3 July 2019 that this is in line with expectations and as indicated in the 4QFY19 concall. We note that MRCO was targeting double-digit growth over the medium term. that with a decline of (a) over 20% YoY in copra costs, (b) close to 20% YoY in HDPE and (c) double digit in rice bran oil, along with flattish commodity costs for safflower and LLP, MRCO is likely to report strong gross margin and EBITDA margin growth in 1QFY20. Care Hair Fall Control Oil, launched in West Bengal earlier this year, gained some traction. Coconut Crme Oil, available in Bangalore, Maharashtra and Modern Trade & E-commerce across India, has gained reasonable traction. Hair Waxes, also available in an affordable price point pack (INR 30), received very healthy feedback from trade and consumers. Men Hair Creams is seen gaining traction in the e- commerce channel. NPD contribution is expected to double over the next two years.