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Crude oil prices have increased ~38% over October-December 2020, in which a major surge came in December.
Further, since the start of Q4 FY21, crude oil prices have gone up 14% over January-March 2021, which percolated into many chemicals prices to reach considerably higher levels.
We believe given there was apprehension of higher crude prices on the back of a revival in economic growth along with ongoing supply cut by Organization of the Petroleum Exporting Countries, majority of the companies built up low cost inventory during Q3 FY21.
We expect this to provide a cushion to overall growth in Q4 FY21.
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