SRF delivered results above our expectations primarily owing to strong performance in specialty chemicals and higher pricing of refrigerant gases. While Revenue grew by 10% YoY, EBITDA and PAT grew by impressive rates of 38% and 71% respectively. The chemicals business registered strong revenue growth of 24% YoY along with ~660 bps of YoY margin improvement to 27.3%. Gradual recovery is being seen in the agrochemical vertical with most of the inventory rationalization complete. The Fluorochemicals part of the business was elevated by stronger pricing and some counter measures employed in the...