We are increasing FY22/23 EPS by 7.2%/3.8% on the back of high sequential growth in margins as input cost inflation has peaked out. We believe outlook remains positive going forward given 1) strategy to push volumes working in high inflationary environment in Parachute and VAHO 2) Improved competitive positioning of Saffola 3) Foods on track to achieve Rs5bn revenue in FY22 and Rs8.5bn by FY23 4) Got-to-markets expansion through chemist channel in Urban and direct reach in rural by 25% increase in stockists in next 2 years and 5) Focus on digital brands to provide Rs4.5-5bn...