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1) SRF: R-22 price rose to Rs346/kg (+3.4% QoQ) in Q4FY23-TD; volumes were up 179.5% YoY to 0.91kte. In packaging films segment, spreads contracted QoQ for both BOPET and BOPP, which will put pressure on SRF’s packaging films margin.
2) Gujarat Fluorochemicals: PTFE price jumped 6.5% QoQ / 15.8% YoY to Rs1,090 while volumes fell 28.6% YoY to 0.94kte. Other fluoropolymer price was flat QoQ, and volumes surged 3.1x YoY to 314te. 3) Archean Chemical: Bromine price dipped 1.1% QoQ, volumes dipped 37.6% YoY to 0.85kte while SOP price dipped 17.4% QoQ. 4) Clean Science: Q4FY23-TD margins were likely affected by 10.8% QoQ dip in guaiacol price to Rs343, partly offset by 11.3% QoQ decline in phenol price to Rs91. 5) Galaxy Surfactants: Lauryl alcohol price dipped in Q4FY23-TD to Rs135, down 8.6% QoQ. This should help Galaxy improve its volumes due to reducing cost pressures on FMCG companies. 6) Rossari Biotech: Four key raw  material prices have started falling, which has aided margin improvement. 7) EPL: Should see some relief in margin pressures due to fall in polymer price (down 7.7% QoQ). 8) Sudarshan Chemical: Pigment prices were down 4.4% QoQ and volumes were down 35.1% YoY to 6.6kte. 9) PCBL: Carbon black export price fell 11.5% QoQ to Rs111 and export volumes were down 19.3% YoY.

SRF Ltd: Packaging films spreads declined

* R-22 price jumped 3.4% QoQ (42.8% YoY) to Rs346 in Q4FY23-TD. Fluorspar (acid spar) price inched up 0.3% QoQ / 25.2% YoY to Rs39. R-22 spread (to fluorspar and chloroform) was Rs233 vs Rs213 in Q3FY23. R-22 price rose to Rs346, up 1.6%
   MoM, in Jan’23. Export volumes rose 180% YoY to 0.9kte. R-22 export volumes have started to grow again after a steep decline in CY22. We would wait to see sustainability in volume growth in R-22 which is among highly profitable products.
* MDC (methylene chloride) price rose 14.4% QoQ / down 30.1% YoY to Rs47; methanol and chlorine prices have increased. Our analysis suggests spread/margin
   in MDC for SRF should be lower QoQ. MDC import volumes fell 83.1% YoY to 1.5kte. MDC prices were down 13.6% MoM to Rs47 in Jan’23.
* NTCF price was down 13.5% QoQ / 44.5% YoY to Rs107 in Q4FY23-TD. Caprolactam price dipped 6.6% QoQ / 13.9% YoY to Rs136. NTCF-caprolactam spread was negative at Rs29 vs negative Rs22 in Q3FY23. Notably, NTCF import
   volumes rose 97.9% YoY to 3.5kte on a low base (volume dipped 42.5% MoM in Jan’23).
* BOPET price was down 4.3% QoQ / 16.2% YoY to Rs132. PTA price declined 8.9% QoQ / rose 10.6% YoY to Rs63, and MEG price was up 8.0% QoQ, but down 10.8% YoY at Rs44. BOPET-PTA/MEG spread contracted 2.6% QoQ and 31.5% YoY to             Rs63 (vs Rs64 in Q3FY23). On MoM basis, spread rose 0.5% to Rs63 in Jan’23.
* BOPP price dipped 11.9% QoQ / 22.1% YoY to Rs147 while polypropylene (PP) price rose 2.1% QoQ / down 11.3% YoY to Rs83. BOPP-PP spread contracted 25.1% QoQ / 32.8% YoY to Rs64 (vs Rs85 in Q3FY23).

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