Q1FY20 Revenue grew by 10%, while PAT grew by 52% YoY. EBITDA grew by 42% YoY and margin improved by 280bps YoY to 10.2% led by better product mix, prices hikes and cost rationalisation. Management reiterated their focus on Non-South market, new product launches and expanding retail chains. We expect earnings growth momentum to continue led by new product launches and deeper retail penetration. We upgrade our EBITDA margin estimates by 30bps & 20bps for FY20 & FY21E to factor in potential improvement in margin profile....