Q1FY19 results came in line with our estimate. The company posted double digit volume growth in the base biscuit business double digit volume growth in the third consecutive quarter. 130/80bps expansion in GM/EBITDA margin was driven by deflation in key commodity prices. However, flat growth in the IB was disappointing. We believe that the company is on the right track to grow the business and improve profitability with expanding distribution reach, increasing in-house manufacturing and controlling operational overheads. Furthermore, better monsoon this...