TTAN's 4QFY21 result was in line with our expectation (as guided by its end of quarter update). The factors that led to strong Jewelry demand were: a) decline in gold prices, b) robust wedding demand, c) absence of other avenues of spending on a wedding, thus boosting Jewelry sales, and d) gains from other organized and unorganized players. The latter would continue to boost Jewelry sales over the near to medium term. The three factors that affected margin in 4QFY21 were: 1) reversal of salary cuts made in 1QFY21, 2) lower proportion of studded sales, and 3)...