As mentioned in our 4QFY19 update for MRCO (2nd April'19), input cost pressure is easing, especially for copra, which accounts for 40-50% of the company's RM cost. Based on the latest data, copra Calicut price was down7.7% MoM in Mar'19. Costs of other key commodities -except LLP (+4.5%MoM) -also remain benign (Cochin coconut oil price down 6.6% MoM and HDPE price down 0.6% MoM)