accordingly Nocil expects full utilization by Sept 23. We increase our estimates for FY22/23E by 43.1%/17.7% as we increase our margin assumptions to factor in price hikes and higher margins. The volumes declined 12.8%QoQ, due to disruption at customers' end while realization improved over 20%QoQ. Nocil's growth prospects look promising given 1) strong demand traction in domestic and export markets 2) reduced competitive intensity as Chinese auto demand recovers and 3) likely imposition of Anti-Dumping Duty (ADD). Nocil, with new capacities...