Significant cost savings help restrict fall in margin Gross margins fell ~270 bps YoY mainly due to change in mix and delay in passing on higher raw material prices. However, sharp fall in advertisement expenditure (0.4% in Q1FY21 vs. 5% in Q1FY20), 44% and 27% YoY decline in employee cost and other expenditure during Q1FY21, restricted fall in EBITDA margin to 8.8%. The management expects a recovery in sales to...