CY19 was another year of double-digit sales and volume growth in Prepared Dishes (largely 2010, NEST has witnessed highest growth in the Chocolates and Confectionary segment in 2019 with over 15% volume/value growth along with market share gain for the first time in many years. With high category growth opportunity in foods and NESTs focus on volume led double-digit growth backed by new launches, prospects of top-line growth remain bright. The emphasis on volume growth focus is clearly becoming more Net sales stood at INR123.7b in CY19, growing 9.5% YoY. However, due to a sharp decline in export sales, royalty expense to net sales appear to have increased by EBITDA grew 5.7% YoY to INR28.9b in CY19. On 5-year basis, NESTs PAT CAGR looks relatively weak, primarily due to the Nevertheless, the close to double-digit PAT CAGR for 5 years is still a Capex for CY19 stood at INR1.6b with capex to sales up 10bp YoY to 1.3%.