The company has implemented close to ~ | 170 crore fixed cost savings in FY21 (overall opex down 51% YoY in FY21). VIP believes ~50% (| 80-85 crore) would be sustainable in FY22E. Given the near term headwinds and Q1 being critical for VIP, we reduce our revenue estimates for FY22E. We broadly maintain our estimates for FY23E as we expect improved traction in the domestic travel industry from H2FY22 onwards. While revenue recovery may take longer, structural changes in fixed overheads will lead to faster recovery in profitability terms. The company is well placed on the liquidity...