23 July 2019 Fabric care, Dishwashing and Personal care sales grew 5.4%, 1.1% and 13.3%, respectively, while Household Insecticides (HI) sales were down 21.6% YoY. Higher ad spends (+30bp YoY to 8.1% of sales) and staff cost (+40bp YoY to 12.2%) were offset by lower other expenses (-140bp YoY to 11.5%). Consequently, EBITDA margin expanded (1) Management expects a stable demand environment. However, competition is likely to remain intense in a deflationary commodity environment. (2) At end-FY19, management had guided for 12% top-line growth in FY20. This guidance has now been revised to 10-12%.