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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

Overview of SRF followed by Concall excerpts Industry view Fluorine chemistry road ahead: Indian flurochem market is expected to grow at a CAGR of 11.6%, showing the sharpest curve across the global market. The growth in the fluorine-based intermediates segment will be the highest, more so with India moving towards in-house manufacturing of many actives and intermediates which were otherwise imported from China. SRF Business profile Chemicals ( Revenue share - 50.5%, EBIT share - 77.7% ) 1. Speciality Chemicals     -  Intermediates for AI / API / Applications     - Contract Manufacturing, Custom Research & Synthesis 2. Fluorochemicals      -  Refrigerants      -  Pharma Propellants      -  Industrial Chemicals      -  Fluoropolymers (Upcoming) Pa