In FY21, Siyaram re-engineered its cost structure with significant rationalisation of overheads including marketing spends. Operating overheads declined 42% YoY in FY21. The management expects 25% of cost savings to be sustainable in nature, going forward. Gross margins (including processing charges) deteriorated by ~820 bps YoY to 35% mainly on account of higher liquidation discounts and schemes given to dealers and distributors. We expect gross margins to revert to normalised levels in FY22E. With a complete washout in Q1 (87% revenue decline), Siyaram...