We maintain Buy rating and remain positive on HUVR from a medium-term perspective due to (a) best of breed earnings growth potential, (b) significant synergies in FY22E as a result of GSKCH, and (c) its RoCE levels Distributor and trade inventory were down significantly in Mar20 but are at 75-80% of the normal levels over the last 10 days. Additionally, (a) strong balance sheet, (b) robust cash flow generation and increasing willingness in recent years to use cash flow for inorganic growth, (c) excellent management quality/ corporate governance, and (d) proven track record of consistent delivery even in a weak consumption environment further strengthens our We remain positive on HUVR from a medium-term perspective due to (a) best of breed earnings growth potential beyond the near term owing to its portfolio and execution strengths, (b) significant synergies in FY22E as a result of GSKCH, and (c) its RoCE levels being well ahead of peers.