Management stated on the call that Apr20 sales were negligible, May20 sales were down 6070% YoY, and Jun20 sales (while relatively better than May) are a long way off from normal. Moreover, management further stated home delivery is unlikely to have a significantly positive impact in the current year due to models being in the early stages. Additionally, the surge witnessed in demand in off-trade outlets in the first few days following the resumption of operations in a few states has tapered off significantly. It also increasingly appears that bars, restaurants, and pubs (20% of sales) would re-open only in 2HFY21. expansion to a combination of positive price/mix and more stable input costs. Employee costs were up 140bp YoY to 9% of sales and other expenses 20bp YoY to 32.6%. Consequently, standalone EBITDA margins for 4QFY20 were In FY20, sales/EBITDA/PAT registered growth of +0.5%/-23.1%/-24% YoY.