Consolidated revenue on like-to-like (LTL) basis grew 19% YoY, with volume growth of 16% YoY. leading to LTL sales growth of 21%. EBITDA margin a percentage of sales (-380bp YoY) and other operating expenses were lower. Wholesale channel contributed to 40% of turnover in 1QFY19; (2) Management is confident of double-digit volume growth for the full year, particularly if the winter season is favorable. Changes to the model have resulted in 2.5%/3.2% cut in FY19/FY20E EPS. Wholesale channel normalization is highly positive for HMN. Before demand and supply-side disruption due to demonetization/GST implementation, up to 1HFY17, HMN was the most consistent performer even when other players with high rural exposure had started to slow down. Problem-solving nature of a large part of its portfolio and low penetration/ room for distribution expansion in most categories means that in a steady state environment it will outperform peers. Innovation pipeline and boost growth prospects further.