Despite rising contribution of VAP categories, the profitability (EBIT margin) of the core business declined ~400 bps in FY17-19. Despite such a decline, we believe WPL's EBIT margin of the plastic furniture business at 21% is the best among other organised players. The profitability of other segments (mainly cooler and mould) remained low mainly due to higher fixed cost. We believe the EBITDA margin of the company would remain in the range of 1920% (vs. ~23% clocked during FY17) as higher profitability from VAP...