While Indigo’s most segments reported strong volume growth in FY22, its volumes/store declined slightly in FY22 owing to multiple reasons such as (1) aggressive rollout of new stores, (2) slowdown in Kerala impacted by covid and state elections. Kerala’s 18% population was impacted by covid (India: 3%) and it resulted in higher restrictions; state elections in Apr-May’21 also disrupted labour (painter) market