SRF's 4QFY21 operating performance was robust on the back of margin expansion across segments (on a YoY basis). On a QoQ basis, EBIT margins have further moderated (-420bp QoQ) in the Packaging segment. SRF's performance over the last three years has been robust, with an earnings CAGR of 42% and stock price CAGR of ~34%. On the other hand, we expect the earnings momentum to slow to a 21% CAGR over FY2123, primarily due to a) margin contraction in the Packaging...