SRF Ltd. — Investor Presentation 2025

Jul 24, 2025

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The Corporate Relationship Department, BSE Limited Ist Floor , New Trading Ring Rotunda Building, P.J. Towers Dalal Street, Mumbai 400 001

National Stock Exchange of India Limited “Exchange Plaza” Bandra-Kurla Complex Bandra (E) Mumbai 400 051

Scrip Code- 503806

Scrip Code-SRF

SRF/SEC/BSE/NSE

24.07.2025

Dear Sir/Madam,

Presentation- Earnings Call (Un-Audited Financial Results for the quarter ended 30.06.2025)

In continuation of our letter dated 18[th] July, 2025 informing about hosting of earning call to discuss UnAudited financial results for quarter ended 30[th] June, 2025, please find enclosed Investors presentation, of the same for your reference and record.

The same is also available on the Company’s website i.e. www.srf.com

Thanking you,

Yours faithfully,

For SRF LIMITED

Digitally signed by RAJAT RAJAT LAKHANPAL LAKHANPAL Date: 2025.07.24 14:00:02 +05'30'

RAJAT LAKHANPAL Sr. VP (CORPORATE COMPLIANCE) & COMPANY SECRETARY

Encl: As above

SRF LIMITED Block-C Sector 45 Gurugram 122 003 Haryana India Tel: +91-124—4354400 Fax: +91-124—4354500 E-mail: info@srf.com Website: www.srf.com Regd. Office: Unit No. 236 & 237, 2nd Floor DLF Galleria, Mayur Place Noida Link Road Mayur Vihar Phase 1 Extension Delhi 110091

Corporate identity No. L181010L1970PLC005197

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Q1 FY26 Results Presentation July 24, 2025

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Disclaimer

Some statements in this document may be forward-looking. Such statements are subject to certain risks and uncertainties like regulatory changes, local, political or economic developments, and many other factors that could cause actual results to differ materially from those contemplated by the relevant forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks related to an economic downturn in any of the countries where SRF Limited has its manufacturing and / or commercial footprint.

SRF Limited may, from time to time, make additional written and oral forward- looking statements, including communication to stakeholders. The company will not be in any way responsible for any action taken based on such statements and undertakes no obligation to publicly update these forwardlooking statements to reflect subsequent events or circumstances.

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2

Table of Contents

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01 02 03 04
Company Overview Q1 FY26 Results Q1 FY26 Segmental Outlook
Overview Performance
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3

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COMPANY OVERVIEW

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4 4

Snapshot

100+ 5 16 9,000+ ₹14,693 cr. Countries- Exports CountriesManufacturing Global Workforce Revenue Operations Facilities

38% 17% ₹ 2,970 cr. ₹ 1,251 cr. 45% Performance Technical Textiles & EBIDTA PAT Chemicals Films & Foil Others

On consolidated basis as on March 31, 2025

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5

Overview - Business Profile

Chemicals Performance Films & Foil No of Plants - 2 No of Plants - 8 EBIT - ₹ 1,665 cr. EBIT - ₹ 365 cr. Revenue - ₹ 6,691 cr. Revenue - ₹ 5,554 cr.

• Specialty Chemicals Films for Flexible Packaging • Intermediates for • Bi-axially Oriented AI/API/Specialized Applications Polyethylene Terephthalate

• • Contract Development & (BOPET)

• Contract Development & Manufacturing

• Bi-axially Oriented Polypropylene (BOPP)

• Aluminium Foil

Fluorochemicals

Technical Textiles No of Plants - 4 EBIT - ₹ 238 cr. Revenue - ₹ 2,029 cr.

• Tyre Cord Fabrics (Nylon & Polyester)

• Belting Fabrics

• Polyester Industrial Yarn

Others No of Plants - 2 EBIT - ₹ 69 cr. Revenue - ₹ 428 cr.

• Coated Fabrics

• Laminated Fabrics

• Refrigerants • Industrial

• • Pharma Chemicals Propellants • Fluoropolymers

On consolidated basis as on March 31, 2025

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6

Manufacturing Facilities

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FLUOROCHEMICALS &SPECIALTY CHEMICALS
2 National Operations
1. Rajasthan, India - Bhiwadi
2. Gujarat, India – Dahej
11 1 International Operation
3. Dubai
1
1 TECHNICAL TEXTILES
2a
2 2b 2c 4 National Operations
2d
1. Madhya Pradesh, India - Malanpur, Bhind
2. Tamil Nadu, India -
a. Manali
b. Gummidipoondi
International Operations
c. Viralimalai
1
2b
2a 3a 3b 3c 3
2c LAMINATED FABRICS
South Africa Thailand Hungary Dubai 1 National Operation
1. Uttarakhand, India - Kashipur
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• PERFORMANCE FILMS & FOIL 5 National Operations

