Tepid consumer demand & high competitive intensity impacted the performance in FY20. Revenue grew 3.3% YoY to | 2945.4 crore with volumes declining 3.2% YoY to 168 mn pieces in FY20 (for 9MFY20, revenue grew 7% YoY). Increased investments in marketing spend, technology and staff led Page to report one of its lowest ever EBITDA margin of 15.6% in FY20 (for 9MFY20, EBITDA margins were down 243 bps YoY to 19.7%). Post lockdown relaxation, green shoots were visible with the company seeing strong demand and average daily sales of certain stores reaching pre-Covid...