backdrop of Covid. Key highlights were (1) A modest volume de-growth of 10% YoY in Jun (2) 1/3rd debt reduction from Rs 3.8bn in Mar'20 to Rs 2.6bn as of Jun and (3) 740/240bps gross/EBITDA margin expansion. Over the last three years, RDCK experienced robust volume growth, price increases, premiumisation, RM tailwinds, and thus de-leveraging. RDCK's revenue/EBITDA/PAT grew at an impressive CAGR of 13/21/41% over FY17-20. Net debt declined from Rs 9.5bn in FY16, to Rs 2.6bn as of Jun-20. We remain constructive on RDCK story due to...