High commodity prices; limited scope to curb margin fall Operating margins FMCG Coverage (%) Our coverage universe is likely to witness 40 bps operating margins contraction but ex-ITC, margins are likely to fall 240 bps. The quarter has seen a steep increase in commodities costs with Palm Oil, Copra & crude prices risen sharply. On a YoY basis, average palm oil & crude prices were 2x & copra prices were up 20%. Though palm oil & copra prices started cooling off in May-2021, the impact of the decline would not bring immediate...