While the prices of raw materials are at multi-year highs (despite flat to lowsingle-digit increases in wheat and sugar costs), ongoing price increases / grammage reduction would support margins going ahead. a) The long-term opportunity in Foods, b) rapid distribution expansion by BRIT, c) success in low-unit packs (LUPs), d) an extremely healthy track record on the topline and earnings, e) ongoing market share gains for several years, f) high ROEs of ~40%, and g) inexpensive valuations of 43.6x FY23E lead us to maintain our BUY rating....