Revenue came in 6% above our estimate in 1QFY22. Commodity cost inflation impacted the ECD segment the most. However, OEL's cost saving program Sanchay' arrested the decline in gross margin. EBITDA margin stood 110bp below our estimate of 6.4% due to commodity cost inflation pressures and negative operating leverage. Adjusted profit stood at INR50m v/s our estimate of INR79m. Working capital stood elevated owing to higher inventory and marginal increase in receivables. While working capital days is expected to...