Revenue for the standalone business improved by 4.1% YoY to Rs. 1,136cr in Q3FY20, with Domestic net sales growing 4.3% YoY pulled down by a lackluster growth in volumes (+2.3% YoY). We believe that a reversal of slowdown in rural sales is essential for a topline turnaround. To tackle the rising competition and adverse market conditions, the company increased its advertising and promotional expenditure by 13.8% YoY and employee expenses by 8.4% YoY. This additional expenditure resulted in the EBITDA margins contracting by 100 bps to 27.8%. Net Profit grew 3.6% YoY to Rs. 199cr primarily aided by lower taxes (-23.8% YoY to Rs. 68cr). Adjusting for the...