reduction, this year again, they have announced further 10% reduction.
Niket Shah, Analyst

Sure.

Obviously, we can't be immune from this larger phenomenon.
Niket Shah, Analyst

Right.

But our strategy is of playing between pharma and agro and doing something else on the other solvents and the
chemicals is continues to pay off.
Niket Shah, Analyst

I absolutely appreciate that.

The results have been good.
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Niket Shah, Analyst

Sir, I completely appreciate that. Sir, just wanted to get some sense on the growth in Specialty Chemicals, because
that's a very integral part of the business model for our Company and most of the investors. So, can you at least give us
a broad sense while you do not want to give an exact number on percentage growth, whether it was lower than 11.4% at
the Chemicals business as a whole has grown this year?

Not really. I mean, it is almost the same, I would say.
Niket Shah, Analyst

Almost the same. And do you think --

Slightly higher if at all, compared to Chemicals business.
Niket Shah, Analyst

Sure. And if we have to really look at, I mean obviously you said about slowdown in the agro part of it. In your
assessment, should we see some bit of improvement starting Q4 or this will largely go to Q1 of FY18?

See, we are hearing different, I mean, as I just now said, the agrochemical majors have announced a 10% reduction in
the guidance. Now, if I was to just understand from that, probably the entire FY17 looks to be soft.
Niket Shah, Analyst

Sure.

At any point of time when the inventory is, you know, just come to an end as the farmers will start probably buying and
continue to make the inventory, that can happen in the third or fourth quarter.
Niket Shah, Analyst

Sure.

It's really difficult to guess.
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Niket Shah, Analyst

Got the point, got the point. And on the expansion part of it, the CapEx that we have announced in the chloromethanes
part of it, I understand that chloromethanes is obviously, slightly lower margins than a blended chemical segment
margin that we operate. So would it be possible for you to just give us some sense on the margin and return on capital
employed that you make in the chloromethanes part of the business and what kind of asset turnover that you can
generate in that?

See, chloromethanes is largely captive.
Niket Shah, Analyst

Sure.

Because the main driver for setting up the chloromethanes plant is in two parts; one is the trading part, because the
chloromethanes plant generate three different products. One is, MDC, which is for trading, on which India is short. And
recently, there was an anti-dumping duty imposed on MDC import from China.
Niket Shah, Analyst

Right.

That is as high as 1,50,000 metric tonnes short, which is, you know, the demand is getting met from the imports.
Niket Shah, Analyst

Right.

So we can obviously sell that portion in the market without any problem.
Niket Shah, Analyst

Sure.

Second portion, which is the chloroform. Chloroform is for entirely for captive utilization and chloroform gets utilized
in our production of R22 and R22 gets utilized in your Specialty Chemicals business. So this will be entirely consumed.
Page 10 of 36
As it is, we have a shortfall of chloroforms. We buy from the market a little bit, but now we want to be self-sufficient,
so that chloroform will be utilized.
Niket Shah, Analyst

Sure.

The third portion which is a CTC, is also getting utilized in the agrochemicals. So that again is a captive use by and
large. Now, nobody is better placed than a company like SRF, which can captively [ph] utilize the chloroform and the
CTC part and the MDC for which there is again, India is a short. So it's a strategic move for us and we already have an
experience of -- over the last 30 years to run the -- this kind of a CMS plant. And it's doing reasonably well and going
forward, it should only help in our overall growth strategy on the Specialty Chemicals side.
Niket Shah, Analyst

Sure. And final question on the packaging part of the business model, if you can just share, you know, how is the
demand-supply situation happening in the market? Because you have done a 17.8% kind of margins in this quarter. Do
you think going forward from here on, we will continue to see slightly lower margins or do you think these margins are
sustainable? And that's all from my side.

To be quite open, Packaging Film business is at the -- probably the lowest and the margins are at very low. Indian
margins have fallen as much as 60% I am told. And even on the export front, the margins are lower. But we -- this is on
our, you know, the continuous focus on the cost reduction, getting into the value-added products and working with the
organized sector has still posted very good result, I am told people are even selling at the contribution of some of that.
And there are couple of lines which are in the pipeline where the people are about to set-up this plant.
So going forward, yes, there is a difficult time, but we believe that still, in fact, we are wanting our lines to come up
earlier than later, because we -- our order book has fallen, we should be able to sell what we produce. The players who
are probably in the commodity part of this line will see the heat more, but we should be the last man standing out and
we will still make money even while this. Although it is just the beginning of the slowdown and it may continue little
further.
Niket Shah, Analyst

Sure. And sir, one final question, if I may squeeze. If you can just give us some broad sense on the full-year guidance
number on the margins part of it, if you can just give us the full-year guidance in terms of last year, we did around
21%, should we improve that by 100 basis point at least this year, given the first half -- I mean, the first quarter itself
has good margin expansion?

