We are planing to establish a new DR site and need to replicate few VMs from primary data center.
VMware SRM is the only solution or vSphere Replication can do this job.
i believe vSphere Replication is cost effective when compared to SRM.
If you have Essential plus or higher licensing at both sites then vSphere replication is included and works well.. You do not need SRM however SRM is a very nice tool to automate recovery duriing a DR invokation.
vSphere replication will replicate all VMs from site A to site B
If you lose Site A you can manually bring all the VMs back online on Site B with only having vSphere replication HOWEVER if you have many VMs or you need to do all of this quickly then you will probably want to invest in SRM to do all of this automatically for you.
In essence, SRM does not do any replication so you will either want only vSphere Replication (Included with Essentials plus and higher - Unlimited VMs ) or vSphere replication and SRM
Hope this helps