MRCO seems cautiously optimistic on medium term prospects led by market share gain across portfolio and strong growth in Foods and Bangladesh. Although some of the trends like double digit volume growth in edible oils and Oats and significant pressure on VAHO looks temporary, some near term gains from unorganized players looks likely as MRCO looks to cut Parachute prices given moderately benign Copra price outlook. MRCO is betting big on Foods and Hygiene, however aspiration of Rs5bn sales looks stretched target. We expect margin expansion to moderate in coming quarters as ad...