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ICICI Direct Report
Since the start of Q4 FY21, crude oil prices have gone up by ~35%, which percolated to many chemicals prices to reach considerably higher levels.
Since there has been a lag impact of passing on higher input cost to end users, we expect our universe companies to have able to pass on meaningful increase during this quarter and thereby assist sustainability/improvement in gross margins.
In terms of volume growth, since there has been restoration of demand across construction, auto, textile along with sectors being resistant during pandemic such as pharma, agrochemical, fast moving consumer good, it should likely have supported volume growth for most chemical companies during last quarter.
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