3 November 2018 SRFs revenue increased 48.9% YoY Revenue grew 42% YoY to INR36,566m. EBITDA increased 56% YoY to INR6,440, with the margin expanding 160bp YoY. Adj. PAT grew 49% YoY to INR2,992m. For 2HFY19, we expect revenue growth of 31% YoY, with margin expansion of 130bp YoY. After robust growth in Chemicals (+33.8%) and Packaging (+52.3%) in the previous quarter, SRF took further strides with growth of 56.6% and 69.5% YoY, respectively, in 2QFY19. Technical Textiles business, too, recovered with growth of 30.3% YoY in 2QFY19 (after de-growth of 1.2% in 1QFY19). With growth drivers for all segments in place and Specialty Chemicals likely to revive, SRF is in a sweet spot for a stellar 2HFY19, in our view.