Gross margin in Q2FY20 declined 410 bps to 45% due to an increase in input cost. However, the company curtailed its marketing, employee and other expenses during the quarter, which restricted the decline in EBITDA margin. Owing to the subdued market scenario the company reduced its marketing and advertisement spend by ~ 240 bps to 7.6%. However, USL is likely to increase the marketing and advertisement spend in the upcoming festive...