Copra prices down 11% sequentially and 5% YoY. Expect GRM's to improve in Q3 and Q4, EBIDTA margin recovery by 4Q only due to inflation. We are cutting FY22EPS by 4.1% on input cost pressures and higher ad spends post 2Q22 while FY23/24 EPS is expected to increase by 0.1%/1.9% as margins normalize to ~19% range. We expect volume growth in both Saffola and Parachute to moderate to long term trajectory. Medium term outlook remains positive given that 1) Softening of Copra prices will aid...