See, we don't give guidance on the margins, because as I said, ours is a way of management where the challenges will
keep coming and in our own way, we will deal with it. To deliver a superior performance compared to our competitors,
because we -- what is in our control is being the lowest cost producer.
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Niket Shah, Analyst

Sure.

In this commodity and concentrating on the value-added products where our margins are better. And having long-term
contracts with the organized player, that is the strategy with which we'll continue to make decent margins going
forward whatever may happen to the market, but if you ask for the market, yes, there is our challenges of upgrading and
therefore -- and this quarter, if you see we had the non-recurring, not to say non-recurring but an exceptional income of
about 8 crores. If you exclude that our margins are also under stress overall.
Niket Shah, Analyst

Got the point. Got the point. Great, sir. Thanks so much and best of luck.
Operator
Thank you. (Operator Instructions) We take the next question from the line of Chintan Modi from Motilal Oswal.
Please go ahead.
Chintan Modi, Analyst

Sir, congrats on a good set of numbers, and thank you for the opportunity. Sir, just want to understand, like in the
Specialty Chemicals, last quarter we had guided for a 15% to 20% kind of growth. And in this quarter it -- perhaps it
seems like it's on the lower end side of it. So going ahead, want to understand like, do you want to change this guidance
on the lower end part of it?
And secondly, the additional growth that is coming in during the quarter, as well as which will come ahead, is it largely
from the existing products or the new products that you have developed recently?

See, it's very difficult, last time also we had said something like 15% to 20% but our overall long-term growth
projection on this entire Chemicals business remains same 20% to 25% which was reiterated by our Managing Director
also. This short-term bliss will keep on happening. We can't be immune as I said, the agro chemicals world over is
facing the challenge.
So in any case we don't look this as on a quarter-on-quarter and it is very difficult for us to even concentrate on the
revenues. What we look at is the bottom line, because as I said, initially that the composition of pharma and the agro
has changed compared to the last year what was 21% and 79% has gone to 25% versus 75%.
So all these countermeasures initially we keep taking and our ultimate objective is to maximize our bottom line. We
don't really look at the revenue, we don't really look at the quarters because many complaints do take place in our
quarter, this may get pushed to the next quarter. So it's not really a quarter-on-quarter business. But as I said, the
long-term still remains strong, that's why we are committed 180 crores on the third multipurpose plant, if I did not have
adequate funnel for the enquiries and the molecules being developed, why would I commit 180 crores at this point of
time. Now these short-term challenges will continue to be there, Chintan, that is all about business.
Page 12 of 36

That I understand, sir. Sir, what I want to understand is, whether the current part of revenue is coming largely from the
existing products or the new products that were developed recently in last six months odd?

See, as -- you see the pharma component has increased from 21 to 25. What does it suggest? It suggest there are some
new products we would have done.

Right, right.

To give all those break up is neither in the interest of the business nor it is feasible for us to date [ph].

Right. And sir, we had added a new client in last quarter. So have we -- are we getting some good amount of traction
from that?

See, yeah, these are slow processes. From Japan, we had added a new client last year and this Japanese take typically a
little longer time.

Okay.

But yes we are engaged with them and things are happening and you will see very soon the result of that.

Sure. And sir, interest cost was lower this quarter compared on Y-o-Y basis. Any specific reasons for that? Do you see
that happening over the next --
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Our treasury has done a wonderful job. They have renegotiated all the long-term loans and some of the borrowings that
we've done is LIBOR minus maybe for a part of the period and a region. And that has essentially led to the reduction in
the interest cost. So renegotiated rates for the long-term loans. Hello? Hello? Hello?
Operator
Sir, we have just lost the line for the participant. Can we move to another question? We take the next question from the
line of Chirag Dagli from HDFC Mutual Fund. Please go ahead.
Chirag Dagli, Analyst

Yeah, sir. Thank you for the opportunity. Sir, can you indicate, sir, last time, in one of the calls you had mentioned that
the South African plant is now running at optimal capacity utilization. This quarter, you are seeing there is some
demand slowdown --

Not in this quarter. We said that this quarter, of course, has been as per the expectation. But for the current quarter,
July, I guess there is a little challenge, softness in the market.

Okay.

Which we think will pick up also in the next quarter probably.

So, as far as the June quarter is concerned, sir, the optimal utilization is --

June quarter is what is as per our expectation. There was not much of a challenge.

Right. And --

But specific [ph] numbers on polyester film.
Page 14 of 36
And then, similar comment in -- on the, at the Thailand plant, sir? Is it also at --

The trend [ph] is doing well. Thailand is doing well.

