Despite a challenging start to the financial year (Q1 revenue down 51% YoY), TTK staged an impressive recovery by exiting FY21 with revenue growth of 5% YoY. Supply chain issues faced in H1FY21 largely stabilised in H2FY21. E-commerce was the key segment to drive sales growth for the year (~20% of revenues) but momentum in other channels (MBOs, LFS, Prestige Xclusive) also picked up pace in Q4FY21. Among categories, on the back of new launches, cookware segment outperformed (16% of revenues) with healthy sales growth of 16% YoY in FY21. The cookware division posted its...