Easing of copra prices aided margin improvement. Maintain Accumulate. Marico's Q1FY20 revenue was in line with our estimate, but EBITDA and APAT was a beat. Volume growth was 6%, on a base of 12.5% growth. Although volume growth in Parachute was impressive at 9%, Saffola posted mere 3% volume growth. VAHO reported improvement in performance, volume growth improved to 7% in Q1FY20 vs 1% in Q4FY19. The company continues to gain traction in modern trade and e-commerce. However,...