So both the plants are now at almost 100% utilization, is that?

Yes, yes, yes.

So this quarterly EBIT that we've done at the subsidiaries level, sir, in the Packaging Films business, this number is
sustainable for the rest of the year?

Overall, see, as I said, the margins -- overall margins in the Packaging Film business, not only in India, but elsewhere is
a challenge at this point of time because of the capacities and so on. As I said, in India, large number of capacities are
coming up. So, some softness will be observed, but we will continue to focus, as I said, in Packaging Film business
because market is something that we can't control, but the -- internally both on cost efficiency, as well as the
value-added products, where we can get some kind of a premium, is what we concentrate on. Like, you know, recently
one of the big converter, Amcor has acquired in South America, one of the largest converter in South America, Alusa.
And now they are wanting to do business with us.
So, all our plants which we are in the process of setting up will be with the capacities we should be able to sell. But
overall margins, obviously, has to take into consideration what the market does. We should be still even in the phase of
the slowdown at this point of time, and the new capacities coming up, should be able to give a -- continue to maintain a
decent margin in the longer run, at least at the year-end.

And sir, this 8 crore number that you were alluding to in the Packaging Films, which has boosted the EBIT of the
business --

Yes, I think --

What is the nature of this, sir?
Page 15 of 36

See, there are, you know, various people who export a lot and they get scrips as incentives and they don't have any
import possibility. So these scrips are sold in the market, and that is at a discount normally. Suppose, if there is a scrip
of INR100, people don't find any use for paying their import duties and so on, so they go and sell in the market and that
sale typically happens at discount of INR200, maybe INR10, INR20, depending upon what kind of a quantity and so
on.
So those scrips we purchase on the market and utilize to pay our import duty and in the process we make some money.
So the customs duty that we saved on this process was decapitalize or was reduced from the capital cost and the CVD,
the Countervailing Duty and the SAD, any component of that, that we have taken as an income to this.

So this is usual business, right, sir?

Yeah.

This is -- so this -- but you are saying that 8 crores may not be recover, maybe part of it may recover?

Yeah. It's not a operating income in that sense, but we have substantial imports going forward, so we will continue to
explore, but depending upon the market premium and everything that is available, because we are setting up the BOPP
and the BOPET plant in DTA. So there will be a lot of imports, and if we can find such opportunities, we'll continue to
use them.

Just but this 8 crore number in itself is an indicator of the quarter's activity and not so much for a 12-month activity that
you --

Yes, it was for the quarter.

Right. Okay, sir. Thank you so much and all the best.

Thank you.
Page 16 of 36
Operator
Thank you. We take the next question from the line of Chetan Thakkar from ASK Investment. Please go ahead. Mr.
Thakkar, your line is unmuted. Please go ahead with your question.
Chetan Thakkar, Analyst

Yeah. Good afternoon, sir.

Good afternoon.

Sir, just wanted to get a sense on the CapEx for the Specialty Chemicals segment over the next four years?

See, we already indicated that the next four years, the total CapEx that we plan is around 3,500 crores, of which 70% in
our mind, you know, obviously as you go along, you will fructify and you will, so to say, come out with the exact plan.
But 70% of that is dedicated to the Chemicals business. And you have just now seen 165 crores plus 180 crores, almost
345 crores we've just now announced. So depends upon when the opportunity is there, but overall, you can't decide
exactly in the next four years how much then I'm going to do.

Sir, the larger chunk within the chemicals will be on specialty chemicals or it will depend on the opportunities within
chemicals overall?

It depends on the opportunity.

Sure. Okay, sir. Thank you so much.

Thank you.
Operator
Page 17 of 36
Thank you. We take the next question from the line of Surya Patra from YES Bank. Please go ahead.
Surya Patra, Analyst

Yeah. Thanks for this opportunity. This is Surya from PhillipCapital. Sir, congratulations for the good set of numbers.

Thank you.

And just one clarification, sir, whether we have commercialized the BOPET plant and R32 plant yet?

R32 plant, we had capitalized in March itself, but it is under stabilization because, see, all set under, these are own
developed, in-house developed technology and we are just stabilizing that, and ceding the market little bit, we have
started selling also. It will take a little more time for it to -- because gradually, the R32, demand is increasing in India
also. People are replacing R22 with R32. So, as the demand in the market grows, we are on that and hopefully during --
by the end of this year, we should be able to sell some substantial quantity of R32.
Another question I forgot.

BOPET plant, whether you have commercialized that?

BOPET plant, we have not yet capitalized, that is due in March '17 and BOPP plant in March '18.

Okay. This is March '17, I think -- it was earlier indicated that was -- early part of the FY17 we would be
commercializing? That was the --

No, '18 is BOPP?

