Takeaways from Q1FY23: (1) Strong volume growth and higher realisations resulted in higher YoY growth of international business; India business grew only 8% YoY (due to delay in plantation), (2) gross and EBITDA margin were up 39bps and 51bps YoY, respectively due to better realizations, and (3) Europe business faced some headwinds due to Russia-Ukraine conflict.