Tax rate guidance at 21.5%-22% going forward We are decreasing FY22/23 EPS estimates of Dabur India by 8.0%/5.7% on back of 1) higher tax rate guidance of 21.5-22% (18-18.5% earlier) 2) lower than expected growth in Health Supplements and Healthcare and 3) no margin expansion given input cost pressures. Dabur remains cautiously optimistic given that unlike last year, localized lockdowns would not impact discretionary portfolio and sharp pick up in immunity boosting products demand from 2 nd half of April. We believe that the company will be able to...