PBIT for the UCP segment fell 300bp on account of elevated commodity cost and inflated prices of input materials. As VOLT had the advantage of low cost inventory as well as strong operating leverage due to volume growth, the margin contraction indicates higher competitive intensity in the AC segment. The management raised prices by 3-5% in Oct'21, but needs to take further hikes to offset margin pressures. However, it will wait for the demand to recover to raise prices further. Owing to its lagging 3QFY22 performance, we cut our FY22E/FY23E/FY24E...