Q4FY20 has been characterised by demand disruption in second half of March due to national lockdown announced due to spread of Covid-19. Butterfly Gandhimathi (BGAL) reported weak Q4FY20 results, with revenues down 26% YoY to | 110.6 crore (as per management, BGAL lost revenue worth | 40 crore due to Covid-19 disruptions). Kitchen appliances revenues declined 27% YoY to | 83 crore while cooker/cookware revenues declined 6% to | 21 crore. Gross margins improved 397 bps YoY to 44.3% owing to a favourable product mix and benign RM prices. However, given the fixed...