However, we remain optimistic on the medium-term earnings prospects, given (i) new-found aggression after the recent CEO change (ad spend has grown sharply for two quarters), (ii) direct reach expansion and (iii) past track record of regaining share due to its strong moats (brand, global expertise, category focus and distribution). While reported numbers on sales/EBITDA/PAT were either in line or ahead of estimates, (i) lower-than-expected volume growth, (ii) category weakness in the near term and (iii) the likelihood of category recovering with a lag drive 8-10% cut in our forecasts for FY21. While reported numbers on sales/EBITDA/PAT were either in line or ahead of estimates, (i) lower-than-expected volume growth, (ii) category weakness in the near term and (iii) the likelihood of category recovering with a lag drive 8-10% cut in our forecasts for FY21.