GOLIL delivered a healthy volume growth of 19.5% for Q4FY18 driven by strong B2B sales. We expect this sale to stabilize and retail channel to grow faster than B2B channel in FY19. Raw material prices can increase, however, GOLIL can pass on any increase and protect margins. Volume growth of GOLIL would be around 3x of industry average, achieved by distribution expansion and increasing product portfolio. This growth would be driven by the new product launches, expansion of distribution channels and focus on gaining more OEM tieups. Improvement in the working capital cycle further improves the...