R-22 prices rose to Rs244/kg (down 5.0% QoQ / up 37.5%) in Q4FY22-TD, but volumes were down 81% YoY to just 325te. This could be partially due to plant shutdown for Gujarat Fluorochemicals, but we are not worried as companies sell their entire quota allocated for full year. In packaging film segment, spread has increased for both BOPET and BOPP. This is despite anticipation of spreads dipping due to new capacity expansion, while higher margins should keep helping SRF.