We upgrade VIP to a BUY (earlier under review) and increase our FY22/FY23 EPS estimates by 44%/5% respectively as demand recovery post 2 nd wave is significantly better than our original anticipation (sequential top-line decline of just 15.1% in 1QFY22 despite lockdown-like restrictions). However, bigger surprise was GM expansion to 50.9% (almost similar to pre-COVID levels) resulting in significant earnings upgrade for FY22. In the entire last fiscal, VIP faced headwinds on margin side with a fear that demand recovery will be back-ended and restoring margins to pre-COVID levels can be a tall task given...