While the company reported positive sales in April and May, faster recovery from COVID-19 in Kerala and a good ongoing Household Insecticides (HI) season are likely to have played a bigger role in the pace of growth than any structural change. For a company with a far lower sales base (INR17.1b in FY20) v/s peers, performance over the past five years has been consistently lackluster, with a single-digit CAGR in sales (2.5% CAGR) and operating profit (9% CAGR). ROCE at 13% is also far inferior to that of peers; moreover, no uptick is visible from a medium-term horizon, justifying the valuation of 14x EV/EBITDA (at a 60% discount to peers). to INR3.8b to 44.7% in 4QFY20. Conversely, the EBITDA margin contracted by 590bp YoY to 10.5%. In terms of performance, Fabric Care, Personal Care, HI, Dishwashing, and other product sales declined ~17%, ~36%, ~36%, ~21%, and ~15%, respectively.