Grasim' 2QFY22 operating profit was 7% below our estimate due to lower profits in the Chemical segment (OPM down 4.9pp QoQ v/s our estimate of a 1.3pp improvement). Volume/EBITDA was 10%/16% above our estimate. The management said the impact of price hikes will be felt in 2HFY22 and margin should improve in the Chemical segment. We have reduced our FY23E standalone EBITDA by 7% to factor in higher costs for the Chemical business. We value the standalone business at 6x Sep'23E EV/EBITDA and other listed subsidiaries at a 40% holding company...