Yeah, '18 is BOPP.
Page 18 of 36

Yes. And March '17 is --

Okay. It is not early part of FY17, it is '17 March.

Yeah. I mean, it may be January, February, we don't know exactly. We are on track as per our plan.

Okay. Fine, sir. And regards this export -- this R134a, sir, can I know what is the kind of a mix, domestic market and
export market mix?

It is almost 50-50, you can say.

Okay. And the pricing also almost similar that way for the domestic, as well as --?

Almost similar.

Okay. And sir, we have indicated in the presentation that the electrochemical research unit that we are setting it up, so
whether this is a new set up of business activity that we are targeting or it is the extension of our current chemical
business?

See, it's a new technology that we will use to make, take chlorine out of the HF. The hydrofluoric acid that we make,
there is a new way of taking out the fluorine. There are different technology of doing the same thing that we are doing.
It's a little difficult technology, that's why we are just putting up this as an R&D and more efficient in terms of
extraction of fluorine from the hydrofluoric acid. But it is the same thing, it is nothing new as such, the technology is
new. But yes, our capability to have more efficient way of extraction of fluorine is something that we are building on.

Okay. So this is a kind of efficiency improvement kind of effort we are just --
Page 19 of 36

Yes.

And sir, it will not an incremental business or --

It's more like R&D, it's a research and development piece, because this enables us to look at different ways of doing the
same thing at a more efficient, may be at a more margin and so on over a period of time.

Okay. Thank you, sir. Thanks a lot. Wish you all the best.
Operator
Thank you. We take the next question from the line of Manish Ostwal from Nirmal Bang Securities. Please go ahead.
Manish Ostwal, Analyst

Yes sir, my question on the -- in this quarter, how much we have spent on CapEx and what is the next three quarters
CapEx plan, sir?

See, we have already announced, as you say almost 600 crores in the last couple of quarters for the Packaging Film
business. And we have just now announced 165 crores and 180 crores.

Right, sir.

So if you add it all, this is almost a 1,000 crores. But out of this, how much we have spent during the quarter is
depending upon the cycle that we have done, almost 200 crores we have spent, 200 crores, 250 crores during the
quarter.

Okay, sir. And what is the net debt figure as on June 30th, sir?
Page 20 of 36

Net debt figure, I don't think we'll have readily available. It's only -- it's almost at the same level, not much increase
compared to March.

Okay, sir. Thank you very much. Thank you.
Operator
Thank you. We take the next question from the line of Jigar Jani from Edelweiss. Please go ahead.
Jigar Jani, Analyst

Hello, sir. Congratulations on a great set of numbers.

Thank you.
Jigar Jani, Analyst

Yeah. Just a couple of questions. So when is the new multipurpose plant likely to come online, that you are putting?

We are targeting December 2017.
Jigar Jani, Analyst

Okay, okay. And sir, regarding following up from the earlier question. So what is the actual CapEx that we are
planning to do in FY17, considering, we have BOPP CapEx also going on this year, plus the new CapEx that --

Almost, if you -- as I just now was adding, almost 1,000 crores worth of CapEx is announced and in pipeline, out of
which 250 crores we had spent during the year, during the quarter, another about 600 crores odd we'll spend in the next
three quarters. So almost 800 crores to 1,000 -- 900 crores is the cash outflow that we are going to have, which is what
was indicated also if you see in our long-term strategic planning, that whatever cash flow that we accrue in our
businesses close to 1,000 crore, out of that, 800 crores to 900 crores, we should be able to spend in this year.
Jigar Jani, Analyst

Sure, thanks. And just one last question. So you said there was an kind of non-recurring income of 8 crores in the
Packaging Films business in this quarter. Was there a similar non-recurring income in the Q1 FY16 quarter?
Page 21 of 36

No, no. There were no such income.
Jigar Jani, Analyst

Okay. Okay, thanks a lot, sir. Thanks. That's all.
Operator
Thank you. We take the next question from the line of Ritesh Gupta from Ambit Capital. Please go ahead.
Ritesh Gupta, Analyst

Yeah. Hi, thanks, sir for taking my questions. The first one is, even if I adjust for this 8 crore one-off, I still get margins
of about 15% for Packaging Films and I think standalone and subsidiary, both have done similar margins. So -- and
historically in bad times, actually, you have done as low as 5%, 8% sort of margins in Packaging Films. So should we
take like 15% as a new normal driven by your product mix and your cost efficiency measures or you think this can go
further down if that -- I mean, if down cycle, it should speak?

