The brokerage expects volume growth for formal industry to remain healthy in FY24E. Similarly, FMCG business alsocontinued to report healthy growth rates (+16% YoY) with significant improvement in profitability (EBITDA margin up by 320bps to 11% YoY; EBITDA and EBIT grew by 1.6x and 2.1x, respectively) driven by pricing and cost savings.