Moreover, its CAGR performance in the last 5 years/3 years at ~14%/19% has been even more impressive, given the weak earnings growth posted by (much smaller) peers in recent years, amidst a weak operating environment. An unprecedented EBITDA margin improvement of >900bp YoY over the past 10 years ending FY20E has been led by factors such as (a) superior nimbleness in response to raw material cost and competitive stimuli, which has been boosted further by best-of-breed analytics, (b) strong execution of its Winning in Many India (WIMI) strategy, herbal products and more recently on acquisitions as well, and (c) emphasis on premiumization with rigorous focus on cost savings at the same time. performance in the last 3 years at ~8%/~19/~19% and in the last 5 years at ~6%/~14/~14% has been even more impressive, given the weak earnings growth posted by (much smaller) peers in recent years, amidst a weak operating environment.