The cooker & cookware industry saw a robust uptick in demand led by accentuated preference for home cooked food owing to the pandemic. Revenue trajectory for Hawkins also accelerated with the company nearly covering up its lost sales of Q1FY21 (30% YoY de-growth) by 9MFY21. Revenue for 9MFY21 is now marginally down 0.5% YoY to | 525.1 crore. We believe higher discounting during initial quarters and change in channel mix may have led to gross margin contraction of 395 bps YoY to 52.0%. However, tight leash on operating expenses (down 6% YoY) resulted in...