While HMN's sales/volume growth at 15%/13% were healthy, they were below our expectations. However, record high EBITDA margin led to beat on our EBITDA and PAT forecasts. Near term outlook remains healthy for the Herbal portfolio as well as rural growth. This would elevate HMN's topline growth above the disappointing growth levels of ~3.7% in the five years ended FY20. The management has also guided for ~30% EBITDA margin going forward....