Gross margins expanded 360bps in FY20 amidst benign raw material environment. Average domestic copra prices declined 9% YoY in FY20. Rice bran oil/ LLP/HDPE were down 4%/8%/24% YoY respectively. The company expects mildly bearish trends in copra prices for FY21E given the sudden fall in demand for coconuts. It has taken a 5-6% price cut in Parachute through promotional pricing which will help it gain share from unbranded players. In the near term, the company will reallocate spends from nonmedia to media channels. A&SP; spends were 10% of sales in FY20. Rationalization in ad spends and cost saving initiatives are likely to help...