We estimate our specialty chemical coverage universe’s revenue to grow 12.2% YoY (down 1% QoQ) in Q3FY23. EBITDA to grow 1.1% YoY (5.1% QoQ), however, excluding Chemplast, 15.9% YoY - 1) SRF’s EBITDA to dip (-7.3%) YoY on lower margin in non-chemicals, while chemicals business to continue its good show.