Britannia Industries (Britannia) registered below-par performance in Q1FY2020. Revenue grew by 6% (driven by 3% volume growth) and OPM declined by ~70 BPS y-o-y to 14.6%. Volume growth moderated to low single digit mainly on account of slowdown in rural India, which grew much slower than urban India during the quarter. New product launches are performing well and gaining good acceptance in the domestic market. Management expects recovery to happen in the slow space (likely revival expected from Q3FY2020). On the cost front, it targets to save Rs. 265...