reduction LUP's in chocolates, Maggi and Milk products. Medium to long term growth drivers remain intact led by 1) sustained expansion in rural reach (only 20% of sales) 2) availability of capacity in Maggi 3) huge scope of growth in segments like coffee, RTD and Chocolates and 4) higher growth in channels of future like E-commerce (up 71% YoY in 1Q, 6.3% of domestic revenues). While we expect further pickup in growth in OOH segments, 4 th covid wave might be a risk in the near term. We expect near term margin pressure to sustain given inflation in Coffee,...