• Uttarakhand, India - Kashipur 2. Madhya Pradesh, India -

• a. Special Economic Zone (SEZ) b. Bagdoon, Pithampur

• c. Industrial Growth Centre, Pithampur

• d. Jetapur

• 3 International Operations

• a. KwaZulu - Natal, South Africa

• b. Rayong, Thailand

• c. Jaszfenyszaru, Hungary

COATED FABRICS

1 National Operation

1. Tamil Nadu, India - Gummidipoondi

7

Market Leadership Across Businesses

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Specialty Chemicals

• Established relationship with marquee customers

• Strong tech capability – pilot to commercial; creating value through operational excellence

• Driving customer engagement and satisfaction through world class R&D, EHSand quality management

• Handling complex reactions -Halogenation, Ethylation, Hydrogenation, Nitration, Diazotization, Grignard, Cyanation, Isomerization, Amination, Organocatalysis and Decarboxylation

Fluorochemicals

• Unique and fully integrated facilities extending across a wide range of refrigerants and industrial chemicals

• Domestic leadership in HFC’s with strong trade distribution network; significant market share of Fluorochemicals in India with global scale operations

• One of the few global manufacturers of Pharma grade 134a/P - propellant in metered dose inhalers

• Among the top five global manufacturers of key Fluorochemical productsi

Performance Films & Foil

• Recognized for expertise in developing, manufacturing and marketing innovative, superior film products

• Flexible business model, strong and loyal customer relationships with tailored solutions; NPD Lab to ensure future readiness

• Highly efficient asset base offering value added products near customer locations

Technical Textiles

• Domestic market leader in Tyre Cord manufacturing and Belting Fabrics

• Significant share in India’s Nylon Tyre Cord market. 5th largest player globally

• 2nd largest manufacturer of Conveyor Belting Fabrics in the world

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8

Growth Levers

Build a Company known and respected for its R&D capabilities

Greater focus on ESG initiatives

• Benefit the communities where we work

• Embrace diversity, equity & inclusion

• Enhance focus on the 3R’s- Recycle, Reuse & Reduce

Focus on building high-end value-added products

Continue to build new competencies in the Chemicals Technology space

• Increase consumption of green/renewable sources of energy

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Nurture innovation through R&D

Reposition portfolio towards knowledge-based products

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Focus on building leadership businesses

Build and maintain market leadership in business segments

9

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Q1 FY26 RESULTS OVERVIEW

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10

Abridged Results Overview

Consolidated figures

Particulars (Rs. Crore)	Q1 FY26	Q1 FY25	% Y-o-Y
Gross Operating Revenue	3,818.6	3,464.1	10.2%
EBIDTA	850.3	645.9	31.6%
EBIDTA Margin (%)	22.3%	18.6%
Depreciation	203.2	188.2	8.0%
Interest	79.9	96.5	-17.2%
ECF (Gain) / Loss	-8.7	17.2
Profit Before Tax	575.8	344.0	67.4%
Profit After Tax	432.3	252.2	71.4%
Profit After Tax Margin (%)	11.3%	7.3%
Basic and Diluted EPS (Rs.)	14.58	8.51

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11 11

Results Overview - Financial Overview

Consolidated figures Key Financial Ratios

Particulars	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
EBIDTAMargin	22.13%	21.42%	17.69%	19.00%	20.90%	26.05%	25.30%	24.94%	20.88%	20.22%
PAT Margin	9.51%	10.87%	8.38%	8.33%	12.70%	14.26%	15.19%	14.54%	10.17%	8.51%
Net Debt to Equity	0.71	0.67	0.82	0.83	0.76	0.39	0.32	0.32	0.36	0.28
Net Debt to EBIDTA	1.97	2.11	3.01	2.42	2.48	1.24	0.87	0.88	1.49	1.19
Asset Turnover	0.70	0.68	0.66	0.72	0.66	0.65	0.79	0.79	0.64	0.68
Debtors Turnover	8.79	7.21	8.10	6.90	8.09	6.64	6.94	8.33	6.76	6.77

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Results Overview - Revenue Share

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Q1 FY26
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Q1 FY25
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Total – 3,818.6 Crs. Total – 3,469.8 Crs.
94.9 126.2
466.6 2.5% 525.3
3.6%
12.2%
15.1%
1,838.9 42.7% 1,482.0
48.2%
37.1%
38.5%
1,336.3
1,418.2
CB PFB TTB Others
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CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others

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13

Results Overview - EBIT Share

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Q1 FY26 Q1 FY25
Total – 694.2 Crs. Total – 484.4 Crs.
13.4 23.6
37.6
1.9% 67.7 4.9%
5.4%
14.0%
20.2%
140.2
86.8
17.9%
63.2%
72.4%
502.9
306.4
CB PFB TTB Others
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CB – Chemicals Business; PFB - Performance Films & Foil Business; TTB – Technical Textiles Business; Others

