Value market share (MAT Jun'19) for Horlicks stood at 44.3% (up 10bp YoY/ 140bp QoQ) while for Boost, it stood at 11.2% (flat YoY, up 50bp QoQ). Volume market share (MAT Jun'19) for Horlicks/Boost stood at 50.9%/14.9%. Gross margin expanded 40bp YoY to 70%, while EBITDA margin was up 270bp YoY to 23.5% (v/s est. of 20.3%). Concall highlights: (1) Volume growth for 1QFY20 was broad-based; domestic volume growth for both Horlicks/Boost stood at 4% v/s overall volume growth of 5.4%, which was supported by exports. (2) Pricing and deflation led to gross...