With the overhang of the insurance cost rise as well as the liquidity crunch still persistent in the market, consumer sentiment continues to be weak. Despite the festive season / wedding season in the north (Apr onwards), rural demand has not shown any recovery. Further, in spite of huge inventory correction undertaken by the company over Q4FY19, HMCL's current inventory stands higher at 45-60 days and the management expects further correction in Q1FY20. Management expects the industry to grow at mid-single digits over the current fiscal with H2FY20 growing ~10% YoY on the back of...