5 February 2019 SRFs revenue increased 40.6% YoY to gross margin contracted 480bp YoY to 42.6%. EBITDA grew 43% YoY to Revenue grew by 41.3% YoY, with the margin expanding by 110bp YoY. Adj. PAT grew by 44.7% YoY. EBIT margin contracted by 200bp (to 14.9%) in Technical textiles, by 510bp (to 13.1%) in Chemicals, by 210bp (to 12.5%) in Packaging film and by 130bp (to 9.3%) in Others segment. The all-round margin contraction was largely driven by (a) raw material price volatility (higher fluorspar price in Chemicals and inventory loss of INR200m in Packaging film) and (b) fixed cost due to capex capitalization in Specialty chemicals.