We believe the lockdown would impact Q1FY21 financials in even bigger way given first 20 days of April manufacturing was at extremely low utilisation. Further, we believe even in May, facilities would be working below optimum utilisation with continuance of labour and supply chain problems. On the demand front though, essentials (soaps, sanitisers, floor cleaners, personal hygiene products & tea) would continue to witness higher growth. However, certain discretionary categories (cosmetics, skin products, ice creams, etc.) would see subdued growth in H1FY21E. We...