However, in light of emerging RM headwinds (packaging material and edible oil) and to bake in muted Q2 we cut our EBITDA/PAT estimates for CY21E/22E by 9%/11% and 11%/12% respectively and introduce CY23E. Maintain HOLD with unchanged TP of Rs. 18,600 as we roll forward our multiple to CY23E EPS.