Solid Q1=Low base coupled with Healthy demand momentum in domestic/export market We expect the companies under our chemicals coverage to report solid revenue growth (65.1%YoY) in Q1FY22 with 141.8% growth in profitability, mainly led by restoration of demand in end -user industries and low base (covid-19 had posed challenges in Q1FY21). We expect higher double-digit volume growth for most companies under our universe. Increased freight costs due to severe disruptions on supply routes impacted imports (since the last few quarters), leading to a surge in selective chemical prices in the domestic market. The growth trajectory from the export market looks promising with the commissioning of new capacity for selective players. We believe most of the...