4 February 2020 TGBs performance was below our expectations, mainly due to lower-than- expected EBITDA at TGB overseas tea and TGB standalone (primarily because of higher ad spend). However, the gross margin expanded 140bp YoY to 46.2%. PAT increased 21% YoY to INR1.2b. While revenue was largely in line, EBITDA/PAT came in 11%/28% below our estimates. Accordingly, we cut our PAT estimate by 10% for FY20 but largely maintain it for FY21/22. Maintain by volume growth of 5% YoY. EBITDA was up 22% YoY at INR2.4b (our TGB standalone revenue increased 5% YoY to INR9.3b due to 7% YoY volume growth (6% branded value growth). EBITDA margin expanded 100bp YoY to 13.8%; it is to be noted that company incurred higher ad spends during the quarter (8.4% v/s 6.