Top picks in FMCG: Jubilant FoodWorks and Marico Broad-based slowdown: Our FMCG coverage universe is expected to deliver 9/9% YoY revenue/EBITDA growth in 1QFY20 (vs. 15/18% in 1QFY19 and 9/8% in 4QFY19). Rural stress continues with growth now at par with urban growth (vs. 1.2-1.3x urban in FY19). Low farm incomes, tight liquidity and weak consumer sentiments have dented demand. Slowdown is prevalent across categories with exceptions like summer products (juices, ice cream etc). We believe stronger players (HUL and BRIT) will gain healthy market share in a challenging period.