See, it is not related to the market. It's difficult for us, how the various lines which are in the pipeline, when they start
actually producing, because considering the present scenario of reduced margins and so on, many people have put their
lines on hold. Now if supply doesn't come through in the next couple of quarters, we should be good and we should be
able to maintain this.
But if the supply comes in transit, because as many as five to six lines in India has been announced, which are in
private [ph] right. So, if they do get deferred, yes, there will be a -- the softness which is continuing now, may remain at
this level, may not go down further, but if couple of the lines come, that can go down. So our consideration, as I said,
we have reduced our COC, our COC in the Indore plant is one of the lowest in the competition. So that is what we keep
on working on the cost side.
And on the other side, as I said, all the big and organized player, we continue to tie-up with them, we continue to lock
our quantities with them at a good premium and by concentrating on the value-added products. So these strategies will
continue to work on and hopefully, we should be able to maintain the margin, maybe 1% or 2% here and there can
always happen because of the market realities are -- probably that we need to deal with going forward.

But you would still yourself to be in double-digit numbers?

I said, already in India the margins are down by 60%?
Page 22 of 36

Correct.

In the polyester film. Now, if they were to further go down, people will start bidding. I don't think that it can go down
beyond a point when the people start making cash losses, who will run the plant. And we are not making -- we are only
making profit at this point of time. And if this supply goes out of the market, the plant shutdown, we should be able to
come back.

So we should give credit to the improved product mix and cost efficiencies for the margin improvement that we have
seen in this quarter?

Yes, yes. Very well said.

Okay. Thanks so much, sir. And the second question I have in mind is the R134a volume. I mean, you did about 7,000,
7,500, you're going to see benefits from this China import duty bans and all that. Any volume growth -- what kind of
volume growth we can expect? Should we expect full utilization this year itself or it might go to the next year for full
utilization?

We are seeing good traction of 134a in India, as well as export market and therefore, this quarter in any case was a
seasonal quarter where the demand was more. We may not be able to replicate this in the succeeding quarters, but
overall as the year end because the fourth quarter of the year is also generally better, the January to -- and in US, it is
also better in the first quarter and the last quarter.
So other quarters are not that great, but we believe that the way it is catching up we should be able to have utilization, if
not this year 100% maybe 90% or so, which should keep us in good state by reducing the overall cost of production and
improve our margins.

Right. And sir, on R32 so I think domestic demand will come up gradually, but would you have a ready exports market
for R32 to see, say, good utilization levels for 5,000 capacity that you have in R32 going forward? I mean --

I think that's true. Global demand is there but recently we were expecting the US to put an anti-dumping on R32. They
have not put, they have only put on the some blends. So to that extent, so let our plant get stabilized, then we will know
Page 23 of 36
what kind of a course, what kind of a margin can we really see, because as I said, this is our own technology, and we
are taking little time to stabilize it.

Right. And sir, on, -- last question from my side on agri, clearly this issue has been lingering on for couple of quarters
and it's more of an industry scenario, but do you -- have you seen any improvement? Because once you start seeing that
the inventory cuts have stopped and then only you can see a gradual inventory buildup also. So you might -- you will
get an indication, say, two, three quarters before you start actual supplying. So have you seen any kind of
improvements in terms of --?

In this quarter it is difficult to say. As I said, this quarter our strategy was to move more on the pharma side and that has
helped us. Agro, I mean it is anybody's guess, whether it can happen in two quarters or three quarters, but as of now,
there are no great indicators of it revising at least in the next couple of quarters.

Okay, okay. And can pharma help you to say get to 15%, 20% growth rates on a full year basis?

Very difficult to say, but as I said, the long-term story is what we can talk. This intervening period something will
happen and we will do our best to maintain our margins as I said, and the bottom line rather than the revenue growth.

Sure, sir. Thanks so much, sir. That's all of my questions.
Operator
Thank you. We take the next question from the line of the Dheeresh Pathak from Goldman Sachs. Please go ahead.
Dheeresh Pathak, Analyst

Yes. Of your guidance which is 3,500 crores for next four years and you said 70% is for the Chemicals business. Can
you further break that down to how much would be for the fluoro specialty chemicals?

See, that is very difficult to break it, as I said, to somebody else -- the other gentlemen has also asked the same
question. It just depends on the opportunity at a point of time like we are rebalancing the whole thing. Now we have put
in the CMS, the plant that we just now announced of 165 crores, that is linkage ultimately with the specialty chemicals.
So we have announced this for CMS, which is known more of a Fluorochemical business but the chloroform of that is
getting utilized in R22, R22 is getting utilized in specialty chemicals. So it is very difficult for us to dissect between the
Page 24 of 36
two. That is why we continue to show this as one segment.

