While our FY22 estimates have undergone a massive cut as 2 nd wave has derailed the recovery process; our FY23 figures are broadly intact as we expect improvement in demand environment over the next 12 months. We believe there are clear near term margin headwinds amid aggressive discounting and RM cost inflation. Unless demand environment improves margins will continue to remain under pressure due to inferior sales mix (higher share of mass/value products which have lower margin). However, we believe VIP has done well on the cost management front (fixed cost savings...