After showing some signs of stabilisation in Q3FY22, crude & palm oil prices (both up ~60% YoY), started shooting up from February-end due to RussiaUkraine crisis. This resulted in another steep rise in inflation for consumer companies. Most FMCG companies are likely to witness 200-400 bps gross margin contraction due to continued inflation in crude, palm, milk & wheat. Copra & tea prices are down 10-20% YoY. Gross margin contraction is likely to be offset by cut in ad & overhead spends. We expect a 25 bps contraction in operating margin for our coverage universe. TCPL would see ~400 bps expansion in gross as well as operating margin. We estimate 50-150 bps...