Huhtamaki India's (HIL) Q4CY21 performance was severally hit by a sharp rise in raw material costs and delay in taking price hikes. Gross margins declined ~683 bps YoY, mainly due to a sharp rise in raw material costs dragging down EBITDA margins by 473 bps YoY to 1.6%. On the topline front, revenues increased ~19% YoY to ~| 662 crore helped by a lower base. On a QoQ basis, revenues were down by ~1%. We believe lower revenue growth is attributable to pandemic led disruptions like unavailability of containers (hit export business), logistic issues and lower volume offtake of economic packaging products. The company reported a net loss of ~| 23...