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  Management Commentary -  First talking about the flexible packaging business. Although Quarter 4 was a fairly challenging quarter primarily for the commodity part of the business, however, the company could still post 10% EBITDA on the back of the specialty film portfolio. The results are clearly outperforming the industry.  Entire industry for BOPP and BOPET is under pressure due to over supply - During the quarter, commodity films’ margins, both on the BOPP and BOPET witnessed a further decline compared to the previous quarter impairing the profitability of the entire industry. The BOPP and BOPET industry faced excess supply scenario caused due to bunching of several new production lines. Although, the demand side continues to grow. The bunching of supply caused margin drop and impacted everyone in the industry. - Cosmo derive 2/3rd of the revenue from speciality films and 1/3rd from the commodity films (BOPP and BOPET) Margins are depressed compared to March 2022 - BOPP films’ mar