Madhav Marda

I think you kind of answered it in the previous question, but on the quota for R32, people are now setting up capacity at the fag-end of the quota determination period. How do you see those capacities playing out?

Understood. And just a second one, on the agro business, any view on when do you see the cycle picking up, like what could be the lead indicators that one could look out for to get a sense on when this could pick up again for us.

I just wanted to check on the ref gas pricing, so obviously there has been this decent increase in price coming out of China for exports of HFCs. Just wanted to understand how does that pricing contracts work in India and in the key export markets like Middle East and US like, are these quarterly contracts or monthly contracts, so basically the impact of the increase like over what duration of time does it start…

Yes, that is what my question was that given some of this price increase has been more recent, is there some price hike benefit which will flow through more in Q4 versus Q3 in our key markets? Is that the right way to think?