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. In the packaging film segment, spreads have increased for both BOPET and BOPP. This is despite anticipation of spreads contracting due to new capacity expansion. We expect higher margins to continue helping SRF’s domestic packaging film business. Lauryl alcohol price rose again in Mar’22 and is now at Rs191, up 21.5% QoQ. Inflation in Rossari Biotech’s four key raw materials has kept the company’s margins under pressure. Pigment prices have increased (good for Sudarshan Chemical) on QoQ basis, but RM inflation looks fa...