Company has strong international presence and management is confident about the growth prospects of Africa and has guided for double- digit growth in Indonesia with an expansion in margin. With thrust on introducing new additions in its product portfolio and improvement in its direct distribution reach to boost its revenue growth in the long run, company has been able to look towards double-digit volume growth in FY20. Further, GCPL is keen on increasing rural sales contribution from 30% to 40% over the next 5-6 years. On valuation front, we estimate share price at Rs. 777 in medium term, which corresponds to 37x P/E.