from brand VIP (repositioning done in April) has helped the company tackle slowdown concerns better. Nonetheless, given the current situation, we cut our sales estimates by 8%/13% for FY20E/21E. Despite subdued top-line growth, gross margin expanded 10bps YoY to 50.4% and Ind-AS adjusted EBITDA margin expanded 60bps YoY to 19.2% due to 1) lag effect of price hike taken in March 2) only partial liquidation of high cost inventory sitting on books 3) launch of new products with better margin profile 4) superior product mix (sales of high margin brand VIP has increased) and 5) better...