SRFs Chemicals business maintained its revenue momentum with >25% growth for the seventh consecutive quarter, driving the companys overall performance. We expect large part of growth in FY21 to be driven by Chemicals with commissioning of HFC capacity and sustained momentum in Revenue came in 10% below our estimate, whereas EBITDA exceeded our estimate by 4%. Packaging Film revenue declined 9% YoY to INR6.4b, with the margin expanding 10.9pp YoY to 23.4% led by improved efficiencies, expanded product offerings and a higher contribution from value-added products. The board approved a proposal to set up dedicated facilities to produce intermediates catering to the agro-chemicals segment at an aggregate cost INR2.4b for new products and ramping up existing products (2,150 MTPA). The segment delivered a subdued performance owing to the slowdown in the auto sector and a drop in global prices of refrigerants on account of weak demand and the normalization of chloromethane product prices from peak.