operating leverage and higher discounts in the market. This has led to a subdued operational on account of a) lower effective tax rate of 17.8% in Q2FY20 vis--vis 31.0% in Q2FY19, b) better performance. Topline declined by 15.2% YoY to Rs 181bn in Q4FY20, while margin contracted by operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 205bps YoY to 8.5% for the quarter. Bottom line degrew by 28%YoY to Rs 12.9bn in Q4FY20 despite is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers some support from lower tax rate. We believe change in the consumers approach towards...