HMN recorded sales decline in most of the categories in YoY), Healthcare (-9% YoY), Male Grooming (-42% YoY), and BoroPlus (- 77%). Sales / EBITDA / Adj. PAT has witnessed a ~5% CAGR or lower for five years now, which is particularly disappointing given HMNs smaller size v/s highest domestic sales proportion among peers at around 50%), b) the announcement on the call that the group cement business sale would be concluded within the next fortnight, thereby sharply removing the pledge, and c) inexpensive valuations of 16x FY22 EPS. The company maintained leadership with volume market share at 66.4% as of MAT Dec19 The Male Grooming range declined 42% in 4QFY20 and 29% in FY20. Sales / EBITDA / Adj. PAT reported a ~5% CAGR or lower for five years now, which is particularly disappointing given HMNs smaller size v/s.