TCNS has reported below expected result for 2QFY20 led by overall moderation in growth across all retail channels. Revenue growth in online channel was impacted by one-off logistics related issues at the retailer's end while decline in MBO revenue was due to liquidity crisis faced by retailers. Channel expansion in LFS remains strong (added 112 doors). Most of the expansion in LFS was of the brand Aurelia. Based on current performance and management guidance we have revised our estimates downwards. However, with the likely launch of the 4rth co-ordinate brand (into bottow wear and drape wear) and penetration into new categories (ethnic wear for girls,...