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Q1 FY26 - SEGMENTAL PERFORMANCE

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Chemicals Performance Films & Others Foil

Technical Textiles

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CHEMICALS BUSINESS
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Chemicals Business - Results Update

Consolidated figures

PARTICULARS	Q1 FY26	Q1 FY25	% Y-o-Y
Segment Revenues	1,838.9	1,482.0	24.1%
% Contribution to Revenues	48.2%	42.7%
EBIT	502.9	306.4	64.1%
% EBIT Margins	27.3%	20.7%
% Contribution to EBIT	72.4%	63.3%

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Chemicals Business

Specialty Chemicals Business

Key Highlights

• Segment reported healthy revenue and margin growth over CPLY

• Volume recovery for key agrochemical intermediates

• Momentum in recently launched products

• Capex of Rs. 250 Crores for setting up production facility for a new agrochemical approved by the Board

• Ramp-up of recently commissioned plants to further augment growth in FY26 and FY27

• Future-ready product pipeline to unlock growth opportunities

Market Trends

  - Agrochemicals market witnessing gradual demand uptick after inventory rationalization in FY25, though broad-based improvement still awaited

  - US tariffs & stringent global regulations creating some uncertainties

  - Stricter registration norms delaying some product launches for innovators

• Launched a new pharma intermediate

• Multiple AIs in different stages of development

• Strategic pricing initiatives and focus on operational efficiencies driven by cost optimization and process improvements, to help tackle competitive pressures

• Sustainability push accelerating carbon footprint reduction across chemical industry

• Pricing pressure due to low-cost Chinese supplies persists; likely to be the new normal

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Chemicals Business

Key Chemicals Technology Group

Chemicals Technology Group (CTG) is Equipped with state-of-the-art R&D actively engaged in the development facilities and an ingenious team of of new process technologies scientists and engineers 2 R&D centres in India – Bhiwadi, Key focus on high end molecules Rajasthan and Gurugram, Haryana Strong internal competencies and 2 new process patents granted capabilities in Q1 FY26

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153 Global Patents granted

494 Patents applied

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Chemicals Business

Fluorochemicals Business

Key Highlights

• Fluorochemicals Business delivered strong performance over CPLY

• Domestic market remained weak; some counter-measures implemented through export volumes

• Started commercial sales of our patented R467A

Market Trends

• Global demand for refrigerant gases remained stable

  • Tightening of demand and supply balance in China

• HFC phasedown period for India ongoing (2024–26)

• Subdued RAC production during Q1 FY26 when compared to CPLY

• AHF-3 plant getting stabilised

• Stable results from Chloromethanes segment

  • Upcoming in-cabin AC requirement for Commercial vehicles to drive ref gas consumption

• MDC pricing remained range-bound

• Improved sales of PTFE

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PERFORMANCE FILMS
& FOIL BUSINESS
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Performance Films & Foil Business – Results Update

Consolidated figures

PARTICULARS	Q1 FY26	Q1 FY25	% Y-o-Y
Segment Revenues	1,418.2	1,336.3	6.1%
% Contribution to Revenues	37.1%	38.5%
EBIT	140.2	86.8	61.6%
% EBIT Margins	9.9%	6.5%
% Contribution to EBIT	20.2%	17.9%

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Performance Films & Foil Business

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Key Highlights Market Trends
• Improved performance as compared to CPLY: • Overall, global demand for BOPET and BOPP was stable
o Higher realizations and increased volumes of BOPP leading to
better margins • BOPP faced supply shortage in Indian market leading to price increase
o Strong portfolio of high-impact VAPs and corporate customers and higher capacity utilisation
base, supported performance
o Higher freight costs and prevailing Chinese competition • BOPET Indian market demand steady; however prices softened
impacted Thailand performance
o Hungary’s performance improved aided by lower energy costs • Demand for sustainable structures continues to rise globally
and exports to mainland Europe
o South Africa continues to deliver stable results
• Southeast Asia continues to face pricing pressure amid regional
o Aluminium Foil performance improved with higher volumes in
oversupply
domestic and export market
• Board has approved a new BOPP line and metallizer at a projected cost
• Anti-dumping duty in India on imports of Aluminium Foil from China
of Rs. 490 Crores at Indore; to be commissioned in ~24 months
lead to higher realisations
• Sustainability trends continue to drive demand for BiLam, PCR films,
and monofamily structures
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TECHNICAL TEXTILES
BUSINESS
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Technical Textiles Business - Results Update

Consolidated figures

PARTICULARS	Q1 FY26	Q1 FY25	% Y-o-Y
Segment Revenues	466.6	525.3	-11.2%
% Contribution to Revenues	12.2%	15.1%
EBIT	37.6	67.7	-44.4%
% EBIT Margins	8.1%	12.9%
% Contribution to EBIT	5.4%	14.0%

