Custom Text Formatting to change colour and text in cell based on value in adjacent cell

Hello..

I have been trying to color code the cell based on the cell value. if the cell value is Contra Font color should be in red and if its Opex should be in Green. I have tried something to do but seems like its not working as expected.

Attached is the sample sheet for reference. I dont wanna use Conditional Formatting here. just Custom formatting or next Text function with in IF statement.

Thanks,
Sri