There is a lot of overlap between the two. Like MDC gets also utilized for the purpose of R32. There are 1234yf that
we are going to develop will also use some of the R22 and R32 gas. So this is so interlinked, it's difficult for me. So
we'll see as we go along that where what investment is required in this entire value chain.

But earlier --

That is the way we decide. We won't be able to dissect.

Earlier we used to talk about 250 crores, 300 crores of CapEx within the Specialty Chemicals business.

That we are also evolving. We are also learning that what kind of -- we need to create a base for the specialty chemical,
250 crores, 300 crores in any case is a past figure, now you are seeing much more than that in the next two years, we'll
have little more.

Yeah. But (multiple speakers) specialty chemicals (multiple speakers) giving. Okay. And can you give your total
capacity for R134a now?

Capacity is about 12,000 or so. Nameplate capacity is 12,000, typically you have only 90% to 95% production.

And you're saying by next year FY18 you expect full utilization, is it?

Yes. We should have.

Okay. And for this year, how much do you think the utilization will be?
Page 25 of 36

As I said, this was a seasonal month and this was a quarter of seasons. We may -- like last year we did close to 7,000,
this year maybe 8,500, 9,000 that's the kind of numbers.

Thank you.
Operator
Thank you. We take the next question from the line of Paresh Jain from Max Life Insurance. Please go ahead.
Paresh Jain, Analyst

Sir, good afternoon, and congratulation on a good set of numbers.

Good afternoon, Paresh. Thank you.

(Foreign Language) Sir, just wanted to understand you made a reference that on the packaging side, some of the people
are not putting up capacities because of the downturn. So is it the existing lines that have been announced already or
new capacities besides the six or seven lines that we already know about?

See, this is a market news, I don't know really exact details, but there were about five, six people who were to -- who
have ordered the lines with -- there are only two suppliers, Bruckner and the Dornier. So we believe that they are sort of
delaying on one Petex [ph] or the other, the supply of the line, because we keep on pushing for our line to be supplied
earlier and then we understand that some of the people are only delaying that. Not now let's wait for a quarter or so,
because the overall scenario at this point of time is not very good. Margins have plummeted a lot, eroded a lot in India
particularly. So, we don't know how much will they defer it, will it be a quarter, two quarters or ultimately what will
they do is their call. I can't comment, but there is a general feeling and rightly so because of the margin going down, the
new players are thinking twice what to do and when to do.

No, but is it for the -- the deferment is for the existing five or six lines that were announced earlier.

It is what we are talking. We don't know about the new lines, if somebody is having in his mind and he has not yet
announced, we have no ways of calling that.
Page 26 of 36

Okay. Right. And but we are going ahead with our expansion?

Yes, 100%.

Okay. And this downturn, because if my understanding is correct, they haven't -- there hasn't been any new capacity
that could have come up in the last one odd year, right?

Last one odd year, I think one was that Shikhar Gutkha [ph] or something. I think some line, if I -- some whack my
head or Shikhar one of these guys had come in last year, that's my recollection. I can verify and let you know.

Okay. But so is the pressure because of some new lines that would have come up in the last one or two years or is it
because of demand being weak?

Absolutely, because our supply is far in excess of the demand in any case. Over a period of time if the demand goes a
little -- it gets reduced obviously the pricing will take a hit.

Okay. Okay. Fine, sir. Thank you.
Operator
Thank you. We take the next question from the line of Rohan Gupta from Emkay Global. Please go ahead.
Rohan Gupta, Analyst

Hi, sir, good afternoon.

Good afternoon, hi.
Page 27 of 36
Sir, first question I have on the refrigerant business in domestic market, some of your peers has benefitted actually from
the lower fluorspar prices and lower input costs. So having also benefitted from the similar kind of input cost and that is
--
Operator
Mr. Gupta, I'm sorry to interrupt, but your voice is not --

It's very feeble.

Sir, is it better now.

Yeah. It's better now. Tell me.
Operator
Please go ahead.

Okay. Sir, I was just comparing the numbers and some of the peers in the industry has benefited from lower fluorspar
prices in the refrigerant business. Have you also seen some benefit of the low input cost in your -- and that has helped
your margin expansion in the Chemicals business?

See, this is all some total of some commodity prices if they go down they do help little bit because this is -- yeah, this
fluorspar in any case is a very small component of the overall cost of production. It is more to do with other parts. But
yes, some little bit, but not very significant on that account.

Because you reported roughly 26% EBIT margin in Chemicals segment. So just wanted to understand, is this coming
from refrigerant business or overall change in your Specialty Chemicals business product portfolio?

