Sales came in above our estimate in 3QFY22. While gross margin was affected by steep material cost inflation, it was in line with our estimate. However, higher-than-anticipated ad spends led to a miss on operating margin. While input costs are expected to remain elevated, the benefits of price hikes would come into effect in 4QFY22 and should provide a sequentially better margin, notwithstanding sharp inflation further. Topline growth is key for a company with sales of just over INR20b. The likelihood of consistent 15% sales growth (essential for any re-rating)...