12 December 2018 The demand scenario is similar to last quarter with no major improvement or deterioration. Rural demand has seen slight sequential slowdown. The company doesnt see sharp demand turnaround for another two quarters. Since Oct19, palm oil prices have started inflating and the company will view its implication on a blended basis. The company took the balance 3% price cut in Oct19, as guided in its 2QFY20 management commentary. HUVR has seen no major downtrading during the quarter. Premiumization as a trend is continuing. The company is seeing slight sequential improvement in channel liquidity and is offering some credit wherever required. It will continue its focus on developing the market and the premium segment. These include (a) rapidly improving adaptability to market requirements, (b) recognition and strong execution of the Naturals segment, (c) a continuous strong trend toward premiumization, and (d) extensive plans to employ technology, creating further entry barriers.