The sum total of both.
Page 28 of 36

Both? Okay. Sir, second your CapEx on this chloromethane, we understand that a large part of that will be going for
meeting your captive requirement. But sir, it will be then driving your margins, I mean right now, if you can quantify
what kind of quantity you are importing of MDC, chloroform and CTC and would this chloroform -- chloromethane
plant would be able to reduce all the imports? And then, what kind of additional EBITDA we can expect from this
plant?

See, now MDC will be sold in the market. MDC maybe a little bit gets used in R32, but otherwise it is going to be sold
in the market and India is short by 1,50,000 metric tonne overall.

Okay.

Of which, our production from this line 40,000 -- about 20,000 to 24,000 MDC we will produce.

20,000 to 24,000?

Yeah. 20,000 to 24,000 against a shortfall of 1,50,000 the selling 24,000 should not be a problem. And on the
chloroform, we are already going forward we may be short on our existing production out of the 40,000 tonnes CMS
plant that we already to put up, that generates about 12,000 tonnes of chloroform, whereas our internal requirement
itself is about 18,000.

18,000 of chloroform requirement is right now?

18,000, yes.

Yeah. So out of this 12,000 tonnes can be contributed by this plant?
Page 29 of 36
Correct, correct.

Okay. So we will still be buying 6,000 from outside, but that --

We have an existing capacity of 40,000 CMS. We are going to add another 40,000 of CMS.

Okay. Okay. Okay.

What cumulatively will produce something like 20,000 to 24,000.

24,000. Okay.

We have an existing demand of chloroform of 18,000.

Okay, okay, okay. So that is also considering the future demand of chloroform which you may have?

As I said, chloroform gets used in R22, R22 goes in specialty chemicals all of that. So we have to provide for that
growth.

And sir, what is the number for the CTC?

What is it? CTC --
Page 30 of 36
Yeah.

Almost maybe about 5% of the total --

Okay. So that is a very small quantity that will be coming from CTC.

That also gets used in agro chemicals.

Okay, okay. And sir, what is the timeline for both of this CapEx, sir?

We said know as far as this CMS is concerned, we are targeting December 2017 and this multipurpose plant also
similar timeline, maybe 17, 18 months is what --

December '17 for both the plant?

Yeah.

Fine, sir. That's from my side. Thank you.

Thank you.
Operator
Thank you. We take the next question from the line of Bhabani Prasad Dehury from Narnolia Securities. Please go
ahead.
Page 31 of 36
Bhabani Prasad Dehury, Analyst

Hi, sir, and thanks for the opportunity. Sir, my first question is that, how you see the asset turnover ratio for your
packaging business and some of the outlook for this business?

Outlook, I said in the long-term, we will be continue to remain the lowest cost producer, more value-added products,
dealing with the organized sectors and we are here in for good and we are able to sell almost all the plants, I mean
100% production. We have never had a situation of closure, some place will keep coming whenever there's some
capacities come in a state, you will have a -- in any case the supply overhang already exist and if the more supply
comes there will be challenges but we have our own strategies of meeting that challenge. And this year, as I said, the
margins are at historically low level and they should improve going forward, but it takes about -- there is always a cycle
in the commodity, so that I think the lower cycle has just begun. It may go a little more for another couple of quarters.

So, how you see --

And I'm sorry I forgot --

Hello?

Asset turn, you said asset turn, see almost in case of this commodity thing, asset turn almost 1:1 by the times (multiple
speakers) at 1.25 (multiple speakers).

How you see your asset turnover ratio this business? I'm saying how you see your asset turnover ratio for packaging
business?

That's what I'm saying, it is normally 1:1.

Okay.
Page 32 of 36

It can improve to 1.25, 1.5 depending upon what kind of value-added products you produce and that component of that,
because that will give you a higher turnover on the same capacity.

Okay, okay. So, sir, how you see your debt equity ratio going ahead?

Debt equity ratio will only improve as internally we have a plan of maintaining our debt at the same level and we'll
keep on making all our investments largely through internal accruals. So from some -- for some point of time there
might be a blip if the cash flow requirement is earlier than the expected availability of accrued amount, but that will be
only short-term, largely it will remain at the same level. So the network will keep on improving and our debt equity
ratio will keep on going down.

Okay. Sir, what is the CapEx plan for your packaging business for the next two years?

No we have not yet firmed up any plan. We said that overall next four years 3,500 crores we will be investing, of which
70% will go to chemicals and the balance will go to other businesses depending upon what kind of opportunity to the
present going forward.

