We cut our FY22/23 earnings by 6.2% / 1.5% on soft 1Q given margin pressures on the back of 1) unabated commodity inflation and 2) various oneoffs/ non comparable costs. CP margins were negatively impacted due to 1) reallocation of costs (Rs12cr) from EPC to CP 2) increased A&P; spends (Rs29cr vs Rs14cr) 3) Delay in transition of logistics arrangement with Mahindra due to Covid (Rs5cr) 4) Employee incentives (Rs3cr) and 5) VRS in Hind Lamps facility (Rs2cr). However, with demand trend fairly healthy BJE...