MRCO reported robust volume growth across categories while gross margins disappointed due to inflation in key RM prices. Although we expect volume growth to trend lower and margin pressure to sustain for next 2/3 quarters, outlook remains positive on account of 1) strategy to push volumes working in high inflationary environment in Parachute and VAHO 2) Improv ed competitive positioning of Saffola with double digit growth from 6 quarters, 3) Opportunity in Foods business with target of Rs 8.5bn revenue by FY24 and 4) Focus to increase rural reach by 25% in next 2 years. We believe near...