We cut our FY22/23 earnings by 6.1%/ 4.7% given 1) disrupted peak season sales due to Covid-19 and 2) commodity inflation led margin pressure. Although VOLT expects festival season led spurt in demand, they remain cautiously optimistic and expect UCP revenues to be below FY20 levels given loss of sales in peak summer months. With unabated commodity inflation impacting margins, VOLT has initiated price hikes of 8-10% in CY21 and is confident of further fortifying its RAC leadership (26.7% market share) while maintaining margins at 11%-13% led by 1) wide distribution reach (22,000...