R-22 prices dipped slightly to Rs242/kg (down 5.8% QoQ / up 36.4%) in Q4FY22, but volumes were down 34% YoY to just 3.7kte, which suggests pressure on prices will continue. This means SRF’s ref-gas revenue and EBIT margin benefits are coming entirely from the HFC portfolio. Some volume impact is due to shutdown of Gujarat Fluorochemicals’ (GFL) plant, but we are not worried as companies sell their entire quota allocated for full year.