operational performance, c) higher other income and d) exceptional gains of Rs760mn. 2HFY20 in RM cost by about 375bps YoY to 79.9% of sales. Other expenses stood at 8.1% of sales, up is expected to be better than 1HFY20 with reasonable growth in exports and presence of levers ~60 bps YoY. The company reported one-offs of Rs55-60mn owing to inventory losses and for margin improvement. However, we believe current valuations already discount most of the COVID related provisions. Adjusting for one-offs, EBITDA margin stood at 8.0%. Overall,...