Valuations appear attractive at 32x FY22E EPS, below 3/5/10-year average for a business that has better earnings visibility Overall volume declined 4% YoY while EBITDA decreased 4.1% YoY to INR2.8b (v/s est. In the medium term, MRCO aims to revive growth in this franchise by adopting a three-pronged strategy, which includes (a) aggressive participation at the pyramids bottom on the back of its leadership position, (b) accelerating growth in the mid segment through pricing and brand renovation, and (c) aiming to gain market share in the premium segments (where the company is relatively under- represented) through innovations that offer higher order sensorial/functional refined edible oils grew 25% in volume terms in 4QFY20 on robust base (+9% in FY20). Mid-single-digit primary terms would have been witnessed if not for the COVID- volumes had recovered before COVID-19 v/s the previous 90-95% of MRCOs portfolio gained market share.