We cut our EPS estimates by 7.5%/2.1% for FY22E/FY23E respectively amid aggressive discounting (higher channel inventory due to low demand) and RM cost inflation (input costs are up ~60-70% on QoQ basis). Our earnings cut is steeper for FY22E, as discounting and inflationary pressures are unlikely to sustain beyond 12 months. In addition, we have r e-aligned our borrowing forecast (VIP aims to be debt free by July/Aug) and have baked in the benefits of cost reduction program (targeted savings of ~Rs1.8bn in FY21E; 50% is sustainable in nature) resulting in 220bps EBITDA margin...