Travis Perkins has announced a strong start to FY22. Q1FY22 sales surged by 13.6% yoy, led by strong demand in the merchanting business (+17.9% yoy). While we acknowledge the headwinds like economic uncertainty, inflation and manufacturing costs, Travis is relatively better placed due to the growing interest in energy efficiency projects and a healthy backlog in social and economic infrastructure work. We maintain our positive stance on the stock.