Okay. Okay. Thank you, sir. Thanks from my side.
Operator
Thank you. We take the next question from the line of Abhishek Jaiswal from Ratnabali Capital. Please go ahead.
Abhishek Jaiswal, Analyst

Thank you for taking my question, sir. Congratulations on the good set of numbers. Sir, broadly speaking, I wanted to
understand your NTCF business first, because going through my research I have came to know that India's demand is
roughly 1.26 lakh tonnes, if I'm correct. And out of which SRF fulfills roughly 40% to 50%. So broadly speaking, sir,
where do you see this demand going forward? And if you could share your production volume and realization per tonne
for that?
Page 33 of 36
See, NTCF is -- India is short, as I said, the demand and the capacity, demand is much more than the capacity, but
unfortunately the growth is not very much on, at least on these buyers and the tyres because the radialization is
happening a lot and therefore, the tyre companies are doing that, in which we are not going to be present. So for us, if
you just look at the NTCF is not a growth business for us, it's a cash cow. We will maintain our capacity, we will make
the modernization, upgradation wherever required. And hopefully, we should be able to sell our quantities entirely
going forward. Even in the next near future, I mean next 15, 20 years we shouldn't have any problem in selling our
capacity.
And we have good margin, you can see that from the segment report TTB has performed very well, and as -- in terms
of the margin that can give you a sense of about the capacity, I think we have a capacity of nearly 50,000 metric tonnes
or so, 60,000 metrics tonnes or so.

Okay, sir. And if you could also throw some light on your Technical Textile modernization of that? So how do you see
it going forward?

As I said, whenever something is required because see these are old plants, and obviously you will require some 50
crores, 60 crores going forward to set right certain things. But as I said, this is not being a growth business, it's not
going to be having very huge CapEx's going forward. Just the maintenance and upgradation.

Thank you, sir. If I have any question, I'll come back on the line. Thank you.
Ranjit Cirumalla, Analyst

Hi, operator, can we have the last question, please?
Operator
Sure. We take the last question from the line of Dikshit Mittal from Subhkam Ventures. Please go ahead.
Dikshit Mittal, Analyst

Yeah. Good afternoon, sir.

Good afternoon.

Yeah. Sir, was there any element of inventory gain in Technical Textiles segment?
Page 34 of 36

Not much, because this -- prices of this -- what do we call that caprolactone is only more or less remained at the same
level because two does not improved and therefore, the prices remained the same, not much inventory gain what have
been said.

Okay. So entire improvement is because of product mix improvement, you said coated and laminated are doing well.

Yeah, that is one and there are also good demand, better demand of this NTCF also pre-monsoon. So the volumes are
good.

Okay. And sir, secondly, you mentioned the margins are very weak in the film business. So because I understand you
are presently only in the BOPET side of the business. So what about the, sir, margin in BOPP, is that a similar
weakness there also or is this always better than --?

See, presently we have only in South Africa. And as I said, this quarter has been good. As per expectation whatever we
produced, we sold off. But in the current quarter, July, August, September the demand is a little weak and of course, the
margins are also under stress there a little bit, July-August, which we hope to see a revival in the next quarter, because
that is a pre-festive season, so October, November, December should hopefully be a better and we should be able to
make up for that.

No, sir, I was asking in domestic market, you mentioned the film margins are very depressed at the --

Domestic market is the prices are at historically low, the margins are lower. People are making contribution losses.
Some of our -- and BOPP we don't have any presence in India as of now. But our BOPP will be up and running in 2018
FY and therefore, by that time -- and in any case, see, we count ourselves a little differently from the market and we try
to do a little differently, the same business. We shouldn't have a problem and BOPP is also targeted for export, so
similar quantity will be exported also and the domestic we should be able to do that better.

Okay. Sir, you would have some sense like BOPP players are also seeing losses in terms of commodity side of the
business.
Page 35 of 36

Sorry, I'm not aware, I'm not up-to-date on BOPP, because so far we have not entered the market in India.

Right. Okay, okay. Thank you, sir.

Thank you.
Operator
Thank you. That was the last question. I now hand the floor over to the management for their closing comments.

Thank you very much for the participation. And I hope we have been able to attend to your queries and this thing, if
you still have any doubt, you want to have some specific query, you can send a mail and maybe we'll be appropriately
able to guide, okay? Thank you.
Operator
Thank you. On behalf of B&K Securities, that concludes this conference. Thank you for joining us and you may now
disconnect your lines.
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Page 36 of 36

SRF EarningsCall1 SRF IN 2016-09-16T12 23 30 EARNING

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SRF EarningsCall1 SRF IN 2016-09-16T12 23 30 EARNING

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Company Name: SRF Market Cap: 93,302.

57 Bloomberg Estimates - EPS

Q1 2017 Earnings Call

Ranjit Cirumalla, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

commercialize new molecules for agro and pharma sectors.

Questions And Answers

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Jignesh Kamani, Analyst

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Nihal Jham, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst

Anoop Joshi, President, Chief Financial Officer and Company Secretary

Niket Shah, Analyst