22 October 2019 2QFY20 sales increased 8% YoY to INR8.8b (v/s est. Gross margin (GM) stood at 58.1% and improved 80bp YoY (stable QoQ) due to portfolio rationalization. EBITDA margin improved ~175bp YoY to 22% on account of the superior product mix and lower other expenses as % of sales (-60bp YoY to 18.2%). Employee cost was also down, 40bp YoY, supporting margin expansion. As a result, EBITDA increased ~17.5% YoY to INR1.9b (v/s est. Adj PAT came in at INR1.