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Technical Textiles Business

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Key Highlights
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• Technical Textiles business’s revenue declined when compared to CPLY

• Nylon Tyre Cord Fabric volumes and pricing was lower due to subdued domestic demand

• Belting fabric exports saw growth, though margins remained under pressure due to lower priced Chinese imports

• Healthy quarterly sales for Polyester Tyre Cord Fabric offset some of the negative

• Capacity expansion projects:

Market Trends

  - NTCF demand was lower when compared to CPLY

  - Revival in Tier II markets, rising demand for value-driven products, recovery in infrastructure and industrial sectors and increased government spending to improve BF performance

  - Aggressive import prices for BF from China continue to effect margins

• Belting fabric expansion ramping up post-capitalization

• New dipping machine project on schedule; to enhance future capacity

• Strategic focus on value-added products for sustainable market differentiation

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OTHER BUSINESSES
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Others –

Results Update

Consolidated figures

PARTICULARS	Q1 FY26	Q1 FY25	% Y-o-Y
Segment Revenues	94.9	126.2	-24.8%
% Contribution to Revenues	2.5%	3.6%
EBIT	13.4	23.6	-43.0%
% EBIT Margins	14.1%	18.7%
% Contribution to EBIT	1.9%	4.9%

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Others - Key Highlights

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Laminated
Fabrics
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• Q1 performance impacted due to subdued market conditions and demand softness in key segments

• SRF sustained its domestic market leadership in coated fabrics

• Commissioned 8 new looms and warpers, enhancing production capacity and operational efficiency

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• SRF retains price leadership in the laminated fabrics market, backed by consistently strong on-time delivery performance

• Margins remain under pressure due to industry overcapacity

• Stabilization of new knitting machines to enhance in-house fabric production

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SRF’s Community Engagement

EMPOWERING HEATHCARE

DHAR, MADHYA PRADESH

SRF Foundation , with support from SRF Limited , held a Health Equipment Distribution Ceremony , at PHC Nalchha, Dhar. Essential medical equipment was provided to 12 sub-health centers , boosting healthcare across Nalchha block, Dhar district, Indore (MP)

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SWASTHYA SEVA

BHARUCH, GUJARAT

In 15 villages of Bharuch, Gujarat, SRF Limited’s Mobile Health Dispensary is delivering regular OPD services and health education, bringing care closer to underserved communities

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OUTLOOK

Chemicals

Technical Textiles

Performance Films & Others Foil

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Outlook - Chemicals Business

Specialty Chemicals

Agrochemicals segment expected to pick up gradually

Work on AIs progressing as per plan

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Product funnel remains strong

Launch of new pharma intermediates as well as ramp up of recently commissioned facilities to drive growth

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Focus on cost structures and efficiency enhancement to counterbalance pricing pressure

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Fluorochemicals

Focus on maximizing HFC production

Overall RG market expected to be stable

CMS demand and prices to remain range bound; creating export ability to offset pricing pressure

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PTFE should witness traction with positive developments in FY’26 Ongoing capexes on track

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Outlook - Performance Films & Foil Business and Technical Textiles Business

Performance Films & Foil Business

Overall BOPP demand-supply situation Margins in Thailand under pressure to remain favourable in the domestic due to ongoing Chinese competition market

Hungary expected to perform better, with operational efficiencies kicking in

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Aluminium Foil facility to contribute Ongoing capex on Capacitor grade positively to the overall performance and CPP line to start-up in H2 FY26 in FY’26

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South Africa to continue performing well

Technical Textiles Business

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Demand for NTCF likely to be stable

Focus on high-end VAPs in BF and expanded capacity to be the future growth drivers

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Polyester Industrial Yarn and Polyester Tyre Cord Fabric sales to witness positive trends

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About Us

Established in 1970, SRF Limited is a chemical based multi-business entity engaged in the manufacturing of industrial and specialty intermediates. The company’s diversified business portfolio covers Fluorochemicals, Specialty Chemicals, Performance Films & Foil, Technical Textiles and Coated and Laminated Fabrics.

Anchored by a strong workforce of 9,000+ employees from different nationalities working across thirteen manufacturing facilities in India and one each in Thailand, South Africa and Hungary, the company exports to 100+ countries. Equipped with State-of-the-Art R&D facilities, SRF has filed 494 patents for R&D and technology so far, of which 153 have been granted. A winner of the prestigious Deming Prize for two of its businesses, namely Tyre Cord and Chemicals, SRF continues to redefine its work and corporate culture with TQM as its management way.

For further information please contact

Anoop Poojari CDR India

Email: noop@cdr-india.com

Tel: +91 98330 90434

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Thank You