India volumes, non-branded business aid growth momentum India tea volume and revenue growth was 7% and 6%, respectively, led by strong double-digit growth in Tata Tea Agni, Spice Mix and robust growth in Tata Tea Premium. EBITDA margins improved 96 bps YoY to 13.8% on account of favourable commodity prices. We expect 7% revenue CAGR over FY19-22E driven by market share gains, inorganic growth initiatives and premiumisation. We expect margins to stabilise at 14-15% led by cost saving initiatives and premiumisation strategy. On the other hand, non-branded...