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Motilal Oswal Report
SRF Ltd.'s reported another subdued operating performance in Q3 FY24 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 2 times YoY).
We cut our FY24 Ebitda estimate factoring in the sub-par performance of the chemicals and packaging businesses in Q3 FY24, while largely maintaining our FY25E/FY26E Ebitda.
We value the stock on an SoTP-basis to arrive at our target price of Rs 2,250. Reiterate Neutral.
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