Higher tea price impacted standalone gross margin by 840bp YoY to 30%. The consolidated EBITDA margin was impacted by 100bp YoY to 11.8%. Consolidated EBITDA grew 14% YoY on the back of 23% revenue growth. Performance across business segments has improved (Tata Coffee standalone and overseas operations and overseas Tea). India Food and Beverage business showed double-digit volume growth. Factoring in its performance in 3QFY21, we decrease our FY21E EBITDA/adjusted PAT estimates by 6%/2%, but maintain our FY22E/FY23E...