Q1FY20 revenue grew only by 5.9% YoY to Rs. 2,677cr with half of the growth on account of volume growth and the other half attributable to price increase. The topline growth faced headwinds from slowdown in the economy, and sluggish demand especially in the rural areas. EBITDA increased 7.1% YoY in Q1FY20 to Rs. 462cr, while margins improved by 19bps YoY. The growth in margins were mainly on account of moderate inflation (~4%) of raw materials, which was in turn due to their long positions in some of the commodities like flour. PAT declined 2.8% YoY to Rs. 251cr, affected by exceptional expense of Rs. 16cr incurred by the company for its VRS...